Insurance Fundamentals
This party is protected by the insurance policy and receives coverage under its terms.
The Insured
The maximum amount an insurer will pay for a covered loss, shown on the declarations page.
Policy Limit
The document or system output that summarizes the client’s current coverage, limits, deductibles, and key dates so the renewal can start with “what we have today.”
Policy / Coverage Summary
The carrier’s formal document that states proposed premium, limits, deductibles/retentions, and key terms for coverage.
Quote
The client’s go-ahead that confirms coverage terms and instructs the broker to place coverage with the selected carrier.
CBI - Confirmation of Binding Instructions
This section of the policy typically shows key info like the named insured, policy period, coverages, limits, and deductible.
Declarations page (Dec page)
The line that covers physical loss or damage to buildings, contents, and sometimes business income from a covered event.
Property Insurance
This is the most critical date to confirm early because it drives the renewal timeline, carrier outreach window, and any needed extensions
Policy Expiration Date
The tool used to line up multiple carrier quotes side-by-side to compare pricing, limits, deductibles, and coverage differences.
Quote Comparison Summary
This temporary document confirms coverage is in force while the full policy is being issued.
Binder
Policy element that removes or restricts coverage for certain losses, causes, conditions, or property.
Exclusions
The line that typically responds to third-party claims of bodily injury, property damage, and personal/advertising injury arising from the insured’s operations or premises.
CGL - Commercial General Liability
A commonly requested data set for casualty renewals that details each loss, including date of loss, paid amounts, reserves, and status.
Loss run (loss history report)
Provides the client with a summary of all quote indications received from insurers, including limits, premiums, commissions, fees and ICC.
T&D - Transparency and Disclosure
A key post-bind step: confirming the issued policy matches the quoted and bound terms, including limits, deductibles, forms, and endorsements.
Audit - Policy issuance review (policy checking/policy review)
A policy change document that adds, removes, or modifies coverage terms during the policy period.
Endorsement
This property coverage approach protects against any cause of loss not specifically excluded, unlike “named perils.”
All-risk Property coverage
BBE stands for:
Belief-Based Engagement (Blog)
The package sent to underwriters to request terms, typically including exposures, loss history, narratives, and coverage specifications.
Submission
This document is issued to a third party (like a landlord or customer) to show proof of insurance, policy period, and limits—without changing the actual policy.
COI - Certificate of Insurance
The insurer agrees to cover a claim only after the insured pays this amount.
Deductible
This policy is typically claims-made and covers allegations that a firm’s services caused a client financial loss (distinct from D&O)
Professional Liability: Errors & Omissions (E&O) insurance
What is the name of the representations of client's policies; a way to look at overall program structure & layers
Schematics
Formal document sent to a client that accompanies the insurance policy, confirming coverage details, policy numbers, and effective dates.
Policy Transmittal Letter
Brokerage Office/Client Name/Line of Business/”NEW LOSS”
What email should use this subject line?
Claims Report