Insurance-speak, translated
Every term below shows the language your policy uses on the left — and what it actually means on the right. If an agent won't explain a term this plainly, ask why.
Certificate of insurance (COI) ACORD 25 Additional insured Per-occurrence limit Aggregate limit Completed operations Inland marine Waiver of subrogation Endorsement Premium Deductible Exclusion Workers' comp exemption Binder
Certificate of insurance (COI)ACORD 25 Certificate of Liability Insurance evidencing coverages, limits, and policy periods
The one-page proof-of-insurance PDF every client asks for. It shows what you carry and until when. Good agencies issue it same-day; great ones let you pull it yourself.
ACORD 25Standardized certificate form promulgated by ACORD for evidencing commercial liability coverage
The industry's standard COI form. When a property manager says 'send an ACORD', this is the PDF they mean.
Additional insuredA person or organization added to the policy via endorsement (e.g., CG 20 10) with rights under the insured's coverage
Your client asking to be listed on YOUR policy so your insurance also protects them for the job you're doing. Routine ask; usually free or cheap.
Per-occurrence limitMaximum the insurer pays for any single covered occurrence during the policy period
The cap for one incident. '$1M per occurrence' = one flooded kitchen can draw up to $1M.
Aggregate limitMaximum payable for all occurrences during the policy period, typically twice the occurrence limit
The cap for the whole year, all incidents combined. Usually double the per-occurrence number.
Completed operationsCoverage for bodily injury or property damage arising from the insured's work after it has been completed or abandoned
Covers the job AFTER you've finished and been paid — the fitting that fails three weeks later. For trades, this is the part that matters most.
Inland marineFirst-party property coverage for goods, tools, and equipment in transit or at unscheduled locations
Tools & equipment coverage. Nothing to do with boats — it covers your gear wherever it travels.
Waiver of subrogationEndorsement barring the insurer from pursuing recovery against a designated third party
Your insurer promising not to sue your client to claw back a claim payment. GCs demand it on contracts; it's a checkbox endorsement, not a negotiation.
EndorsementA written amendment modifying the terms of the base policy form
A bolt-on change to your policy — adding a client, a coverage, an exclusion. The base policy is the phone; endorsements are the apps.
DeductiblePortion of a covered loss retained by the insured before policy proceeds apply
What you pay out of pocket before insurance kicks in on a claim.
ExclusionPolicy provision eliminating coverage for specified perils, property, or circumstances
The list of things your policy will NOT pay for. Read this before you buy — we show ours up front.
Workers' comp exemptionStatutory election by qualifying officers/owners to be excluded from workers' compensation coverage
A Florida form (DWC 250) letting owner-operators skip covering themselves. Your employees can never be exempted — only you.
BinderTemporary evidence of coverage pending policy issuance
Proof you're covered from today, before the paperwork finishes. Lets you start the job Monday.
Want your policy explained like this? →
Tell us about your work