Coverages
These are the two most common forms of injury that an insured may cause to a third-party.
What are bodily injury & property damage?
The 5 digit code and description which refer to a company's operations is known as this.
What is classification?
This form/status grants a 3rd party defense and coverage under an insured's policy.
What is additional insured status?
These forms on the policy specify all the things that general liability does not cover.
What are exclusions?
This "bucket" is the most the insurance policy will pay over the course of the policy term.
What is the general aggregate limit?
These two types of exposure basis are typically auditable.
What are sales and paryoll?
This company generates standardized insurance forms that many carriers use for the base coverage form + endorsements
What is ISO/Insurance Services Offices?
This coverage is commonly excluded on general liability policies, but can be endorsed on to cover hiring/firing, sexual harassment, and other related claims.
what is employment practices liability insurance?
This coverage part of the CGL policy pays for bodily injury and property damage arising out of ongoing operations/premises.
What is the per occurrence limit?
Exposure/1000 * rate = Premium
What is the formula to determine General Liability premium.
These three forms together form total risk transfer from one entity to another
What are additional insured, primary noncontributory, and waiver of subrogation?
This form limits liability claims to only the locations listed on a policy
What is the limitation of coverage to designated premises form?
These are the four main ways in which a company's "doings" can cause a claim: 2x in the moment, 2x in the future. Collectively, they represent the hazards of liability.
What are premises, ongoing operations, completed operations, and products?
Buildings are usually rated on this exposure basis.
What is area?
These two forms together form the standard contract required additional insured forms
What are the CG2010 & CG2037
This coverage is excluded under the CG0001 with a carveback exception for insureds who are not in the business of serving, selling, or distributing alcohol
What is liquor liability?
These limits are the standard limits for General Liability policies
What are $1M/$2M limits?
The one (sometimes two) rates that an insurance company charges for exposures.
What are premises/operations rate and products/completed operations rate?
These two forms create an additional "bucket" of money for each new job, or each new insured premises
What are per project aggregate and per location aggregate?
This is excluded under the CG0001 and is not able to be insured, as insurance is not designed to cover faulty workmanship. However, there would be coverage if the faulty workmanship resulted in subsequent damage to something else.
What is the "Your work" exclusion?