Joint Venture: ALIGNED’s Term of the Day

joint venture

Joint Venture: ALIGNED’s Term of the Day One word can have many different meanings. That’s why ALIGNED is committed to helping demystify the often complex terms commonly found in business insurance policies. By helping to bring clarity to insurance terms, we’re working to align our understanding of risks, coverages and policies with the needs of […]

Securities Class Action Claims In Canada?

Securities Class Action Claims

Securities Class Action Claims: Securities class actions claims are defined as claims brought by a publicly held corporation’s shareholders alleging that actions by the firm’s directors and officers caused a loss in market value of the firm’s shares.  To date, 16 securities class action claims in the US have been settled for amounts in excess […]

Quantitative vs. Qualitative Claim Auditing…which is better?

Quantitative vs Qualitative

Qualitative Claim Auditing Def: The comprehensive review of claims files seeks to discover whether the claims are being appropriately managed. Some of the criteria used to measure the quality of the claim handling being delivered include experience and skill level of the adjusters and effectiveness of the internal communications system. Quantitative vs. Qualitative Claim Auditing […]

Package Policy: Is The ALIGNED Term Of The Day

Package Policy, commercial general liability, commercial property, CGL , errors & omissions, E&O, D&O, directors & officers, insurance package policy

Click Here For An Insurance Quote or Call us toll free at 1-866-287-0448 What is a Package Policy? A package policy is a combination policy providing several different type of insurance products.  An insurance package policy usually refers to a policy providing both general liability insurance and property insurance. Premium discounts are usually applied to a package […]

Malpractice: Is The ALIGNED Insurance Term Of The Day


Malpractice def: Malpractice is a professional error, omission, or act of negligence in performing a professional act. Malpractice is also, a term used to denote the type of professional liability insurance coverage written to cover physicians, surgeons, accountants, lawyers, architects, and engineers, among others. Malpratice Insurance Explained Professional liability insurance or malpractice insurance is a […]

Key Man Insurance: Is the ALIGNED Term Of The Day

key man insurance

Key Man Insurance Def: Key Man Insurance is owned by a business entity on the life of a key individual that will, in the event of his or her death, offset a loss in earnings and provide the funds necessary to find, hire, and develop a replacement. Key Man Insurance is designed to offset losses resulting from […]

Failure to Insure Exclusion Analysis | ALIGNED Insurance

failure to insure

Failure to Insure Exclusion def: The failure to insure exclusion is found primarily in directors and officers (D&O) liability policies and, to a lesser extent, in public officials liability policies. The failure to insure exclusion precludes coverage for claims made against insureds when claimants suffer losses resulting from failure to purchase insurance coverage, provided such […]

Defamation in Insurance Explained

defamation insurance

What is Defamation Insurance? Defamation includes the spreading of damaging information or false statements about an individual or business that creates reputational harm. Defamation insurance, otherwise known as libel and slander insurance coverage, can cover legal fees, potential damages, and settlement payments that may arise from defamation lawsuits. Media liability and general liability policies typically […]

Casualty Insurance Explained

casualty insurance

Casualty Insurance def: Casualty insurance is primarily concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others. Under common law, which applies in all provinces in Canada except Quebec(where they operate under Civil Law) has established that business owners owe […]

Absolute Exclusions: Is The ALIGNED Insurance Term Of The Day


Absolute Exclusions Explained Absolute Exclusions def: Exclusions found within certain insurance policy forms, precluding coverage for claims that are remotely—but not directly—related to the actual nature of the exclusion. The effect of such language is to defeat coverage in situations where it could be reasonably expected that coverage would apply. For example, an absolute exclusion […]

Vicarious Liability: Is The ALIGNED Insurance Term Of The Day

Parent - Vicarious Liability

Vicarious Liability – What It Means Vicarious liability is defined as the liability of a principal for the acts of its agents. Vicarious liability can result from the acts of independent agents, partners, independent contractors, employees and children. To learn more about vicarious liability and other legal responsibilities that your business has, speak to ALIGNED. An ALIGNED Advocate can provide […]

Quid Pro Quo: Is The ALIGNED Term of The Day

quid pro quo

Quid Pro Quo – What It Means For Employers  Quid pro quo is Latin for “this for that.” This term pertains to the exchange of values by both parties to form a valid contract. In workers compensation, quid pro quo means that employees trade their right to sue their employers in exchange for no-fault benefits. This is considered the […]

Named Insured: Is The ALIGNED Term Of The Day

named insured

Named Insured Explained Named insured is defined as any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy, as distinguished from others that, although unnamed, fall within the policy definition of an “insured.” See also additional insured; additional named insured. The Importance Of A Having A Correct […]

Loss Control Offered By Insurance Brokers Explained

Loss Control Offered By Insurance Brokers Explained

Loss Control Offered By Insurance Brokers Explained Loss Control def: A risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur.  Loss control is also known as risk control or safety. Driver training programs are loss control programs that seek to reduce […]