What does coverage A of the commercial general liability (CGL) form provide coverage for?
Injury or death suffered by a third party, or damage to the property of others
In Commercial Inland Marine policies, who transports the property of anyone who hires them?
common carriers
What are the 3 liability coverages included in the Commercial General Liability (CGL) Coverage Form?
Coverage A - Bodily Injury and Property Damage, Coverage B - Personal and Advertising Injury, and Coverage C - Medical Payments
What type of property would be covered under the builders risk coverage form
The building, temporary structures, foundations, fixtures, equipment, and materials and supplies within 100 feet of the premises
What is the purpose of interline endorsements in commercial package policies (CPPs)
They eliminate redundancy and minimize the number of other policy endorsements
What type of perils are covered by the Advertising Injury Form?
Libel, slander, defamation, violation of privacy, infringement of copyright or titles
What would be considered a single accident in equipment breakdown coverage
All accidents at a single location, at the same time, by the same cause
A liability policy that covers all claims arising out of incidents occurring during the policy period regardless of whether or not the policy is still in effect at the time of the claim is known as
An occurrence policy
What is covered under the legal liability coverage form
Property in the insured's care, custody or control
Commercial property coverage can be written with one of three causes of loss forms. What are they
Basic, Broad, Special
What components make up a commercial policy
Policy cover; policy declarations; interlines endorsements; lines of insurance declaration pages; lines of insurance coverage forms; common policy conditions; lines of insurance conditions; causes of loss forms; and endorsements
When other insurance is written on the same basis as a Commercial Property policy, what is the insurer obligated to cover?
A share of the loss
In commercial package policies (CCPs) who may cancel the policy in writing and make changes to the policy with the consent of the insurer
First named insured
What type of policy consists of the declarations conditions endorsements and other attachments applicable to a single line of insurance
Monoline
Which coverage would a business owner need in a crime policy to cover money that may be stolen from a messenger?
Outside the premises
What is the name for policy endorsements that may apply to more than one coverage part?
Interline endorsements
What is the difference between a personal injury and an advertising injury
Personal injury refers to individuals; advertising injury is incurred to a business. Both, however, are nonphysical injuries.
What is the broadest coverage in the commercial crime form
Theft coverage
What are the coverage parts that may be included in a Commercial Package Policy (CPP)?
Commercial property, general liability, crime, equipment breakdown, auto, inland marine, and farm
What are the 2 coverage triggers in Commercial Crime policies?
Discovery Form and Loss Sustained Form
What is a commercial floater
An Inland Marine policy designed to cover movable commercial property, wherever it may be located
What is the date stipulated on the declaration page of a claims-made liability form as the earliest date on which an incident may occur and be covered by the policy?
retroactive date
What types of entities can be insured under a General Liability policy?
Sole proprietors, partnerships and corporations
What is the occurrence form trigger based on?
The date of the injury or damage
How are supplementary payments paid in liability insurance policies?
In addition to the limits of liability
What types of expenses are covered by Coverage C - Medical Payments in Commercial General Liability policies?
Medical, surgical, hospital, or funeral expenses for third parties injured because of the insured's business operations
What is the purpose of a claims made form
To pay for bodily injuries or property damage reported during the policy period
What is the limit that the insurer will pay for all losses that occur during a policy period?
Aggregate limit
What type of property can be covered under inland marine insurance
Any type of property that is portable on land, as well as means of transportation and communication
In a commercial crime policy what does employee theft cover
Losses resulting from theft by employees