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Gray Arrow Glossary






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.

GENERAL AVERAGE: An Ocean Marine coverage meaning a partial loss which has resulted from the voluntary and deliberate sacrifice of some cargo for the benefit of all concerned, and which must be shared by all parties (owners of ship, cargo and freight) in proportion to their interest. For example, if 100 containers were jettisoned from a 1000 container load in order to protect the ship, the owners of the remaining 900 containers, the owners of the ship, and the owners of the freight would all contribute to offset the losses of those whose cargo was jettisoned for the benefit of the whole.

GENERAL AVERAGE CONTRIBUTION: The proportion paid or payable by a saved interest involved in a general average act.

GENERAL AVERAGE DEPOSIT: Paid by a consignee to obtain release of the cargo from the carrier following a general average act. This may be replaced by an Underwriter's guarantee.

GENERAL AVERAGE GUARANTEE: Paid by a consignee to obtain release of the cargo from the carrier following a general average act. This may be replaced by an Underwriter's guarantee.

GENERAL AVERAGE IN FULL -aka- G-A IN FULL: An agreement in a cargo insurance whereby Underwriters do not reduce a claim for general average contribution in event of underinsurance.

GENERAL EXCLUSION CLAUSE: A clause in the Institute Cargo Clauses 1982, which specifies risks that are excluded, irrespective of the risks covered elsewhere in the wording.

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".)

GUARANTEED RENEWABLE POLICY: A policy which the insured has the right to continue in force by the timely payment of premiums to a specified age, (usually age 50) during which period the insurer has no right to make unilaterally any change in any provision of the policy while the policy is in force but make changes in premium rates for the entire policyholder classification. (See also "Non-Cancelable Policy")



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