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2100 Corlies Ave, Unit 4
Neptune City, NJ 07753

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5 Crucial Terms to Know with Commercial Insurance

Commercial insurance can be intimidating if you aren’t already well-informed about it. There are tricky terms that are used by agents and in articles that you may read. Read on to learn about some of these before you make an appointment with Dirus & Sons of the Neptune, NJ area. 

Specified Perils

Specified perils are the list of each peril (risk) that you’ll be insured against. It can include vandalism, fire, and explosion, among other things. You can request either basic specified perils or broadly specified perils that add more to this list. Conversely, open perils is the designation given to include all losses besides any that have specifically been excluded. 

Actual Cash Value

This is the Fair Market Value of an item. In other words, it’s the amount that a buyer with adequate knowledge would be willing to pay and what a seller with comparable knowledge would accept for the item.

Agreed Value

This amount has been agreed upon by the insured person and the insurance company to be paid if there is a loss. This is commonly used for property insurance for antiques, valuable artwork, and the like. An appraisal by a professional typically must happen first.

Aggregate Limit

This is the maximum amount of coverage in dollars that’s allowed for a liability or property damage policy. It can be determined as a total for the policy term or on a per-occurrence basis.


The deductible is something you’ll see with any type of insurance. It’s the amount that the insured individual has to pay before they are able to receive benefits from the policy.

Regardless of how much you currently know about commercial insurance, it’s in your best interest to locate a reliable, independent agent with the experience to assist you and make you feel more at ease. That’s where Dirus & Sons of the greater Neptune, NJ area steps in. Contact us to find out more.

Partner Carriers

  • Aetna
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