As used in this part, unless the context otherwise requires:
(1) “Commercial risk insurance” means insurance within the scope of this part that is not “personal risk insurance,” as defined in § 56-5-102, and subject to the exclusions set out in § 56-5-101; and
(2) “Commercial risk insurance” does not include fidelity and surety bonds, or insurance written by a surplus lines insurer; and
(3) “Nonpayment of premium” means failure of the named insured to discharge when due any of its obligations in connection with the payment of premiums on a policy of commercial risk insurance or any installment of the premium, whether the premium is payable directly to the insurer or its agents or indirectly under any premium finance plan or extension of credit.