Legal principle by which employers are held responsible for the actions of those they supervise. Literally, the master shall answer for the acts of his servant. In the context of volunteer organizations, the nonprofit is the master and paid and volunteer staff are the servants working on the organization’s behalf.

Covers medical expenses for injuries arising out of accidents, regardless of liability. Traditionally also provides a schedule of payments for death or severe injury, such as loss of limb or sight. Can be written to provide coverage for volunteers in the course of their work for the insured, participants in the insured’s activities, or clients whil [..]

Replacement cost of damaged or lost property less depreciation.

Sum of money a plaintiff (injured party) is entitled to, to compensate him for actual economic loss sustained.

An additional insured endorsement is the contract by which an additional insured (a person or entity, other than the named insured) is protected by a particular insurance policy.

An insurance company licensed by a particular state, monitored by the state for financial stability, covered by the state’s guaranty fund, and subject to the state’s regulations for licensed insurance companies.

An insurance professional/intermediary who markets and explains insurance products to insureds and prospective insureds. Agents, like brokers, are licensed by state regulatory agencies. However, they are restricted in the marketing and placement of coverage to those carriers with whom they have a contractual relationship. Some agents have relations [..]

Maximum amount that the insurer will pay under a liability policy during one annual policy period, regardless of the number of occurrences, usually in addition to legal defense costs. For general liability, policies are sometimes written with the aggregate limit applying separately to each scheduled location.

Nontraditional risk financing, including risk retention groups, risk pools, self-insurance and captive insurance companies.

An independent company that rates insurance companies on their financial stability and future claims-paying ability (see www.ambest.com).