Peril
The event that caused a loss covered by the policy, e.g., fire.

Personal Property
Legally, any property of an insured other than real property.

Policy Conditions
Provisions which state the rights and duties of the insured or insurer.

Premium
The price of insurance protection for a specified risk for a specified period of time.

Proximate Cause
Cause of loss or damage. Unbroken chain of cause and effect between the occurrence of an insured peril and damage to property.

Professional Liability Insurance
Protects professionals against liability for damages and cost of defense based upon his/her alleged or real professional errors and omissions or mistakes.