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A type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises.
What is Commercial General Liability (CGL)?
The insured must transfer the rights to recover all or any part of a claim paid by the insurer from any third party to the insurer.
What is Transfer of Rights of Recovery Against Others to Us?
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Five digit numeric codes that identify a particular type of insured's exposures.
GL Class Code
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Who Michael Hensing?
Companies can add other companies or individuals they contract with to their commercial liability insurance policy
What is an additional insured?
The insurance provided by a policy applies separately to each person insured.
What is Separation of Insureds?
Defense costs do not reduce these limits.
What are aggregate limit and each occurrence limits?
Basic rating formula - loss cost x loss cost multiplier x exposure
Premium
An accident, including continuous or repeated exposure to substantially the same general harmful conditions.
What is an Occurrence?
Provides coverage for whenever a claim is made, regardless of when the claim event happened.
What is a claims-made policy?
Personal and Advertising Injury Liability
What is Coverage B?
Commercial general liability coverage forms contain these two types of aggregate limits.
What is a general aggregate limit and a products-completed/operations aggregate limit?
Liability claims brought by persons allegedly injured or harmed by the insured.
What is a Third Party Liability Claim?
Bodily Injury and Property Damage Liability
What is Coverage A?
Covers claims where the claim event occurred during the time of the policy even if the policy is now expired.
What is an occurrence policy?
The final premium for a policy is determined after the policy has expired based on the insured’s payroll, sales attendance during the policy term, or some other rating base.
What is Premium Audit?
The medical expense limit is the most the insurer will pay under _____________ to any one person.
What is Coverage C?
This endorsement stipulates how claims will be handled if coverage is triggered for both the additional insured's policy and the insured's policy.
What is the Primary and Non Contributory Endorsement?
Gross Sales
Payroll
Area
Units
What are the types of premium basis under the CGL?
Provides coverage of claims for
What is Employment Practices Liability Insurance?
Stockholders, directors and officer, volunteer workers, employees.
Who are individuals and groups are automatically provided with 'insured status' (coverage), for a corporation?
This limit is the most that an insurance carrier will pay for property damages under Coverage A to a premises rented to the insured.
What is the Damage to Premises Rented to You limit?
Any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy.
What is a Named Insured?
It is included in the commercial general liability policy and a different aggregate limit applies to these specified claims or suits.
What is the Products/Completed Operations Hazard Limit?