Applications - Motorsports Insurance

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Commonly Used Insurance Terms

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Commonly Used Insurance Terms

Actual Cash Value (ACV):

  • The cost to replace an item of property at the time of loss, less an allowance for depreciation. Often used to determine the amount of reimbursement for a loss.


Additional Insured:

  • An individual or company, in addition to the insured, who is listed in the declarations. An example is a mortgage company that has an insurable interest in the property insured. 


Aggregate Limit:

  • Type of policy limit found in Liability policies that limits coverage to a specific total amount for all losses occurring within the policy period.


Assumption of Risk:

  • Defense against liability based on the common law principle that a person who knowingly exposes himself to danger or injury assumes the risk of loss and cannot hold another person for the loss.



  • Oral or written statement that provides immediate insurance protection for a specified period. Designed to provide temporary coverage until a policy is issued or denied.


Blanket Insurance:

  • Type of insurance policy that covers more than one item of property at a single location or one or more items of property at multiple locations.


Bodily Injury (BI):

  • Defined in most policies to include injury, sickness, disease and death resulting from any of these at any time.


Builders Risk Coverage:

  • Commercial Property coverage forms that covers commercial, residential or farm buildings that are under construction.


Business Auto Coverage:

  • Commercial Auto coverage forms that covers a business’s owned. non-owned and hired autos against liability and physical damage losses.



  • Termination of an insurance policy by the insured or the insurance company during the policy period.   


Certificate of Insurance (COI):

  • Written form that verifies a policy has been written. Provides a summary of the coverage provided under the policy.


Claims-Made Form:

  • Commercial General Liability coverage form that pays BI or PD losses for which a claim was first made against the insured during the policy period.


Collision Coverage:

  • In Auto insurance, a type of physical damage coverage that covers loss that occurs when the insured’s auto strikes another object or vehicle. May also include upset or overturn of the insured auto.


Comprehensive Coverage:

  • In Auto insurance, a broad Physical Damage coverage that covers all property losses except collision and those perils or property that are specifically excluded.


Contributory Negligence:

  • Common law defense against negligence stating that if an individual contributes to his or her own loss in anyway, someone else cannot be held liable for the loss.



  • Section of an insurance contract that shows who is insured, what property or risk is covered, when and where the coverage is effective, and how much coverage applies.


Disability Insurance:

  • Line of Insurance that protects the insured against loss of income resulting from injury or sickness.


Earned Premium:

  • Premium an insurance company has actually earned by providing insurance protection for the designated period of time.



  • Document attached to an insurance policy that changes the policy in some way.


Errors and Omissions Insurance (E&O):

  • Professional Liability coverage that protects the insured against liability for committing an error or omission in the performance of professional duties.


Excess Insurance:

  • When two or more policies or coverages apply to the same loss, the one that applies only after the limits of the primary coverage have been exhausted.



  • Section of an insurance policy that lists property, perils, persons or situations that are not covered under the policy.

Experience Rating:

  • Type of merit rating that determines premium based on previous loss experience.


Fair Market Value:

  • The amount property could be sold for at the time of loss. Can be used to determine the amount of reimbursement for a loss.


Federal Terrorism Risk Insurance Act of 2002:

  • Federal law designed to ensure that insurance coverage for terrorism losses under commercial lines policies will be available and affordable. It requires insurers to pay a specified amount for terrorism losses in a given calendar year. Once that limit is reached, the federal government will reimburse insurers 90% of insured losses that exceed the limit.


First Named Insured:

  • First person listed in the declarations as an insured. The first named insured might have a higher level of duties or rights under the policy.


Garage Coverage:

  • Commercial Auto coverage form designed for garage businesses such as dealers, service stations, garages and parking lots. It includes coverage for liability arising out of auto and garage operations, physical damage, and garage keepers’ losses arising out of owned, non-owned, and hired autos.


Garage Keepers Insurance:

  • Covers a garage risk’s legal liability for customers’ autos in the care, custody, or control of the garage. At the insured’s option and for an additional premium, it can also apply without regard to fault.


Health Insurance:

  • Line of insurance that protects the insured against financial loss because of medical bills.


Hired and Non-Owned Auto Liability:

  • Covers hired or non-owned autos used by the business.


Insurable Interest:

  • Any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance from loss or destruction or financial damage or impairment.


Legal Liability Coverage:

  • Covers the insured for liability arising out of negligent damage to the property of others while it is in the insured’s care, custody, or control.


Liability Insurance:

  • Type of insurance that protects an insured from financial loss arising out of liability claims by transferring the burden of financial loss from the insured to the insurance company. 


Life Insurance:

  • Insurance that pays a stipulated sum to a designated beneficiary upon the death of the insured. Protects the insured’s beneficiary against the financial consequences of the insured’s premature death.


Health Insurance:

  • Line of insurance that protects the insured against financial loss because of medical bills.


Liquor Liability Coverage:

  • Coverage for liquor liability for those who are in the business of manufacturing, distributing, selling, serving, or furnishing alcoholic beverages.


Named Insured:

  • Person, business, or other entity named in the declarations to whom the policy is issued.



  • The lack of reasonable care that is required to protect others from the unreasonable chance of harm.


Performance Bond:

  • Type of Surety Bond that guarantees jobs will be completed by the contractor according to the contract specifications.


Personal Injury (PI):

  • Injury other than bodily injury arising out of such things as libel, slander, false arrest, wrongful entry, violation of privacy, and malicious prosecution.


Policy Limit / Limit of Insurance:

  • Maximum amount the insurance company will pay for a particular loss, or for losses sustained during a period of time. 


Premises and Operations:

  • Business liability exposure arising out of the business location or the activities of the business. Covered under the Commercial General Liability. 


Primary Insurance:

  • When two or more coverages or policies apply to the same loss, the one that pays first, up to its limit of liability or the amount of loss, whichever is less.


Professional Liability:

  • Liability arising out of rendering or failing to render services of a professional nature. Policies are tailored to fit specific occupational needs.


Property Damage (PD):

  • Damage to or destruction of property, including loss of use of the property.



  • Damage property that can be retrieved, reconditioned, and sold to reduce and insured loss.


Scheduled Coverage / Specific Insurance:

  • Property that is specifically listed in the declarations and covered for a specific amount.


Umbrella Policy:

  • Type of policy that provides broad coverage for an insured’s liability over and above liability covered by an underlying contract. May also cover losses that are excluded by the underlying policy.

Workers Compensation and Employers Liability:

  • Insurance that covers an employer’s obligations under workers compensation laws, which make the employer responsible for stated damages in the events of a work related injury or illness. Also covers the insured’s liability for work related injuries under common law.

Privacy Policy

We know that privacy is very important to most people and we want to let you know that it is important to us, too. The following is a summary of our privacy practices to let you know:

Personal information is not collected unless you give it to us. If you are simply browsing this site, we do not collect any personal information. From time to time, we may compile statistics on the use of our site. We may monitor statistics such as how many visitors we've had or which browsers people use but this data does not identify anyone personally.

WSIB Motorsports Insurance uses links through its site to allow you to elect to contact us via e-mail. We welcome your questions, comments and suggestions. In addition, you may also be offered the opportunity to have one of our representatives contact you. To better serve you in this regard, we may require that minimal personal information be provided to us, such as your name, email, and or telephone number. We may keep this information on file to help us help you in the future. We may also share this information with a subsidiary, business partner, representative or affiliate of WSIB Motorsports Insurance so that they may contact you about other goods and services or to assist you in the support, renewal or purchase of WSIB Motorsports Insurance products and services.

The WSIB Difference

Why Choose WSIB For Your Insurance Needs & Solutions? 

About WSIB insurance


The WSIB Difference

  • We are a Program Administrator that has the authority to underwrite, market and service on behalf of our carrier partners. This benefit provides better service and industry knowledge in order to help you minimize risk and obtain added value when purchasing insurance through WSIB.
  • We work with carriers partners that have a proven long-term commitment to the industry and are all rated "A+" (Excellent) or better.
  • We offer a team of motorsports insurance specialists that have over 75 years in the industry and know how to design, price and explain our coverage and service benefits.
  • We offer a multi-line and comprehensive product offering on a nationwide basis that is broad and designed specifically for the exposures in the motorsports industry.
  • Claims and risk management services that help to mitigate and minimize losses in order to provide pricing stability and reliable insurance coverage for the long term.
  • We believe in providing consistent and stable pricing that offers a long term solution for your insurance needs. We don't play the "bait and switch" game of our competitors. 
  • We are an "open market" that doesn't require a "broker appointment" prior to reviewing and quoting business to an independent agency.



Contact Our Underwriting & Service Team:

David Hatlem:



Holly Shopoff:

Vice President - Motorsport Programs


Priscilla Larsh:

Senior Underwriter


Kristine Johnson:

Account Executive