🤾‍♂️ Module 7-Intro to Casualty Flashcards
Introduction to Casualty
BI
Bodily Injury
PD
Property Damage
AI
Advertising Injury
PI
Personal Injury
CCC
Care, Custody or Control
HH
Hold Harmless
Legally Obligated
A civil or criminal adjudication that requires payment
Negligent
Failure to exercise a degree of care as related to specific circumstances
CGL
Commercial General Liability
* 3rd party coverage
* Pays for damages resulting from BI or PD
* Insured legally obligated to pay due to their negligence
CG 0001
Commercial General Liability Coverage Form
* “Occurrence Form”
* Coverage is “triggered” by the actual date of the occurrence, regardless of when it is reported
* The policy that is in force at the time of the date of occurrence responds to the claim
3 Main Contracts of CG 0001 Form
- Coverage A - BI & PD
- Coverage B - PI & AI
- Coverage C - Med Pay
14 Coverage Parts of the CGL Policy
- Prem/Ops
- Prod/Comp
- Contractual
- PI/AI
- Med Pay
- Host Liquor
- Fire
- Broad Form Property
- Incidental Med. Mal.
- Watercraft
- Limited Worldwide
- Extended BI
- Newly Acquired Orgs
- Additional Persons
Prem/Ops
Premises/Operations
Covers BI/PD arising from ownership, maintenance or use of a premises or the operations of a business
Prod/Comp (or (P/CO)
Products/Completed Operations
Covers BI/PD arising from real or alleged defects in:
* A manufactured, sold or distributed product
* Completed work
Contractual
Contractual Liability
Covers liabiliity assumed under or resulting from a contract
Does NOT cover breach of contract
PI/AI
(Eight reasons)
Personal Injury & Advertising Injury
Covers liabililty resulting from:
* False arrest, detention or imprisonment
* Malicious prosecution
* Libel
* Slander
* Wrongful eviction
* Invasion of the right of private occupancy
* Piracy
* Unfair competition
Med Pay
Medical Payments
* Only coverage that doesn’t require proof of legal liability or negligence
* Covers medical bills for injury at insured’s premises
Host Liquor
Host Liquor Liability
Covers liability for serving liquor to clients or employees at a company function
- Insured can NOT be engaged in manufacturing, distributing or selling alcohol
- Insured cannot serve minors or obviously intoxicated people
Fire
Fire Legal Liability or Damage to Premises Rented to You
Covers tenant of commercial building who is contractually responsible for all or part of the building in their CCC
Broad Form Property
Broad Form Property Damage
- Covers property that is under the insured’s CCC
- Typically includes insured who performs work or services
Incidental Med Mal
Incidental Medical Malpractice
- Also called “Good Samaritan”
- Coverage arising from rendering or failing to render medical attention
Watercraft
Non-Owned Watercraft
Coverage arising from use of watercraft less than 26 ft long that is NOT being used to carry people or property for a fee
Extended BI
Extended Bodily Injury
Covers intentional acts that:
* Are performed to protect people or property
* Result from the use of reasonable force
Newly Acquired Orgs
Provides coverage for up to 90 days for acquired organizations
Additional Persons
Provides coverage as insured:
* Any spouse of a partner concerning business activities
* Any employee of an insured while acting within the scope of his/her duties
Does NOT cover employee acts toward other employee during course of employment
Endorsement
Adding or deleting coverage
3 Types of Hold Harmless Agreements
- Limited Form
- Intermediate Form
- Broad Form
Hold Harmless Limited Form
Indemnitor agrees to hold harmless the indemnitee for indemnitor’s sole negligence
(Example: Roofing contractor agrees not to sue general contractor when roofing contractor drops bundle of shingles on someone’s head due to roofing contractor’s negligence)
Hold Harmless Intermediate Form
Indemnitor agrees to hold harmless indemnitee for joint neglegence of both indemnitor and indemnitee.
(Example: General contractor agrees to secure site. Roofing contractor drops bundle of shingles on someone’s head. Injury is based on both parties negligence, but roofing contractor is still liable for entire claim)
Hold Harmless Broad Form
Indemnitor agrees to hold harmless indemnitee for indemnitee’s sole negligence
Not legally enforcable in several states (MO is one of them)
(Example: Roofing contractor agrees not to sue general contractor for any damages even if the damages are caoused by the general contractor.)
Coverage Gap
Missing or insufficient coverage in a policy
Casualty
Damage, injury or death as a result of an accident
Dec or Dec Page
Declarations Page(s)
Pages of a policy that contain basic information regarding who/what is insured and policy information
Exposure
Rating basis or outstanding risk on uncovered perils
