Glossary of Insurance Terms
H
Hangarkeepers
legal liability - A bailee coverage for those charged
with the care of aircraft owned by their customers.
Hard market -
A condition of the insurance marketplace in which
insurance is difficult to obtain, and relatively
expensive.
Hazard -
Generally, a condition that increases the possibility of
loss.
Hazardous waste
- Term generally used to refer to pollutants or
contaminants which result from industrial processing and
must be disposed.
Highly Protected
Risk (HPR)- A building meeting certain standards of
fire protection, which is therefore eligible for a
reduced rate.
Hired auto -
A nonowned auto that may be borrowed as well as rented or
leased by the insured. Personal auto policy insureds are
covered automatically for hired autos, but business auto
policy insureds may not be.
Hold harmless
agreement - A contractual assumption by one party of
the liability exposure of another. Lease agreements, for
example, commonly require the tenant to hold the landlord
harmless for bodily injury or property damage experienced
by others on the premises.
Hole-in-one
insurance - Coverage designed for amateur golf
tournaments in which there is a substantial cash prize
for anyone making a hole-in-one.
Holistic risk
management - See Enterprise-wide risk management.
Homeowners
insurance - An early and hugely successful example of
"packaged" property and liability insurance. A
mid-twentieth century insurance development was
introduction of the so-called "multi-line era"
in which insurers became empowered to write both property
and liability forms of insurance, making way for the
first packaging of these coverages within a single policy.
Host liquor
liability - Part of the CGL, this covers the
incidental serving of alcohol by an insured who is not in
the business of serving alcohol.
Hostile fire,
see Fire.
HPR - See
Highly protected risk.
Housekeeping
- A generalized term that refers to the overall care,
cleanliness, and maintenance of an insured’s
property.
Hull insurance
- Ocean marine insurance covering physical damage to the
ship or vessel insured. Usually, written on an "all-risks"
basis.
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