responsible party pays when found responsible for property damage or BI-2 kinds-special and general

easy to assign a dollar amount-medical bills, lost wages, property damage

pain & suffering (court determines)

court does this-as punishment and example to others

BI & property damage (A) Personal & Advertising Injury (B) Medical payments (C)

CGL COVERAGE A- BI and PROPERTY DAMAGE SUBPARTS

4 subparts: premises liability operations liability completed operations liability products liability INCIDENTAL CONTRACTS

BI or PD to 3rd party as result of using premises-NOT insured/employees-premises owned, rented, used by insured (usually slips/falls)

BI or PD to 3rd party AWAY from premises where business is conducted (contractors at customer's location)

work is complete and contractor leaves customer's premises-pays for damage but NOT repairs to contractor equipment

manufacturing/selling/distributing products (design defects, inadequate labels, improper assembly-OFF insured's premises)

agreements with others (LEASE)-Lease of premises, Easement agreements, Agreements with municipality, Sidetrack agreements, Elevator maintenance agreements

COVERAGE A EXCLUSIONS (commercial general liability)

intentional acts, liquor liability if in alcohol business, product recall, impaired property, injury to employee, pollution, cars/boats/aircraft)

CGL COVERAGE B- personal & advertising injury

hurt my feelings (libel, slander, defamation, false arrest, wrongful eviction)-must be from BUSINESS loss

CGL COVERAGE B EXCLUSIONS

publishes before policy date, knowingly inflicting injury that violates other's rights, insured knows it's false and publishes, insured's content of other's websites, intellectual property rights

CGL COVERAGE C MEDICAL PAYMENTS

insured not have to be legally liable-only pays injury to OTHERS-ON PREMISES-not employees-must file within 1 year

SUPPLEMENTARY PAYMENTS Commercial General Liability (CGL) policy is liability insurance, then Supplementary Payments are automatically included, are in addition to the policy limits, and there is no additional charge.

BAILED-bonds, aid, interest, loss of earnings, expenses, defense costs

CGL limits-occurence (most paid for 1 loss) and 2 aggregate

General aggregate: losses from premises & operations/personal & Advertising injury/Medical pmts, rented fire Products & completed operations aggregate: max within policy period

OCCURRENCE VS CLAIMS MADE

most CGL are occurrence form (insurer does claims made for loss with gap between loss & claim-E&O, medical malpractice)-difference is the "trigger" that activates coverage

Loss occur DURING POLICY PERIOD-when claim is filed is irrelevant

loss occurs after retroactive date on policy AND claim made DURING POLICY PERIOD

EXTENDED REPORTING PERIOD-TAIL COVERAGE- BASIC EXTENDED SUPPLEMENTAL EXTENDED-

claims made limits coverage in future if cancel- BASIC-60 days or 5 years SUPPLEMENTAL-NO time frame (1 time charge double annual premium)

COMMERCIAL GENERAL LIABILITY INSURANCE

Flashcard

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Other

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Vocational training

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Practice Problem

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Hard

trish kamer

FREE Resource

Student preview

28 questions

Show all answers

1.

FLASHCARD QUESTION

Front

COMMERCIAL GENERAL LIABILITY (CGL)

Back

provides protection from business operations for individuals, partnerships, or entities (LLC or Corp.)-can be monoline or added to CPP

2.

FLASHCARD QUESTION

Front

NEGLIGENCE

Back

failure to act/not act in reasonable manner that leads to another party's damages

3.

FLASHCARD QUESTION

Front

BUSINESS CAN BE DETERMINED TO CAUSE BI OR PROP DAMAGE:

Back

negligence

absolute liability

strict liability

vicarious liability

4.

FLASHCARD QUESTION

Front

4 ELEMENTS OF NEGLIGENCE

Back

legal duty owed

breach of duty (action/inaction)

breach was proximate cause of damage

actual damages

5.

FLASHCARD QUESTION

Front

ABSOLUTE LIABILITY

Back

inherently dangerous (pool, exotic animal)

6.

FLASHCARD QUESTION

Front

STRICT LIABILITY

Back

faulty product (warning label or liable)

7.

FLASHCARD QUESTION

Front

VICARIOUS LIABILITY

Back

someone/something responsible for commits a wrong (kid, animal, employee)

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