Sports Insurance Glossary : Letter I

Improvements and Betterments (Tenants) - Insurance coverage that protects a tenant or lessee of real property against loss as a result of a covered cause of loss, of improvements made by him/her to the real property in which he/she resides. Some property policies use the term "improvements and additions" in describing the coverage.

Indemnity - In general, means reimbursement for loss, but also is used to mean a benefit provided by a policy.

Inland Marine - This insurance coverage (sometimes referred to as a floater) is just property insurance for property loss exposures which cannot be conveniently or reasonably confined to a fixed location or a standard form. This may include movable property, instrumentality's of transportation and communications (such as bridges, roads, piers, and television and radio towers), and the legal liability coverage of bailees. This also includes electronic data processing equipment.

Insurance to Value - Insurance written in an amount approximating the value of the property insured.

Insured- A person covered by an insurance policy.

ISO - The abbreviated reference to Insurance Services Office, Inc. . The organization, whose members are insurance companies nationwide, is the largest rating bureau in the United States. ISO is responsible for many lines of insurance, including fire, commercial and personal auto, homeowners, general liability, inland marine, and crime. It handles both personal and commercial lines, as well as both property and liability. The main function of ISO is the development of standardized industry coverage forms and rates.




















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