Sports Insurance Glossary : Letter P

Partial Disability - An impairment that prevents the insured from performing one or more, but not all, important duties of his/her job.

Peril - The cause of a possible loss, such as fire, windstorm, theft, explosion or riot.

Personal Injury Liability Insurance - Protection against liability for damages other than physical injury arising out of false arrest, detention or imprisonment, or malicious prosecution; libel, slander or defamation of character; invasion of privacy, wrongful eviction or wrongful entry.

Personal Injury Protection (PIP) - That section (in a no-fault state) of the automobile policy that covers the treatment of injuries to the driver and passengers of an insured's car.

Personal Lines - Types of insurance written for individuals or families, rather than for businesses.

Policy - The name generally used to mean the written contract of insurance.

Policyholder - The one who owns the insurance policy. Their name is the one that appears on the Declarations under the title of Named Insured or Policyholder.

Pollution Insurance - This is a coverage that protects an insured from property loss or liability arising from pollution-related damages. Pollution may be the contamination of water, soil, or air by means of solid, liquor or gaseous (vapors, smoke or heat) contaminants.

Pre-Existing Condition - A physical condition that existed prior to the issuance of the insurance policy.

Premises - The buildings, other structures and land where the insurance protection is applicable. It is usually described and defined in the property casualty policy.

Premium - The amount of money charged the policyholder for the insurance policy.

Products Liability - The section of the policy that protects against financial loss arising out of legal actions (liability) incurred by a manufacturer, merchant or distributor because of injury or damage resulting for the use of a covered product.

Professional Liability - There are many occupations and fields of endeavor which are regarded as "professional" in today's society. This coverage is designed to provide protection for liability claims resulting from errors in judgement, breach of duty, failure to conduct one's self to a professional standard of care, act or omission.

Proof of Loss - Documentation presented to the insurance company by the insured in support of a claim so that the insurer can determine its liability under the policy.

Property Damage Liability Coverage - Protection against loss from legal action (liability) for damage to the property of others.

Property Insurance - Provides protection against loss or damage to the insured's (your) property, caused by the specified Causes of Loss (perils) as appear in the policy

Property Coverage (Expanded) Form (TUX) - A SportsInsurance.com form, which includes over 30 expanded coverage over the standard ISO Property form, including but not limited to:
No Coinsurance on Building and Business Personal Property Coverages
• Increased Cost of Construction included
• Demolition Coverage included
• Building Ordinance Coverage included
• Back-Up of Sewers & Drains Included
• Electrical Injury, except Electrical Arching included
• Collapse included
• Marring & Scratching included
• Electronic Data Processing Equipment and Media at a limit of: $ 25,000
• Lost Data Preparation at a limit of: $ 25,000
• Extra Expense at a limit of: $ 25,000
• Property In Transit at a limit of: $ 25,000
• Newly Acquired Buildings at a limit of: $1,000,000
• Newly Acquired Personal Property (YBBP) at a limit of: $ 500,000
• Pollution Clean-Up and Removal at a limit of: $ 25,000
• Signs (On premises / each sign) at a limit of: $ 5,000
• Outdoor Property (Specified perils) at a limit of: $ 25,000
• Personal Property of Others (Incl. Employees) at a limit of: $ 25,000
• Personal Property - Unnamed Locations at a limit of: $ 250,000
• Fire Department Service Charge at a limit of: $ 25,000
• Fire Protective Equipment Discharge at a limit of: $ 5,000
• Installation at a limit of: $ 5,000
• Brands & Labels at a limit of: $ 5,000
• Deferred Payments at a limit of: $ 5,000
• Debris Removal at a limit of: 25% + $25,000
• Fine Arts at a limit of: $ 15,000
• Accounts Receivable at a limit of: $ 25,000
• Valuable Papers & Records - Cost of Research at a limit of: $ 25,000
With optional coverage/conditions like:
• Business Income with Extra Expense (Including Rental Value)
• Builders Risk
• Replacement Cost Valuation
• Actual Cash Value Valuation
• Broad Form Property / Business Income Cause of Loss
• Special Form Property / Business Income Cause of Loss
• Earthquake
• Flood
Property / Casualty Insurance - One of the three (3) larger classifications of insurance (the other two are Life, Health and Accident, and Surety & Bonds. Property and Casualty refers to the group of coverages including Property, Crime, Liability, Auto, Workers' Compensation and Errors and Omissions. This group of coverages is further broken down in to two subgroups, Personal and Commercial insurance. Personal insurance is typically issued to an individual, and includes coverages like Homeowners, Personal Auto and Personal Umbrellas. Commercial Insurance is typically issued to corporations or organizations, or to the individual who owns a business operation, and includes coverages like Commercial Property, Commercial Auto, and Commercial General Liability.

Proximate Cause - The dominate cause of loss or damage; an unbroken chain of events between the occurrence of an insured peril and the damage to property. As an illustration, weather damage occurring from fire-fighting activities is covered under the fire policy because fire was the proximate cause of the loss.

Public Liability Coverage - A generic term meaning insurance to cover risks against liability exposures other than those involving employees, or arising out of the use of autos, aircraft, or watercraft. This is frequently interchanged with the terms General Liability or Commercial General Liability.

Purchasing Group - An entity that offers insurance to a group of homogeneous (similar) businesses with similar exposures or potential for similar exposures.