Glossary

A green building describes a residential or commercial structure that is built in a manner that promotes energy conservation, uses environmentally friendly construction products in an efficient way, and creates a healthy place to live or work.

Green upgrades coverage is a property insurance endorsement or provision that adds coverage for the increased cost of repairing or replacing covered property damaged by a covered cause of loss using materials and methods that are recognized as being "green"—that is, better for the environment due to energy efficiency, sustainability, etc.

Gross cessation occurs when a reinsurer assumes 100 percent of the risk covered by a policy issued by an insurer.

Gross combination weight is the value specified by the manufacturer as the maximum loaded weight of a truck/tractor plus the trailer or semitrailer designed for use with the truck tractor.

Gross domestic product is the total market value of all final goods and services produced within a country during a given period.

Gross earnings coverage is a type of business interruption insurance covering the insured's reduction in gross earnings suffered as a result of a direct damage loss.

Gross loss reserves are case reserves and incurred but not reported (IBNR) losses before reinsurance credits or offsets.

Gross negligence is the willful or reckless disregard to the duty of care and complete disregard for the safety and well-being of others. It is more than simple inadvertence, but it is just shy of being intentionally evil.

Gross premium is pure premium adjusted upward to include insurer expenses.

Gross profits insurance is a type of business interruption coverage in widespread use in Canada and the United Kingdom.