Unit 6- General Liability Insurance
supplemental extended reporting period.
An insured can convert a Claims-made policy to an Occurrence policy by selecting
Lawyers Liability
Lawyers Liability is an exception to Professional Liability coverage, as well as all other liability policies. With Lawyers Professional Liability, the defense costs are subtracted first and then the claim is paid from the remaining balance of the policy limits. In other forms of liability insurance, the lawyer's fees are paid in addition to the policy limits. In Lawyer's Liability insurance, the defense costs are included in the policy limit.
Physicians, Surgeons, and Dentists (P, S & D)
Professional Liability coverage provides protection for doctors, hospitals, and lawyers. It may be purchased for an individual or by the partnership, association or corporate professional liability. The basic limit for a hospital is 250/750 - 250 per medical incident and 750 aggregate. The professional liability form also covers blood banks, nurses, veterinarians, optometrists, and dentists.
A Commercial General Liability policy includes:
Declarations Page Common Conditions Occurrence or Claims-Made Form Nuclear Energy Liability Exclusion Endorsement Pollution Exclusion Endorsement Other Endorsements
Coverage Territory
The coverage territory for CGL policies is the United States, Puerto Rico, Canada and U.S. possessions. If a covered product is sold in a territory that is not covered, coverage may exist. Usually, the claim must be filed in a covered territory.
Occurrence Policy
The first CGL form is the Occurrence Policy. An Occurrence Policy covers bodily injury or property damage that: Occurs within the policy period Is reported within the policy period or any time after with no limit on time.
Claims-Made Policy
The second CGL form is the Claims-Made Policy. A Claims-Made Policy covers bodily injury or property damage that: Occurs within the policy period Is reported within the policy period or 60 days following the policy expiration. This 60 day reporting period is known as the Basic Extended Reported Period or the BERP If the claim is reported within the policy period or the BERP, then bills must be submitted within five years
known loss rule.
agreement that states that continuation of both known and unknown losses is not covered under a CGL
nder a CGL policy, Medical Payment will pay medical bills for injuries incurred within ______ of an accident.
one year
Employment-Related Practices Liability (EPL)
policy provides claims-made coverage for liability claims arising from injury to an employee because of an employment-related offense. Claims must be made during the policy period or during the Basic Extended Reporting Period. Exclusions include: Criminal or Fraudulent acts Americans with Disabilities Act Employee Termination Sexual Harassment Intentional injury Retaliation for the actions of Whistleblowers Strikes and Lockouts
Commercial General Liability Policy (CGL)
provides coverage for liability hazards found in business pursuits. This includes both general operations and the completed products of the business.
Premises and Operations exposure
This covers liability arising out of the business location or business activities at any of the insured's business location
Farm Liability
has both personal and business exposures so Farm Liability is designed to cover the business exposures related to farming. Farm Liability coverage may be combined with Farm Property coverage to provide a package policy.