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Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Negligence
The absence of ordinary care.
Salvage
Property taken over by an insurer to reduce its loss.
Broker
A person who for payment of a fee procures insurance on your behalf.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Cancellation
The termination of an insurance policy before its normal expiration date.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
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