Glossary

Also referred to as bridge or interim financing, gap financing refers to a short-term loan for the purpose of meeting an immediate financial obligation until sufficient funds to finance the longer-term financial need can be secured.

Garagekeepers coverage is provided under a garage policy for auto and trailer dealers, particularly those dealers that maintain a service department or body shop, for liability exposures with respect to damage to a customer's auto or auto equipment that has been left in the dealer's care for service or repair, for example.

Garagekeepers extra legal liability extends the garagekeepers liability policy to provide coverage for damage to customers' automobiles regardless of the legal liability of the insured.

Garage liability insurance covers the legal liability of franchised and nonfranchised automobile, truck, truck-tractor, motorcycle, recreational vehicle, and trailer dealers for claims of bodily injury (BI) and property damage (PD) arising out of business operations.

A garage policy is a commercial auto policy designed to address the needs of auto dealers.

A garment contractors floater is an inland marine policy that protects the insured garment manufacturer against damage to or loss of garments on the manufacturer's premises, in transit, or in the custody of contractors or subcontractors.

Generally Accepted Accounting Principles are an accounting method designed to match revenue and expense on a "going concern" basis—that is, assuming an entity continues in business.

General Adjustment Bureau is a national loss adjusting agency supported by property insurers that do not have their own nationwide loss adjusting capability.

A general agency system is an insurance marketing system whereby a general agent is delegated responsibility for a geographic territory.

General aggregate limit is the maximum limit of insurance payable during any given annual policy period for all losses other than those arising from specified exposures.