Auto
These are the 5 sections the ISO Business Auto form contains.
What are
-Covered Autos
-Covered Auto Liability Coverage
-Physical Damage Coverage
-Business Auto Conditions
-Definitions
This limit is the maximum an insurer will pay for damage from a single occurrence.
What is Each Occurrence
These laws requires employers to comply with state laws and purchase a workers' compensation insurance policy.
What are Compulsory Laws
These are the 4 types of parties that may have an insurable interest in Commercial Property
What are
-Owner
-Mortgagee or Lien Holder
-Lessees or Tenants
-Signers of Contractual Agreements
This coverage does not add or modify the coverage of the underlying policy or policies.
What is Excess Liability
This endorsement provides additional protection for the insured in cases where they are involved in an accident with a driver who either has no auto liability insurance or insufficient coverage.
What is the Uninsured Motorist (UM) and Underinsured Motorist (UIM) Coverage Endorsement
This limit is the maximum amount an insurer will pay for damages from any claims made within the policy coverage period.
What is General Aggregate
This state is the only state that gives employers the option to enroll in the system and choose not to purchase a Workers' Compensation policy.
What is Texas
These are the 3 primary types of coverage included in a Commercial Property policy.
What are
-Building
-Business Personal Property
-Business Income
These are the 3 most common underlying policies scheduled in an Excess & Umbrella policy.
What are
-Employers’ Liability (via Workers’ Compensation)
-Commercial General Liability
-Commercial Auto
This section of the Business Auto policy uses the auto symbols to indicate what vehicles are covered.
What is Covered Autos
These are the 3 types of coverage included in a General Liability policy.
What are
-Coverage A - Bodily Injury and Property Damage Liability
-Coverage B - Personal and Advertising Injury Liability
-Coverage C - Medical Payments
These are the three carrier options for Workers' Compensation.
What are
-Competitive State Funds
-Private Insurance Companies
-Self-Insurance
This is the maximum amount of feet personal property can be from its described location to be covered by the Commercial Property policy.
What is 100 feet of the described location
This coverage not only increases the limit of liability but also broadens the coverage of its underlying policies.
What is Umbrella Liability
These are the 2 sub-categories of the Physical Damage Coverage section of the ISO.
What are
-Comprehensive
-Collision
This coverage provides protection for the insured against third-party lawsuits for intentional torts like libel, slander, or wrongful eviction.
What is Coverage B - Personal and Advertising Injury Liability
This provision declares that receiving workers' compensation benefits is the sole remedy an injured employee has against their employer, preventing the employee from filing a lawsuit for damages against the employer.
What is the Exclusive Remedy provision
This coverage applies when there is a suspension of operations to restore or replace lost or damaged property.
What is Business Income
This coverage can only be placed after all underlying coverages are scheduled.
What is Excess Liability
These are the 3 ACORD forms needed for Auto Insurance.
What are
-ACORD 127
-ACORD 129
-ACORD 137
These are the 2 ACORD forms needed for General Liability Insurance.
What are
-ACORD 126
-ACORD 829
This ACORD is required by most lines of coverage (except for Workers' Compensation).
What is ACORD 125
This ACORD form is needed for Commercial Property Insurance coverage.
What is ACORD 140
This ACORD is specific to placing commercial excess or umbrella liability insurance.
What is ACORD 131