Glossary of Insurance Terms
G
Gap coverage
- Insurance for a lessee designed to cover the difference
in selling price between a vehicle’s actual cash
value, and the payout left on a lease.
Garage policy
- One of the early package policies, it is written for
automobile dealers and may include liability insurance
for garage operations, automobile operations, physical
damage coverage on garage owned autos, bailees coverage
on customers cars, and auto and premises medical payments
coverage.
Garagekeepers
liability - A bailee coverage applying to automobiles.
Commonly included in garage policies, it may be written
to provide coverage for limited perils or for
comprehensive physical damage, with or without collision
damage coverage. Coverage may be expressed as covering
the legal liability of the garagekeeper or amended to
cover on a direct basis, as primary insurance or excess.
General liability
insurance, see Commercial general liability.
Glass insurance
- Commercial property form that covers plate glass, glass
signs, lettering, etc.
Gross earnings
coverage - An outdated term for business income
coverage.
Guarantee funds
- State mandated funds collected from licensed insurers
and maintained as backup protection for policyholders of
bankrupt insurers.
Guiding
principles - Suggested procedures for establishing
primacy of coverage in situations involving loss under a
variety of coverage forms and, perhaps, more than one
interested party. Last promulgated in the 1960s, the
spirit of the principles survives because insurers
apparently find that the prescribed procedures commonly
lead to equitable settlements for all parties.
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