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This page lists insurance terms with a brief definition. Please Contact Mark if you want clarification or have additional questions. He will gladly explain the language of the insurance world to you!

Vehicle Insurance
Auto insurance is available for personal and commercial cars and RVs (Recreational Vehicles). Specialty lines of insurance are available for motorcycles, boats, ATVs (All Terrain Vehicles), and snowmobiles.
The types of coverage and liability that should be considered when deciding on vehicle insurance include bodily injury liability and property damage liability (required in Ohio), comprehensive and collision coverage, uninsured/underinsured motorist coverage, and medical payments options.
The minimum amount of coverage for bodily injury liability and property damage liability in the state of Ohio is $25,000 / $50,000 for bodily injury and $25,000 for property damage.

Bodily Injury Liability Coverage
In an auto accident, this pays for damages that involve bodily injury or death to others, for which the policyholder is legally liable. Common exclusions, and thus points to consider when selecting insurance, include bodily injury or death caused while using the vehicle for work, an accident caused by a driver not covered under the policy, or for injury or death of policy holder or relative.
The first number represents the bodily injury liability maximum for one person injured in an accident, and the second number is the bodily injury liability maximum for all injuries in one accident. Most drivers select an amount well beyond the state minimum in the range of $100,000/$300,000.
Comprehensive Coverage
Comprehensive coverage pays for loss of or damage to a covered vehicle and its equipment caused by any event other than collision, which can include damage from fire, theft, windstorm, flood, or vandalism. The deductible for comprehensive coverage is usually $100, $250 or $500.
Collision Coverage
This pays for collision damage to the policyholder's covered automobile and its equipment, subject to the policy's deductible and exclusions. Options to consider include covering non-owned vehicles and rentals, coverage while the vehicle for work, and protection for items like laptops and stereo equipment. The common deductible for collision coverage is either $250 or $500.
Medical payments
Medical payments pay for medical expenses and funeral services for any person who accidentally sustains injuries while occupying or getting into or out of a covered automobile, regardless of who is at fault. Common limits for medical payments are around $5,000.
Property Damage Liability
Pays for damages to property of others for which the policyholder becomes responsible under law. This represents the property damage liability maximum for one accident. Most drivers choose $100,000.
Uninsured/Underinsured Motorist Coverage
This coverage protects the insured and the vehicle's occupants, and allows the policyholder to recover bodily injury damages from an accident where the other driver does not have insurance and is found legally liable (uninsured) and for damages due to an accident where the other party is found legally liable and does not have enough insurance (underinsured).

Homeowners Insurance
Mark E. Watson and Associates offers property protection for apartment renters, home and condominium owners. Coverage options include personal property insurance, additional living expenses and personal liability, as well as a variety of additional options.

Additional Living Expenses
An additional living expense covers the policy owner and members of the immediate family living with that person for living expenses, over usual expenses, when the home is uninhabitable because of a covered loss.
Home sweet home; a dwelling is the actual building and structures attached to it like windows and doors. An attached garage or firmly secured deck would be part of the dwelling.
Personal Liability
Personal Liability covers the policyholder and others living in the home against lawsuits stemming from bodily injury and property damage, and the cost of legal defense.
Personal Property
Personal Property is insurance for the home and property against fire, weather, vandalism or theft, faulty systems in the home, and the like. High-valued personal property, also known as “scheduled personal property”, might need additional coverage. Examples to consider are jewelry, silverware, musical instruments, personal computers and laptops, heirlooms, and the like.

Business Owners Insurance
The business owner's insurance policy is a comprehensive package policy for small to medium businesses. Coverage exists for property and buildings, business personal property and business liability, with a variety of additional coverage ranging from Additional Insureds to Utility Services.

Building includes items like exterior glass, fixtures, permanently installed equipment, and additions. Replacement Cost valuation applies while Actual Cash Value is an available option.
Business Personal Property
This included the premises and operations, and provides protection for personal and other injuries, medical expenses, fire liability, and employees as insureds. Please inquire about the range of coverage and options available.
Business Liability
This includes protection for the premises and operations, injuries and medical expenses, and fire liability, as well as additional coverage.

General Terms

The amount of each loss the policyholder agrees to pay. Generally, choosing a higher deductible will lower the premium.
Flood Insurance
Please inquire about options for flood insurance. You can also visit FEMA's website for more information.
Named Insured
This is the first person in whose name the insurance policy is issued.

Mark E. Watson & Associates
Mark E. Watson & Associates is licensed by Auto-Owners Insurance Companies, Progressive, Western Reserve Group, and is a member of the Professional Insurance Agents of Ohio.

Why don't we offer online insurance quotes?
Mark knows that each client has unique insurance needs. To receive an accurate quote and outline of options, he would like to speak with customers personally to assess their insurance needs discuss possible options. Contact Mark today for personalized insurance quotes.
What products do we offer?
Property and Casualty Insurance for vehicles and specialty lines, residences and businesses.

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