General Liability
What is General Liability insurance?
General Liability insurance protects businesses due to third-party claims of bodily injury, property damage, and personal or advertising injury caused by business operations, products, or services.
What is Commercial Auto insurance?
Insurance that covers vehicles used for business purposes, including cars, trucks, and vans.
What is Workers Compensation Coverage?
Insurance that provides coverage to employees who suffer injuries or illnesses while working.
What does COI stand for and what is it?
Certificate of Insurance - A document that provides proof of insurance coverage summarizing the key aspects and limits of the policy.
What is Lockton's version of Facebook called?
Workplace
What are the two types of forms that a General Liability (GL) policy can have?
Occurrence and Claims-made
What are the two types of Physical Damage coverage?
Collision and Comprehensive
What is the limit of a Workers Compensation policy?
Statutory
What is a Dec Page?
A dec page (declarations page) is a summary of key information about an insurance policy including policyholder details, coverage types and limits, premium amounts, and policy period. It provides an overview of the most important aspects of the policy for quick reference.
If I need to issue a certificate, what platform am I using?
Autocert
What are some common exclusions in a General Liability insurance policy?
Common exclusions include intentional injury, Employers Liability, workers' compensation claims, and damage to the insured's own property.
What type of auto does symbol 1 cover?
Any Auto
If a business has an ExMod of greater than 1, what does this mean?
The business has a higher frequency or severity of workers' compensation claims compared to similar businesses in its industry.
What is agency bill vs direct bill?
Agency bill means Lockton will bill the policy and any endorsements. Direct bill means invoices will be sent to the client directly from the carrier and no billing is done by Lockton.
What team do we use to update Nexsure?
Resource Pro (RSP)
In what ways can the General Aggregate Limit in a General Liability policy apply?
The General Aggregate Limit can apply on a per project, per location, or per policy basis.
True or False: Maddie is driving a Lockton vehicle for business activities and gets into an accident. Lockton's Auto policy would cover Maddie's medical expenses due to the accident?
False - Auto Liability is considered third party coverage meaning it is covering claims made by other parties who suffer injury. Maddie's medical expenses would be covered under Lockton's WC policy.
Can you add a certificate holder as additional insured on a Workers Compensation policy? Why or why not?
Workers' Compensation policies is 1st party coverage only and is designed solely to provide benefits to employees who suffer job-related injuries or illnesses and do not include provisions for adding additional insured parties.
What does E&S stand for? Define it.
Excess and surplus lines - a market primarily used for higher risk businesses that standard insurers won't cover.
Who is Lockton's CEO?
Ron Lockton
A grocery store recently renovated its aisles and installed new flooring. Several weeks after the renovation, a customer slips and falls on the flooring after it gets wet from a spilled drink. The customer suffers injuries and files a claim against the grocery store. Would this claim fall under premises liability or products completed operations?
This claim would likely fall under premises liability because it involves a customer being injured on the store's premises due to a hazardous condition (the wet floor).
ABC Company has an auto policy with Symbol 8 (Hired "autos" only). If an employee is using their personal auto for business related activities and gets into an accident, would ABC's insurance respond?
No. ABC Company would need to have symbol 9 (Nonowned "Autos" only) or symbol 1 (Any "Auto") in order for coverage to apply.
How do Workers Compensation premiums get calculated?
Based on the payroll, the class code of employees, claims history, state taxes and fees if any.
When a policy has a SIR, who pays first?
The insured pays first. The insured is responsible for handling and paying all claims up to the SIR amount before the insurance coverage kicks in.
How many verticals are there in the West Series? Name them.
7 - Private Equity, Technology, National Accounts, Middle Market, Real Estate, Construction, Healthcare