Commercial Auto, Surety, CIPs, and Miscellaneous Lines Chapter 8 Quiz well answered 2024

Commercial Auto, Surety, CIPs, and Miscellaneous Lines Chapter 8 QuizHoliday Builders finishes construction on Garcia's home. Several years later, an improperly installed balcony collapses, injuring Garcia and several guests attending his Super Bowl party. Garcia files a claim against Holiday Builders. Holiday Builders has been covered by a continuous series of CGL policies since it went into business 6 years ago. Which of the following will be instrumental in determining which of these policies will respond to Garcia's claim? a. Amount claimed as damages b. Applicable policy limit c. Coverage trigger d. Previous claim frequency - correct answer c. Coverage trigger A contractor needs coverage for completed operations under its current occurrence-basis CGL policy because: a. claims for injury or damage that occur on a project are sometimes not filed until a later policy is in effect. b. injury or damage arising out of past projects might occur during the current policy period. c. injury or damage sometimes occurs before a project is completed. d. the policy might expire before completion of the project. - correct answer b. injury or damage arising out of past projects might occur during the current policy period. What triggers coverage in a liability policy with an occurrence trigger? a. Date of the occurrence that subsequently results in bodily injury or property damage b. Event that leads to the bodily injury or property damage c. Occurrence of bodily injury or property damage d. Time when the claim is filed - correct answer c. Occurrence of bodily injury or property damage