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Improvements And Betterments

Permanent alterations which a tenant makes to the rented property which will not be removed when the tenant leaves.

Inception Date

See Effective Date.

Indemnitor

In a Surety agreement, one who agrees to reimburse the surety for any loss it may suffer from having bonded the principal.

Indemnity

A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.

Indemnity Bond

A License bond which holds the government harmless from injuries or damages caused by the principal’s activities.

Independent Insurance Agent

One who represents more than one company, sells and services the insurance solely on a commission or fee basis under contract, and is recognized to own the business produced.

Indirect Damage

Loss resulting as a consequence of physical damage to property.

Indirect Loss

Loss which is a result or consequence of a direct loss.

Inflation Guard

A property insurance option which provides that the policy limits will increase a certain percentage at regular intervals, for instance, annually.

Inland Marine Insurance

A form of insurance originally designed as an extension of marine coverage to insure transportation of goods over land. Today, it covers, in addition to goods in transit, a variety of portable property.

Insolvency Bond

Fiduciary bonds that are required of persons appointed to conserve remaining assets and protect creditors.

Installation Form

An uncontrolled Inland Marine form that covers property in transit and at premises where an installation is to be made.

Instrumentalities Of Transportation And Communication

A category of Inland Marine insurance covering such property as bridges, tunnels, pipelines, etc.

Insurable Interest

Any actual, lawful and substantial economic interest in the safety or preservation of the subject of the insurance from loss, destruction or pecuniary damage or impairment. A claim may be paid only when an insurable interest exists.

Insurance

A contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies.

Insurance Service Office (ISO)

An organization made up of member companies, which collects and analyzes statistics collected from members and then establishes and files standard rates for many lines of insurance. Also develops standardized forms.

Insured

Also referred to as the policyholder. The person, business or other entity that is covered by the policy.

Insurer

The insurance company.

Insuring Agreement

The section of an insurance policy which states which losses will be indemnified, what property is covered, which perils are insured against.

Invoice

A bill for providing coverage.