Glossary

Broad form drive other car coverage is available under a commercial auto (e.g., business auto, auto dealers, motor carrier) policy for employees, executives, or any other person who is supplied a company-owned vehicle but who does not own a personal vehicle and does not have a personal auto policy (PAP).

Broad form hold harmless clause refers to a hold harmless clause under which the indemnitor assumes any and all liability of the indemnitee under specified circumstances, including liability arising out of the indemnitee's sole fault.

A broad form named insured endorsement is an endorsement added to a liability policy to reduce the insurance administrative problems that large corporations encounter in acquiring new entities by covering all entities for which the insured is responsible.

Broad form property damage (BFPD) is the liability exposure represented by the risk of loss to property in a contractor's care, custody, or control (CCC) or on which contracted operations are being performed.

A broker is an insurance intermediary who/that represents the insured rather than the insurer.

A brokerage department is an insurance company department that aids brokers in placing business, frequently on a worldwide basis.

The brokerage market refers to reinsurers that write business through reinsurance intermediaries.

Brother-sister relationship is a term that first emerged during the Humana tax case ( Humana Inc. v. Commissioner, 881 F.2d 247 (6th Cir. 1989)), referring to separate subsidiaries owned by the same parent (such as a captive insurance company and an operating subsidiary).

Brownfield refers to an abandoned, idle, or underused industrial or commercial facility where expansion or redevelopment is complicated by real or perceived environmental contamination.

Brownian motion refers to the tendency of high-yield (junk) bonds to experience a large diffusion component—that is, information relative to the bond's investment quality and pricing vis-à-vis the issuer's financial condition tends to filter down to investors gradually.