H
Hangarkeepers
legal liability - A bailee coverage for those charged with the care
of aircraft owned by their customers.
Hard
market - A condition of the insurance marketplace in which insurance
is difficult to obtain, and relatively expensive.
Hazard
- Generally, a condition that increases the possibility of loss.
Hazardous
waste - Term generally used to refer to pollutants or contaminants
which result from industrial processing and must be disposed.
Highly
Protected Risk (HPR)- A building meeting certain standards of fire
protection, which is therefore eligible for a reduced rate.
Hired
auto - A nonowned auto that may be borrowed as well as rented or
leased by the insured. Personal auto policy insureds are covered automatically
for hired autos, but business auto policy insureds may not be.
Hold
harmless agreement - A contractual assumption by one party of the
liability exposure of another. Lease agreements, for example, commonly
require the tenant to hold the landlord harmless for bodily injury or
property damage experienced by others on the premises.
Hole-in-one
insurance - Coverage designed for amateur golf tournaments in which
there is a substantial cash prize for anyone making a hole-in-one.
Holistic
risk management - See Enterprise-wide risk management.
Homeowners
insurance - An early and hugely successful example of "packaged"
property and liability insurance. A mid-twentieth century insurance
development was introduction of the so-called "multi-line era"
in which insurers became empowered to write both property and liability
forms of insurance, making way for the first packaging of these coverages
within a single policy.
Host
liquor liability - Part of the CGL, this covers the incidental serving
of alcohol by an insured who is not in the business of serving alcohol.
Hostile
fire, see Fire.
HPR
- See Highly protected risk.
Housekeeping
- A generalized term that refers to the overall care, cleanliness, and
maintenance of an insured’s property.
Hull
insurance - Ocean marine insurance covering physical damage to the
ship or vessel insured. Usually, written on an "all-risks"
basis.
