Insurance Glossary

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  • Actual Cash Value

    In the event of a loss, this is calculated by taking the replacement cost and subtracting the depreciation of damaged or stolen property.

  • Builder’s Risk Insurance

    A key part of any successful risk management program, this type of property insurance helps protect buildings that are under construction.

  • Business Auto Insurance

    Applying to vehicles owned by or used for your business, this protects you against liability for any damages that might be caused by your assets. It also helps provide compensation for those inside business vehicles at the time of an accident.

  • Business Owner’s Insurance

    Easily and conveniently package your property and liability insurance into a single policy, covering claims of bodily injury or property damage.

  • Collision Coverage

    Coverage for damage to your vehicle that results from a collision with another vehicle or object.

  • Comprehensive Coverage

    Coverage for damage to your vehicle not caused by collision or upset. This coverage is subject to deductible. Examples include theft, vandalism, weather events and contact with animals.

  • Deductible

    The amount a policyholder agrees to pay before the insurance company covers a loss.

  • Directors and Officers Insurance

    This is a type of liability insurance that protects one against personal losses if they experience a lawsuit as a result of serving as a director or officer of an organization.

  • Endorsement

    A statement added to an insurance policy that alters, deletes or adds coverage, terms or provisions of the policy. An example would be additional coverage for sewer back-up.

  • Errors and Omissions Insurance

    This is uniquely designed to protect you against losses not covered by traditional liability insurance, such as lawsuits regarding any perceived negligent acts that result in a financial loss.

  • Flood Insurance

    A type of property insurance that covers a building for losses sustained by floodwater damage, such as from an overflowing river or a hurricane’s tidal surge.

  • Flood Plain

    A strip of relatively flat and normally dry land alongside a stream, river or lake that is covered by water during a flood.

  • Hazard Insurance

    Protects the homeowner and the lender, should physical damage be done to a property from sources such as fire, wind or vandalism.

  • Liability Coverage

    This is coverage for bodily injury or property damage for which you are at fault.

  • Liability Umbrella Insurance

    A form of personal liability insurance that extends coverage beyond the parameters of a regular underlying policy.

  • Personal Property

    Property that is easily moved. This includes things such as furniture, clothing and household goods.

  • Replacement Cost

    The actual cost of replacing damaged or destroyed property with new property of a similar type and quality, in contrast to actual cash value.

  • Voluntary Group Life

    With this option, policyholders can usually increase coverage limits or add coverage for a spouse or children for an additional fee.

  • Workers’ Compensation

    Seamlessly provide wage replacement and medical benefits to employees injured on the job.

Products and services offered through Gate City Insurance Agency are:

Not a Deposit Not Insured by the FDIC or Any Federal Government Agency Not Guaranteed by Gate City Bank May Lose Value