Some companies may even cover your personal property if damage occurs when you are away from home, but there may be a limit on the dollar amount of coverage. In some situations, property owned by others may also be covered under a standard policy. Valuable items coverage is a type of insurance that provides extra protection for high-value possessions.

definition of coverage item

Tenants – homeowners insurance sold to tenants occupying the described property. Substandard Risk – risks deemed undesirable due to medical condition or hazardous occupation requiring the use of a waiver, a special policy form, or a higher premium charge. Residual Market Plan – method devised for coverage of greater than average risk individuals who cannot obtain insurance through normal market channels.

What does Valuable Items Coverage typically cover?

When an insurer decides not to renew a policy at the end of its policy period. GEICO® Motorcycle Insurance provides protection from losses resulting from owning and operating motorcycles. This date, found on your declarations page, indicates when your policy coverage runs out. A GEICO office staffed with GEICO employees where insureds and claimants bring their vehicles for damage inspections and estimates.

  • In addition, homeowners insurance policies may not fully reimburse you for the actual value of your valuable items if they are lost or damaged.
  • Catastrophe Bonds – Bonds issued by an insurance company with funding tied to the company’s losses from disasters, or acts of God.
  • Authorized Company – an insurer licensed or admitted to do business in a particular state.
  • Accumulation Period – period of time insured must incur eligible medical expenses at least equal to the deductible amount in order to establish a benefit period under a major medical expense or comprehensive medical expense policy.
  • The interest coverage ratio is a debt and profitability ratio used to determine how easily a company can pay interest on its outstanding debt.
  • Loss Frequency – incidence of claims on a policy during a premium period.

Joint and Last Survivor Annuity – retirement plan that continues to payout so long as at least one, of two or more, annuitants is alive. Insurance Holding Company System – consists of two or more affiliated persons, one or more of which is an insurer. FEMA – Federal Emergency definition of coverage item Management Agency – an independent agency, tasked with responding to, planning for, mitigating and recovery efforts of natural disasters. Environmental Impairment Liability – coverage for negligence or omission resulting in pollution or environmental contamination.

Insurance Coverage: Major Types and How They Work

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In some cases it also includes coverage for underinsured motorists and at-fault drivers with insufficient insurance to pay your claim. This coverage is subject to the terms, limits and conditions of your policy contract. Protects homeowners from losses to their homes, personal property, and some types of damage or injury to others for which the homeowner is liable. Homeowners insurance is subject to the terms, limits and conditions of your policy contract.

Valuable Items Coverage FAQs

Beneficiary – an individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract. Auto Physical Damage – motor vehicle insurance coverage that insures against material damage to the insured’s vehicle. Commercial is defined as all motor vehicle policies that include vehicles that are used in connection with business, commercial establishments, activity, employment, or activities carried on for gain or profit.

definition of coverage item

Any request or demand for payment under the terms of the insurance policy. The theft of an auto is a type of loss that is covered under comprehensive coverage. A driver or vehicle owner who cannot qualify for insurance in the regular market. He or she must get coverage through a state assigned risk plan which specifies that each company must accept a proportionate share of these drivers/owners. With Accident Forgiveness on your GEICO auto insurance policy, your insurance rate won’t go up as a result of your first at-fault accident. The capital loss coverage ratio is the difference between an asset’s book value and the amount received from a sale relative to the value of the nonperforming assets being liquidated.

Definition of Valuable Items Coverage

Commercial Property – property insurance coverage sold to commercial ventures. Combinations – a special form of package policy composed of personal automobile and homeowners insurance. Designates must also have at least three years experience in the insurance business or related field. Casualty Insurance – a form of liability insurance providing coverage for negligent acts and omissions such as workers compensation, errors and omissions, fidelity, crime, glass, boiler, and various malpractice coverages. Captive Agent – an individual who sells or services insurance contracts for a specific insurer or fleet of insurers. Broker – an individual who receives commissions from the sale and service of insurance policies.

definition of coverage item

The deductible represents the portion of a claim that you will pay for yourself. If youtake a higher deductible to save money on insurance, then even though your contents are covered on a policy, you may not be able to make smaller claims because the value of the claim may not be worth it. Make sure and ask about how your contents are covered in the policy you have. Cheaper is not always better when you look at your insurance, so choose the right insurance for you.

Claims Center

Retrocession – the portion of risk that a reinsurance company cedes or amount of insurance the company chooses not to retain. Retention – a mechanism of internal fund allocation for loss exposure used in place of or as a supplement to risk transfer to an insurance company. Pro-rata Reinsurance – portion of the losses and premium reinsurer shares with the ceding entity. Premiums Earned – the portion of premium for which the policy protection or coverage has already been given during the now-expired portion of the policy term.

If you own high-value possessions, such as jewelry, fine art, antiques, or collectibles, valuable items coverage may be necessary to adequately protect them. It’s important to review your policy carefully to ensure that your coverage limits are adequate for your valuable items. If you own high-value possessions, you may assume that your homeowners insurance policy will fully cover them. If your car is damaged because of another driver’s negligence and you ask GEICO to settle the claim for damage to your car, we will seek payment recovery from the other party. Damaged property which is taken over by the insurance company after payment of a claim.

Auto Damage Adjuster

Coverage for medical expenses to or for an insured in the event of an accident, regardless of who is at fault. May also pay for funeral costs, lost wages and costs for household services. Identity theft coverage pays for expenses as a direct result of any identity theft or fraud discovered during the policy period. When a policyholder has been insured by one or more insurance companies, without any lapse in coverage, for a specified period of time. Request by a policyholder or third party from an insurance company for compensation of losses covered by insurance. Whole life insurance is permanent life insurance that pays a benefit upon the death of the insured and is characterized by level premiums and a savings component.