RMIN 5100s: Exam 3 - CH. 5 (Brown)
questions with answers
Components of a commercial general liability coverage part
Commercial liability declarations, Commercial liability coverage
form(s), Endorsements
Endorsements
These change the policy forms above (may add or remove coverage)
Commercial General Liability Declarations
Named insured's name and address, Policy inception/expiration
dates, Property description & location, Limits of insurance, List of
coverage forms and endorsements
Commercial General Liability Coverage form
insuring agreement, exclusions, who is an insured, limits of
insurance, conditions, definitions
,What exposures does the CGL cover?
Premises and operations, products and completed operations,
personal and advertising injury
Personal and advertising injury
libel, slander, false arrest, wrongful eviction, copyright infringement
CGL Coverages
Coverage A - BI/PD Liability
Coverage B - Personal & Advertising liability
Coverage C - Medical Payments
Coverage A insuring agreement
we will pay those sums that the insured becomes legally obligated to
pay as damages because of "BI" or "PD" to which this insurance
applies
, Insuring agreement
Means -
insured must legally pay damages, damages must result from BI/PD
as defined in policy, BI/PD must be caused by an occurrence,
occurrence must take place in coverage territory
Legally obligated to pay damages
insured is legally liable for damages, liability results from legal
wrongs
who determines legal liability?
Courts, Insurance companies
what if the insured doesn't want to settle?
insurers may at discretion investigate any "occurrence" and settle any
claim or "suit" that may result
types of damages
questions with answers
Components of a commercial general liability coverage part
Commercial liability declarations, Commercial liability coverage
form(s), Endorsements
Endorsements
These change the policy forms above (may add or remove coverage)
Commercial General Liability Declarations
Named insured's name and address, Policy inception/expiration
dates, Property description & location, Limits of insurance, List of
coverage forms and endorsements
Commercial General Liability Coverage form
insuring agreement, exclusions, who is an insured, limits of
insurance, conditions, definitions
,What exposures does the CGL cover?
Premises and operations, products and completed operations,
personal and advertising injury
Personal and advertising injury
libel, slander, false arrest, wrongful eviction, copyright infringement
CGL Coverages
Coverage A - BI/PD Liability
Coverage B - Personal & Advertising liability
Coverage C - Medical Payments
Coverage A insuring agreement
we will pay those sums that the insured becomes legally obligated to
pay as damages because of "BI" or "PD" to which this insurance
applies
, Insuring agreement
Means -
insured must legally pay damages, damages must result from BI/PD
as defined in policy, BI/PD must be caused by an occurrence,
occurrence must take place in coverage territory
Legally obligated to pay damages
insured is legally liable for damages, liability results from legal
wrongs
who determines legal liability?
Courts, Insurance companies
what if the insured doesn't want to settle?
insurers may at discretion investigate any "occurrence" and settle any
claim or "suit" that may result
types of damages
