Glossary
Insurance Glossary
Plain-English definitions of the insurance terms you'll actually encounter — no jargon, no confusion.
Insurance Terms for Truckers & Contractors
Insurance is full of jargon. We believe in keeping things simple. Here are the terms you'll actually hear when we're building your policy.
- Premium
- The amount you pay to keep your insurance active. This can be paid in full upfront or in monthly installments.
- Deductible
- The "skin in the game" amount you pay out of pocket when you file a claim before the insurance company pays the rest.
- Liability
- Legal responsibility for causing injury or damage. In insurance, liability coverage pays for the damage you cause to OTHERS.
- Certificate of Insurance (COI)
- A one-page document that proves you have active insurance. Clients and GCs will always ask for this.
- Endorsement
- An amendment or addition to your existing policy that changes your coverage (like adding a new truck or an additional insured).
- Additional Insured
- A person or organization (like a GC or Shipper) that is added to your policy so they are protected by your coverage for work you do for them.
- Inland Marine
- A confusing name for a simple coverage: it protects property that is "in transit" or mobile, like a contractor's tools or a trucker's cargo.
- Loss Run
- An official report from your previous insurance companies showing your claim history (or lack thereof) for the last 3-5 years.
- Non-Trucking Liability (Bobtail)
- Coverage for a truck when it is being driven without a trailer and not under dispatch (personal use).
- Waiver of Subrogation
- An agreement where your insurance company gives up its right to seek recovery from a third party (like a client) after paying a claim.
