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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).

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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.

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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.

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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.

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

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

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

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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).

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

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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.

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