Sports Insurance Glossary : Letter C

Cancellation - The discontinuation of the insurance policy before its normal expiration date.

Carrier - The insurance company or the one who agrees to pay for covered losses.

Casualty Insurance - (also referred to as liability insurance) Insurance primarily concerned with the legal liability for losses caused by injury to persons or damage to property of others. Also includes, among other coverages, automobile, workers' compensation, employer's liability, general liability, plate glass, theft and personal liability. It excludes life, fire and marine insurance.

Claims-made Form - A type of liability policy which covers claims which are presented to the carrier while the policy is in effect. Once the policy has expired, no claim is paid under the policy which had not been presented to the carrier, even if the claim occurred during the policy period.

Coinsurance - A provision in the property insurance policy which requires the insured to carry insurance equal to a certain specified percentage of the value of the property for the insured to receive full payment of a loss up to the amount of the policy. Otherwise, payment would be only a percentage of the actual loss (penalty), the percentage is determined by the amount of insurance carried to what should have been carried, as determined by the carrier.

Collision Insurance - Protection against loss resulting from any damage to the policyholder's automobile caused by a collision with another vehicle or object, or by upset of the insured automobile, whether it was the insured's fault or not (other than his/her own willful act).

Combined Single Limit - A liability coverage limit that combines both Bodily Injury and Property Damage into one aggregate amount.

Commercial General Liability Policy - Often referred to as CGL, this policy provides broad protection for situations in which a business must defend itself against lawsuits or pay damages for personal injury or property damage to third parties. The two basic coverage forms available under the CGL are an occurrence form and a claims-made form, providing an extended reporting period. These forms include the following coverages: Bodily Injury and Property Damage Liability; Personal Injury and Advertising Injury Liability; Medical Payments; and as applicable, Products and Completed Operations coverage. Unless modified, an aggregate limit applies to the first three coverages, and a separate aggregate applies to the Products and Completed Operations coverage. Coverage is provided for most of the premises, products, completed operations, personal injury, advertising, and contractual liability exposures of an organization. This coverage form may be issued as a stand alone policy, or in conjunction with other coverage forms like Commercial Auto, Property, or Inland Marine.

Commercial Insurance Coverages - Definitions of many commercial coverages (those which are applicable to lines of business insured through the SportsInsurance.com programs are indicated in blue) are listed alphabetically throughout the glossary. Among these coverages are Aviation Insurance, Cargo Insurance, Commercial Credit Insurance, Commercial Multi-Line Policy, Crop-Hail Insurance, Employers' Liability Insurance, General Liability Insurance, Kidnap and Ransom Insurance, Inland and Ocean Marine Insurance, Products Liability Insurance, Professional Liability Insurance, Public Liability Insurance, Rain Insurance, Surplus Lines, Title Insurance and Workers' Compensation.

Commercial Multi-Line Policy - Package type of policy that includes a wide range of essential property and liability coverages for servicing businesses.

Compulsory Auto Liability Insurance - Insurance laws in some states require motorists to carry at least certain minimum auto liability coverages for bodily injury and property damage.

Conditions - Provisions of the insurance policy which state the rights and duties of the insured and insurer.

Contingent Liability Insurance - Covers the insured individual or business in cases of indirect or "contingent" liability, where direct liability for an accident, for example, falls on another, but because of the relationship between the insured and the other party, the insured might still be held indirectly liable.

Contractual Liability Insurance - Provides coverage for claims arising out of liability that has been assumed by the insured under a written or oral contract.

Coverage - The scope of the protection provided under a contract of insurance; any of several risks covered by the policy.

Covered / Insured Peril - The perils of loss you are protected against by the insurance policy. Examples of perils include, fire, lightening, theft, and vandalism.

Crime - This insurance is designed to protect you from loss of money and securities resulting from a theft, or employee dishonesty.