Venture Insurance Glossary - Terms starting with ‘P’ - Venture Insurance Services

	Insurance terms glossary.
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Per Occurrence Limit or Each Occurrence: "A sublimit in some liability policies that caps the payment for all claims that arise from a single incident. Under the commercial general liability policy, a per occurrence limit More…
Performance Bond: Covers performance of the terms of a contract. These bonds frequently incorporate payment bond (labor and materials) and maintenance bond liability. This protects the owner from financial More…
Personal Injury: "In the broadest sense, any harm to a person, whether physical or mental or an infringement of rights. However, insurers often distinguish between, and provide different coverages for, More…
product liability insurance: "Coverage of a manufacturer's or seller's liability for losses or injuries to a buyer, user or bystander caused by a defect or malfunction of the product. When it is part of More…
products-completed operations aggregate: The total amount an insured can recover under the ISO commercial general liability coverage form for all claims arising under coverage Part A of the products and completed operations hazard More…

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