The acquiring by the insurer of the insured's rights against third parties for indemnification of loss or other payment to the extent that the insurer pays the loss. The surety company for example becomes responsible for fulfillment of a contract if the contractor defaults. Surplus Line Commonly used to describe any insurance for which there is no available market to the original agent or broker, and which is place in a non-admitted insurer in accordance with the Surplus of Excess Line provisions of state insurance laws. Umbrella Liability Insurance A form of Excess Liability insurance available to corporations and individuals protecting them against claims in excess of the limits of their primary policies or for claims not covered by their insurance program. This latter coverage requires the insured to be a self-insurer for a substantial amount.
Uncertainty Refers to doubt concerning one's ability to predict outcomes.
Valuable Papers and Records Policy Indemnifies the insured for loss, destruction, or damage to valuable papers or records on an all-risk basis, including misplacement or mysterious or unexplained disappearance. Vandalism and Malicious Mischief Insurance Insurance against willful injury to or destruction of property by a person or persons other than the insured. Compensation Insurance A method of providing for the cost of medical care and weekly payments to insured employees or to dependents of those killed in industry, regardless of blame for the accidents. Are there conditions which exclude, limit, or suspend coverage. These questions can be answered only by reading the policy or policies.