Home Owners Warranty. A warranty and insurance program that, among other coverage, insures a new home for ten years against major structural defects. • The program was developed by the Home Owners Warranty Corporation, a subsidiary of the National Association of Home Builders. Builders often provide this type of coverage, and many states provide similar […]
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A provision in some commercial general liability policies, excluding coverage for bodily injury or property damages arising from the discharge, dispersal, release, or escape of chemicals, waste, acid, and other pollutants. • Pollution-exclusion clauses may take one of two forms: (1) sudden and accidental, and (2) absolute. The sudden-and-accidental clause, usu. limited to policies issued
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A multiperil policy providing coverage for a variety of risks, including loss by fire, water, burglary, and the homeowner’s negligent conduct.
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buy-back clause. 1. Contracts. A provision that requires a manufacturer or franchiser to buy back inventory and equipment if the distributor or franchisee’s contract is terminated prematurely. 2. Contracts. A clause allowing the seller of property the right or opportunity to repurchase the property under stated conditions. 3. Insurance. An insurance-policy clause that provides for
An agreement to indemnify against any loss that exceeds the amount of coverage under another policy. — Also termed excess policy. Cf. primary insurance. See EXCESS CLAUSE. [Cases: Insurance 2110, 2394.]
Health Insurance Portability and Accountability Act. A 1996 federal law that provides additional health-insurance protections to employees by limiting the effect of preexisting conditions on an employee’s ability to obtain insurance; permitting an employee to enroll a new dependent acquired by birth, adoption, or marriage; making it easier for people to maintain insurance coverage while
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qualifying event. Any one of several specified occasions that, but for the continuation-of-coverage provisions under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), would result in a loss of benefits to a covered employee under a qualified benefit plan. • These occasions include employment termination, a reduction in work hours, the employee’s separation or