Ch.10- Liability Insurance Policies Flashcards
COVERAGE I: LOSS ASSESSMENT (condos)
- ribo pg.24
- insurer pays 250% or higher stated amt
- if limits of corp liability policy inadequate or exhausted
COVERAGES (4)
- Coverage E: Personal Liability, pg.18
- Coverage F: Voluntary Medical pmts
- Coverage G: Voluntary pmt for damage to property
- Coverage H: Voluntary compensations for Residence employees
Limits of insuracne
- Employers sets own limits
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Key definitions: Persons insured
- Pg.17
- incls Property coverages (?)
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4 others:
- Persons/Org legally liable for damages caused by watercraft/animals of insured
- Res employees while use, operation of motorized vehicles + trailers covered
- Legal rep w/ temp custody of insured prem after insured death
- Anyone insured who continues to live in prem after insureds death
Definitions: Premises insured
- all prem where persons named as insured, spouse maintains, incl seasonal or toher res. in declarations::
- prem you reside temporarily as long as not:
- owner of prem
- lessee/tenant of prem more than 90 consecutive days
- prem you reside temporarily as long as not:
- prem in cda to be occupied by u as principal res,acquired not before earliest of:
- 30 consecutive days
- date policy expires/terminates
- date lkianility ins arraged
- family cemetary plots/ burial vaults
- vacant lans in cda other than farmland (in cda)
- land in cda where contractor building
Coverage E: Personal liability
- ensures legal liability of insured anywhere in world
- accidental damage/injury on prem or while on holiday, etc..
- condition of prem + activities conducted are major source of liability claims
Coverage E: Personal Liability- EXCLUSIONS
EXCLUSIONS:
NOT INSURED:
- liability assumed by contract unless legal liability would have applied
- 2 exceptions:
- insured would have been liable anyway
- liability being assumed related to insureds prem
- Damage to property owned by insured
* accidental-> sect.1 pays - Damage to property used , occupied, leased/rented by in care, custody, control of insured -> exept unintentional property damage
- caused by fire, explosion, water damage/smoke(sudden, unusual, faulty operation of heating/cookig device)
- water damage same as sect.1
- Exceptions?
- damage to personal property/Fixtures as result of work done on them
- Bodily injury to you/Any person in your household other than res employee (usually not req to be insured)
- Legal actions of named insured not residing on prem
- Insuer pays all costs associated w/ defence/ settlement eben if claims groundless/without merit
- also pays
- all expenses incurred
- costs charged against insured under sect.E personal liability
- intrest accruing after judgement
- premiums for appeal bonds req./ bonds to release property being held
- emergency medical aid after accident/occurence insured
- reasonable exp, incl losss of income ($100/day)
Coverage F: Voluntary medical payments
- payment of med exp when insured unintentionally injures someone
- not req to be legally liable
- amt limited
- within 1 year from date of accident
Coverage G: Voluntary payment for damage to property
- insurer pays for property damage:
- unintetionaly caused + would not be legally liable
- intentionally caused by insureds 12 yrs or under ($500/ occ)
Exclusions:
- dmaage to property you/tenants own/rent
- damage to property insured under sect. 1
- claims from loss of use, dissapearence of, theft of property
Coverage H: Voluntary compensation for res. employees
- provides all occasional residence employees w/ limited benefits
- Seperate schd of benefits:
- loss of life inc funeal
- temporary/permannent total disability
- injury benefits
- medical exp
- ribo pg.21: must sign release to not sue insured
Watercraft/Motorized vehicle OWNED
- Automatically covered
- watercraft incl attachments w/ outboard motors (12kw/16hp)
- watercraft w/ any other motor (38kw/50HP)
- Non motorized watercraft- 8metres (26ft) in length
- newly acquired watercraft above (out of limitations) auto covred for 30 days till get coverage
- self propelled lawn mowers, snow blowrs, garden type tractors
- Motorized golf carts wbile in use on golf course (accidents ON golf course)
- Motorized wheelchairs/scooters designed to carry ppl w/ disability
Watercraft/Motorized vehicles NOT ONWED
Insured against claims arising out of use/operation of:
- watercraft
- self propelled land vehicle not subject to vehicle registratin
not owned by oerson insured by policy
coverage for injury/damage from use /operation- nocoverage for damage to watercraft
NOT INSURED while:
- used to carry passengers for $
- for business
- in race/speed test
- rented out
- used/operated w/o owners consent
trailers
insert pic
Business and business property
- s/b covered under commercial liability policy
EXCEPTIONS:
- personal actions during course of trade, profession, occupation NOT related directly to trade/prof/occ (i.e golf game)
- occasional rental to others of part of dwelling you occupy
- rental to others of portions of 2,3 family dwelling
- rental space in res to other for office, school, studio, etc
- rental to others/ holding for rent of np oret hen 3 car spaces
- busness of insured under 21
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