Multi-Peril Policy

A package policy that provides coverage against several different perils.

Occurrence

An accident or other event that results in an insured loss.

Original Building Standard

The state of the interior at the time a building was constructed or converted to condominiums.

Peril

Something that can be the cause of a claim. In property insurance, perils are events such as earthquakes, hurricanes, and wildfires.

Policy

The actual document that sets forth the contractual agreement between an insured and the insurance company.

Policyholder

The person or persons whose name is stated within the policy document as being the named insured.

Premium

The amount of money paid to the insurance company for the insurance coverage.

Replacement Cost

The cost of replacing insured property such as a building without taking into account depreciation.