Policies Flashcards
What policy protects against damage to or destruction of buildings or other structures during their construction and possibly for a specified time afterward?
Builders Risk Policy
What policy protects against a variety of property and liability risks and is often compared to a homeowners policy for a business?
Businessowners Policy
What policy protects against damage or loss of goods during transport by air, sea, or land?
Cargo Policy
What policy protects against liability, no-fault medical payments, uninsured/underinsured motorists, collision and comprehensive physical damage, in addition to legal defense costs, coverage on autos that are hired or borrowed for use in the business. This could be autos owned by employees or members of their households.
Commercial Auto Policy
What policy protects against loss of money, securities, and other property because of a variety of criminal acts and also covers money and securities against damage or destruction by almost any cause of loss?
Commercial Crime Policy
What policy protects against the insured’s buildings, business personal property and personal property of others? Can also cover loss of business income or extra expenses incurred because of physical loss by a covered peril to the insured’s property.
Commercial Property Policy
What policy protects against costs of the theft, destruction or unauthorized use of electronic data through computer viruses or network intrusions and also protect’s against such costs if a business fails to safeguard another party’s electronic data?
Cyber Policy
What policy protects against claims from stock-holders, employees and clients against a company that also are aimed individually at directors and officers? These claims typically stem from errors in judgment, breaches of duty and wrongful acts in connection with company business.
Directors and Officers
They are liable if they:
- Misappropriate a corporate asset for personal use or use elsewhere
- Commingle business and personal assets
- Breach their legal duty to the company
- Fail to disclose potential or actual conflicts of interest
What policy protects against the financial costs of lawsuits brought by employees, former employees or potential employees?
Employment Practices Policy
Covers the costs of lawsuits brought for:
- alleged discrimination
- wrongful termination of employment
- sexual harassment
- breach of employment contract
Also, negligent evaluation, failure to hire or promote, mismanagement of employee benefit plans, wrongful discipline, wrongful infliction of emotional distress and deprivation of career opportunity
What policy protects against financial costs of claims of injury or damage due to pollution, and the costs of cleaning up pollutants?
Environment Policy
Types include: site specific; contractors; environmental professional errors and omissions liability; asbestos and lead abatement contractors general liability; environmental remediation; remediation stop-loss; underground storage tank compliance; combination policies
What policy protects against the costs of repairing or replacing a broad range of equipment, technology and machinery essential to business operations?
Equipment Breakdown Policy
What policy protects against claims by customers that a company made mistakes or failed to perform contractual work? It should also include coverage of the costs of legal defense and is also known as professional liability insurance.
Errors and Omissions Policy
What policy protects against the financial costs of lawsuits brought by employees, former employees or potential employees?
Employment Practices Policy
What policy protects against the financial effects of particularly bad growing results, the kind that can put a farmer out of business, and also protects against disastrous losses of buildings and equipment?
Farmowners Policy
What policy protects against accidents and injuries that occur on company property or the property of a customer? It also protects against product liability.
General Liablility
CGL policies exclude losses that can be covered under other types of policies such as:
- Auto liability
- Workers’ compensation
- Directors and Officers liability
- Errors and omissions liability
- Professional liability
- Pollution liability
- Employment practices liability
CGLs are limited to covering legal liability and do not cover the loss of the insured’s own property under any circumstances
