Business Insurance GlossaryA | B | C | D | E | F | G | H | I | L | M | N | O | P | Q | R | S | T | U | W
Garagekeepers legal liability
Provides coverage to owners of storage garages, parking lots, etc. for liability as bailees with respect to damage to automobiles left in their custody. Coverage is contingent upon establishing liability on the part of the insured.
General aggregate limit
The total amount that will ever be paid by an insurance policy regardless of the number of claims made against it.
General liability insurance
Coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business, or when someone is injured in the general operation of a business.
This provides coverage for glass breakage such as store windows and plate glass on office fronts.
A specified length of time within which a renewal premium that is due may be paid without penalty.
Reckless action without regard to life, limb, and/or property.