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Glossary

NOTE:  All definition are from the Insurance Bureau of Canada

G

GARAGE LIABILITY INSURANCE - Protection for an automobile dealer, repairer, service station etc. The coverage is for their legal liability for claims for bodily injury and property damage due to business operation.

GARAGING LOCATION - The postal code where your vehicle is  parked or garaged when not in use. This is usually your primary residence.

GENERAL DAMAGES - It is applied in a third party injury claim. Damages awarded by a Court of law for pain and suffering of an individual.

GOOD FAITH - Most ordinary contracts are good faith contracts. Insurance contracts are agreements made in the utmost good faith. This implies a standard of honesty greater than that usually required in most ordinary commercial contracts.

GRADUATED DRIVER'S LICENSING - A staged introduction of new drivers  into the driving environment. Under graduated driver’s licensing systems, new  drivers earn more driving privileges as they gain more experience and  demonstrate that they are able to handle increased risk.

GROSS NEGLIGENCE - The degree of negligence somewhat greater than ordinary  negligence. It may be a reckless wanton and wilful misconduct causing bodily  injury and/or property damage.

GUARANTEED REPLACEMENT COST ENDORSEMENT - Coverage that pays for replacement  without reduction for depreciation. A guaranteed replacement cost endorsement covers any shortfall in the event  that the replacement cost of a building has been underestimated.

GUARANTOR - One who promises to answer for another. For example, an insurance company may guarantee a contractor in the performance of his contract. The insurance company is the guarantor or surety.

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