Garagekeepers Legal Liability Policy: Coverage for losses for which the insured is legally
liable, caused by fire or explosion, theft of an entire vehicle, riot and vandalism, collision,
and upset to automobiles in his care, custody and control.
Garage Liability Policy: A liability contract designed to provide the owner of a garage
operation with the liability protection needed for the special hazards that exist there.
General Aggregate Limit: A Commercial General Liability limit that applies to all damages
paid for bodily injury, property damage, personal injury, advertising injury, and medical
expenses, except damages included in the products-completed operations hazard.
Glass Coverage Form: A commercial property form used to insure plate glass, lettering,
frames and ornamentation. It has replaced earlier commercial glass insurance forms.
Good Faith: A basic principle of insurance. The Assured and his broker must disclose and
truly represent every material circumstance to the Underwriter before acceptance of the
risk. A breach of good faith entitles the Underwriter to avoid the contract. (Proposed
changes in law may affect this definition - also see "Utmost Good Faith.")
Grace Period: A period of time following the date the premium is due, during which a policy
remains in force even though the premium has not been paid.
The above information is for general informational purposes only and is not to be
construed as a recommendation or advice in any way shape or form.
|Copyright 2009 Stephen W. Gersh Insurance Agency, Inc. All rights reserved.