J
Jacket
- The cover of an insurance policy; it usually contains the name of
the insurer, its address, etc.
Jettison
- Act of throwing overboard part of a vessel’s cargo or hull in hopes
of saving a ship from sinking.
Jewelers
block insurance - A policy especially designed for jewelers, it
offers a combination of coverages protecting against risks of physical
loss to property at the jeweler’s premises, property in transit, or
customers’ property in the insured’s care.
Jewelry
floater, see Floater.
Joint
and several liability - A legal doctrine whereby a creditor or claimant
may demand payment or sue one or more of the parties separately, or
all of them together.
Joint
Underwriting Association (JUA) - These are insurance pools representing
all insurers in a state. A few "servicing carriers" act on
behalf of all the insurers, issuing policies, receiving fees, and handling
claims. They are reimbursed for losses, and receive fees from the JUA
to cover operating costs.
Joint
venture - A venture in which two businesses join together to share
risk or expertise on a specific project or group of projects.
Jones
Act - The Federal act through which maritime workers are provided
workers compensation coverage (which ordinarily responds to the mandates
of particular states).
Judicial
bonds - Two types of bonds available to guarantee faithful performance
of court appointed duties. Fiduciary bonds guarantee the faithful performance
of persons entrusted by the courts in the management, conservation,
and disposition of property. Litigation bonds (or "court bonds")
are required in court actions. Bail bonds and appeals bonds are litigation
bonds; where the bond amount is forfeited if the bonded person disappears
or the appeal is lost.
Jumbo
risk - A policy of insurance written with exceptionally high limits.
