Actual Cash Value (ACV)Replacement cost minus depreciation. The insurer pays what the item was worth right before the loss — not what it costs to replace new.Additional InsuredA third party added to your policy so they share your liability protection for their exposure to your operations (common in contractor and landlord scenarios).BMC-91The FMCSA filing your insurer submits electronically to prove financial responsibility for interstate motor carriers of property.BOPBusiness Owners Policy. A packaged small-business policy combining general liability, commercial property, and business interruption.Cargo InsuranceCoverage for the freight a motor carrier is hauling. Separate from physical damage on the truck itself.Certificate of Insurance (COI)A one-page proof-of-coverage document listing your policy limits and effective dates, usually requested by a client, landlord, or shipper.CoinsuranceOn property policies, a clause requiring you to insure the building to a set percentage of replacement cost (often 80–100%) or face a penalty on partial losses.DeductibleThe dollar amount you pay out of pocket on a claim before insurance kicks in.EndorsementA written amendment to your policy that adds, removes, or changes coverage.ExclusionA specific loss, cause, or property type your policy will not cover.GaragekeepersCoverage for damage to customers' vehicles while in your care, custody, or control — used by tow operators, mechanics, and dealers.General Liability (GL)Coverage for bodily injury, property damage, and personal/advertising injury your business causes to third parties.HO-3 / HO-6HO-3 is the standard homeowners policy form. HO-6 is the standard condo owner form covering interior improvements and personal property.IndemnifyTo restore someone to the financial position they were in before a loss — the core purpose of insurance.MCS-90A federal endorsement on a motor carrier's liability policy guaranteeing payment to the public if the carrier can't otherwise pay.Named InsuredThe person or entity listed on the policy declarations who owns the coverage.Non-Trucking Liability (NTL)Bobtail coverage for owner-operators leased on to a motor carrier — covers the truck when not under dispatch.Occupational AccidentInjury coverage for owner-operators and 1099 drivers who aren't covered by workers' comp.PerilThe cause of a loss — fire, theft, wind, collision, etc.PremiumWhat you pay the insurance company for the policy.Replacement CostWhat it costs to replace damaged property with new property of like kind and quality — no depreciation deducted.RiderAnother word for endorsement.SR-22A financial-responsibility filing Washington DOL requires after certain violations (DUI, uninsured accident). Filed electronically by your auto carrier.Umbrella PolicyExtra liability coverage that sits on top of your auto, home, or business policies — usually in $1M layers.Underinsured Motorist (UIM)Coverage that pays for your injuries when an at-fault driver's liability limits are too low to cover your damages.UnderwritingThe insurer's process of evaluating a risk and deciding whether to offer coverage and at what price.Waiver of SubrogationAn endorsement giving up the insurer's right to recover from a specific third party after paying a claim — often required in commercial contracts.Workers' CompensationState-mandated coverage for employee work-related injuries. In Washington, primarily administered by the state Department of Labor & Industries. 