Insurance Information

We have heard the needs of our members as it relates to challenges sourcing liability insurance when conducting international business related to the incentive travel market. SITE is currently in the process of connecting with members to build a reference list of insurance providers. As we collect data we will post below.

Any insurance provider that is listed has come as a direct reference from a SITE member, however, diligence needs to be exercised when entering a contract with any service provider. SITE has posted these contacts as reference points but has not exercised a qualification procedure nor does SITE provide an official endorsement for any insurance carrier.

References:

• Higginbotham and Associates- Property, Casualtly and Professional insurance programs, Dallas, TX .

Helpful Insurance Terms:

• INSURANCE is a system to make large financial losses more affordable by pooling the risks of many individuals and business entities and transferring them to an insurance company or other large group in return for a premium.
• POLICY is a written contract for insurance between an insurance company and policyholder stating details of coverage.
• LIABILITY INSURANCE is insurance for what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person. Business obtain “Commercial Liability Insurance”.
• PROFESSIONAL LIABILITY INSURANCE covers professionals for negligence and errors or omissions that injure their clients.
• RIDER is an attachment to an insurance policy that alters the policy’s coverage or terms.
• LIMITS is the maximum amount of insurance that can be paid for a covered loss
• PERIL is a specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded.
• INDEMNIFY means to provide financial compensation for losses.
• A CERTIFICATE OF INSURANCE is a document that demonstrates evidence of an insurance policy.
• ADDITIONAL INSURED coverage requires that a Certificate of Insurance add on other organizations for protection under your policy.
• TRAVEL INSURANCE covers problems associated with traveling, generally including trip cancellation due to illness, lost luggage and other incidents.
• CANCELLATION INSURANCE is a policy that covers the cancellation of event that an unforeseen force, such as a fire, storms or a strike disrupts or cancels an event.
• BUSINESS INCOME INSURANCE (also known as BUSINESS INTERRUPTION INSURANCE) Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. Business interruption insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks.
• TERRORISM INSURANCE covers a company if the event is affected by a terrorist incident. There are several options, from limited coverage, whereby the attack must take place within a certain time period and distance, to full coverage, which is more expensive. Policies may require a government to officially recognize an event as an act of terrorism in order for the policy to apply.

To submit more HELPFUL INSURANCE TERMS please e-mail SITE at HQ@site-intl.org.