Glossary

Safe depository coverage provides coverage for any loss to property located in any safe or box leased to a customer of the insured, other than a financial institution, within the safe deposit vaults located within any of the insured's offices.

The Saffir-Simpson scale is a rating device used by hurricane forecasters to gause a hurricane's present intensity.

Sales is the exposure base in commercial general liability insurance for insureds in the manufacturing/processing or mercantile business classifications.

Salesmen's samples coverage is inland marine insurance covering samples carried by salespersons.

A sale bond is a real estate transaction bond used as a guaranty when a fiduciary makes a sale.

The Saline Substances Contamination Endorsement (CG 22 47) is an Insurance Services Office, Inc. (ISO), general liability endorsement excluding coverage for liability associated with saline substances used in oil and gas drilling operations.

Salvage is property after it has been partially damaged by an insured peril such as a fire.

Salvage value is the amount for which an asset can be sold at the end of its useful life.

The Sarbanes-Oxley Act (SARBOX, SOX, SOx) of 2002 is a sweeping corporate financial reform bill passed by Congress and signed into law by President Bush in July 2002.

Savings bank life insurance is life insurance that is permitted to be sold by mutual savings banks in certain states such as New York, Connecticut, and Massachusetts.