Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
CGL usually covers... |
-Legal obligation arising out of injuries or damage suffered by... -members of the public -customers -tenants |
|
Two Major Sublines |
Premises/Operations Products and Completed Operations (i.e. slip and fall, food poisoning) |
|
Retroactive Date |
-Will show on the declarations page -Defines when coverage begins |
|
CGL Auto |
-CGL excludes almost all losses arising from auto exposures -Autos include: land motor vehicle, trailer, semi-trailer designed for travel on public roads, including any attached machinery or equipment -MOBILE equipment IS covered |
|
Mobile Equipment |
-Covered by CGL -i.e. forklift, bulldozer, crane, cherry picker |
|
Two major aggregate limits on a CGL policy: |
1. General Aggregate Limit 2. Products and Completed Operations Aggregate Limit |
|
Claims Made |
-Coverage for risks with a long-delay -Responds to claims filed during policy period |
|
Occurrence |
Pays/covers injury or damage that happens during the policy period |
|
Mini-tail |
An extended reporting period with a very short duration -would be added to a claims made policy |
|
Extended Reporting Periods |
-Necessary if claims-made hasn't been continuous -if claims made coverage is canceled, not renewed, replaced by coverage that has a later retro date, replaced by coverage that is not written on a claims made basis |
|
Basic ERP |
-Two parts: 1. a period of 60 days after the end of the policy period is provided for reporting any claims 2. a period of 5 years after the end of the policy period as long as the insured has notified the insurance company of occurrence or offense no later than 60 days after the policy period |
|
Supplemental ERP |
picks up where basic erp leaves off |
|
Section 1 coverages |
A: Bodily and Injury and Property Damage Liability B: Personal and Advertising Inury C: Medical Payments |
|
Coverage A |
Bodily Injury and Property Damage Liability aka physical damage -bodily injury: sickness, disease sustained by a person, including death -property damage: physical injury to tangible property |
|
Coverage B |
Personal and Advertising Injury -injury arising from false arrest, malicious prosecution, slander, libel, etc. |
|
Coverage C |
Medical Payments -payments for reasonable medical expenses without regard to legal responsibility for the injury |
|
Products and Completed Operations |
i.e. food poisoning, slip and fall has it's own separate aggregate |
|
Premises and Operations |
liability exposures arising from the business location (premise) and business activity (operations) |
|
Exclusions |
Workers Compensation-will not cover injury to an employee Professional Liability Care, custody and control Liquor liability |
|
Liquor Liability Coverage |
-may be purchased as an add on to a CGL, as a claims made or occurrence form |