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 Insurance?
Workers' compensation is insurance that provides cash benefits and/or medical care for workers who are injured or become ill as a direct result of their job.
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? (Hint: one requires a retroactive date)
Occurrence and Claims-made
What are the two types of Physical Damage coverage?
Collision and Comprehensive
What is the limit on 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
Name an exposure basis for General Liability.
Revenue, Sales, Square footage, etc
What type of auto does symbol 1 cover?
Any Auto
If a company has en Ex Mod greater than 1, what does that mean?
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)
There are 6 different limits on a GL policy, name 3 of them.
Each Occurrence, General Aggregate, Products & Completed Operations, Personal & Advertising Injury, Premises Rented to You (Fire), Medical Expense
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 a certificate holder request additional insured status on a workers' compensation policy? Explain.
No. Workers' compensation is designed to protect employees from injuries that occur during employment, not third 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
Company A has three claims in a policy year under a GL policy with no deductible. The policy has a $1M occurrence limit & $2M General Aggregate Limit. Claims occur in this order: claim #1 costs $1M, claim #2 costs $500K, and Claim #3 costs $700K, how much does the policy pay out on claim #3?
$500K
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.
What is the clerical office employee class code?
8810
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