Commercial Lines


A document for expressing surety. A bond engages three entities; the "surety" (bonding company) sells the bond to the "principal" for the purpose of paying off the party the principal will owe to the "oblige" upon failure of the "principal" to perform some act or provide some service under agreed terms.

Business Auto Policy

A standardized contract for writing liability and property coverage on commercial autos.

Commercial General Liability Insurance

A line of insurance available to commercial organizations and providing coverage on behalf of insured’s for sums they may be legally required to pay to others as a result of the insured’s actions or negligence. May include coverage for bodily injury, property damage, personal injury, advertising injury, medical payments, and certain supplemental payments specified in the policy.

Commercial Package Policy

The Insurance Services Office (ISO) commercial lines policy that contains two or more lines of insurance or two or more coverage parts. It will include some forms and/or endorsements that are common to all lines of insurance or coverage parts, as well as the individual forms and endorsements required for the individual coverage’s selected. In order to qualify as a CPP, the policy must include two or more of these coverage parts: Commercial General Liability, various other liability coverage parts, Commercial Property, Commercial Crime, Commercial Inland Marine, Boiler and Machinery, Farm or Commercial Auto. Individual insurers may have similar commercial packages with different requirements.

Commercial Property Coverage's

Just as homeowners insurance protects a homeowner from the full cost of repairing unforeseen damage to a house, commercial property insurance protects businesses, farms and ranches against damage to their buildings and contents.

Contractor's Equipment Floater

Coverage designed for the special needs of contractors to insure their machinery and other equipment.

Errors and Omissions Coverage

A type of professional liability insurance protecting the insured against claims alleging bodily injury or property damage caused by the professional or technical incompetence of the insured.

Garage Policy

One of the early package policies, it is written for automobile dealers and may include liability for garage operations, automobile operations, physical damage coverage on garage owned autos, baileys coverage on customers cars, and auto and premises medical payments coverage.

Professional Liability

A form of errors and omissions insurance, (sometimes called "malpractice" coverage of errors alleged against those in the healing and legal professions). Arbitrarily it seems, "error and omissions" is the term applied most often to insurance covering liability for mistakes in matters affecting property, i.e., coverage for "Insurance Agents E&O," "Architects E&O" while "professional liability" is used in reference to coverage’s such as "Druggists Professional Liability," "Physicians and Surgeons Professional Liability," and "Lawyers Professional Liability."

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