🤾‍♂️ Module 9 - Selling the Bells & Whistles

Question 1

NI

Answer 1

Named Insured

• Listed in the declarations page
• Has full rights
• Covers the exposure for their full operations

Question 2

AI Add’l Ins

Answer 2

Additional Insured

• Extends coverage to a third party
• Coverage is only in relation to named insured’s operations

Question 3

Blanket

Answer 3

Provides coverage for a wide range of conditions

Question 4

CG 2010 11/85

Answer 4

Attitional Insured Endorsement

• Broadest AI coverage
• AI has status all the way through products/completed operations.
• The “your work” AI form
• NOT offered by most carriers anymore

Question 5

CG 2010 03/97 or 07/04

Answer 5

Additional Insured-Scheduled Person or Organization Endorsement

• More limited AI coverage
• Coverage ends when products/completed operations ends
• The “ongoing ops” AI form

Question 6

CG 2037 07/04

Answer 6

Additional Insured-Completed Operations Endorsement

• Coverage for products/completed operations
• When added to CG 2010 97 or 04, gives same coverage as CG 2010 11/85

Question 7

WOS (or “Waiver”) Endorsement

Answer 7

Waiver of Subrogation

Insured’s carrier right to subrogate wiaved
Applies to comparative negligence situations

Question 8

AGG

Answer 8

Aggregate

Combined, total, or in sum

Question 9

OCC

Answer 9

Occurrence

A single event

Question 10

Per Project Aggregate Endorsement

Answer 10

• Aggregate amount that applies to each project
• Expands aggregate coverage by number of projects
• ONLY applies to prem/ops, or “ongoing operations”

Question 11

Per Location Aggregate Endorsement

Answer 11

• Aggregate amount that applies to each location
• Expands aggregate coverage by number of locations
• ONLY applies to prem/ops, or “ongoing operations”

Question 12

P/NC Endorsement

Answer 12

Insured’s policy is the primary and only policy to respond to a claim

Question 13

EBL

Answer 13

Employee Benefits Liability

• Provides coverage for errors/omissions during administration of employee benefits
• Typically written on a claims-made form

Question 14

DED

Answer 14

Deductible

Question 15

Retainage

Answer 15

% of payment held by owner from sub until project is completed (typically 10%)

Question 16

Self-performing

Answer 16

Contractor’s own employees perform work

Question 17

Subbed

Answer 17

Contractor hired someone else to do work, not own employees

Question 18

GC

Answer 18

General Contractor

Question 19

Sub

Answer 19

Sub contractor