Insurance Glossary

Contractors’ “All Risks”/Construction “All Risks”

Coverage for damage to property in the care, custody or control of the insured. Classical example is a garage: cars to be repaired are not the property of the insured, but if a car is damaged the insured will be liable. Typically excluded from standard liability policies.

Catastrophe

Contingent Business Interruption

Care, Custody and Control: coverage for damage to property in the care, custody or control of the insured. Classical example is a garage: cars to be repaired are not the property of the insured, but if a car is damaged the insured will be liable. Typically excluded from standard liability policies.

Contractor controlled insurance program: all participants involved in a building project are covered by this single policy taken out by the contractor. The policy provides coverage for the project owner as well as contractors and subcontractors that are working on the job site.
As with owner controlled insurance programs, the idea is that the single policy will save costs, streamline coverage and facilitate claims handling.

Civil Engineering Completed Risk Insurance

Confiscation, expropriation, nationalization and deprivation. These are known as political risks.

Comprehensive General Liability (US) Broad coverage for commercial risks, usually covering all liability exposures except those specifically excluded

Coverage is triggered if the claim is made during the policy period (unlike occurrence basis). A joy for claims specialists, the concept is usually complicated by various other stipulations.

Comprehensive Machinery Insurance [A Munich Re policy form with a compulsory sectionon operational material damage and an optional section for business interruption]

Convention on the Contract for the International Carriage of Goods by Road (CMD 3455)

Lloyd’s Goods in Transit (CMR) Policy

Cost of Control [Sometimes used instead of COW]

Typically applies to liability policies and combines Property Damage and Bodily Injury amounts insured into one amount insured.

Important for contractors, this covers damage caused by work performed after it has been completed and handed over. Comparable to products liability.

(US) Broad coverage for commercial risks, usually covering all liability exposures except those specifically excluded

see Financial Loss

Liability for cars not owned by the insured but being used by an employee in connection with the insured's business

Also known as CCIP: all participants involved in a building project are covered by this single policy taken out by the contractor. The policy provides coverage for the project owner as well as contractors and subcontractors that are working on the job site.
As with owner controlled insurance programs, the idea is that the single policy will save costs, streamline coverage and facilitate claims handling.
Also see OCIP, owner controlled insurance programs.

(COW) This coverage was developed to address the uncontrolled escape of gas or oil from a well bore. There are three main sections of coverage: control costs, costs for re-drilling, and costs for seepage and pollution liability. Coverage is triggered by a "well out of control".

Control of Well: This coverage was developed to address the uncontrolled escape of gas or oil from a well bore. There are three main sections of coverage: control costs, costs for re-drilling, and costs for seepage and pollution liability. Coverage is triggered by a "well out of control".

Comprehensive Project Insurance A Munich Re form made up of four sections. Section 1a – Project Works(which is compulsory under this form), Section 1b – Plant, machinery and equipment, Section 2 – Third party liability, Section 3 – Delay in start-up, Section 4 – Marine cargo.

Important in policies with more than one insured. Typically used to clarify whether the insureds can claim against each other under the same policy or not.

Combined Single Limit. In liability policies this combines PD and BI into one sum insured.