Unit Eighteen Miscellaneous Commercial Insurance Flashcards
List the professions that are insured under professional liability insurance?
•medical malpractice
•errors and omissions
•consent go settle clause
•fiduciary liability
What does the CGL not cover and requires a separate form to cover the liability risk?
It does not cover businesses that sell or serve alcohol
What does liquor liability insurance cover?
Businesses that sell or serve liquor. Bodily injury or property damage as a result of contributing to a person’s intoxication. Also called dram shop
What does employment practice liability (EPL) insurance cover?
Protects company and its directors, officers, and current and former employees against claims or lawsuits regarding inappropriate work behavior
What does aviation liability cover?
•legal liability to 3rd parties
•bodily injury to passengers
•property damage
•medical payments
With aviation physical damage coverage when is the aircraft covered?
•in the air or on the ground
•on the ground only
•not in motion under its own power
Sum up commercial umbrella?
•business that need high limits
•requires underlying policies
•primarily excess coverage
Sum up difference in conditions (DIC)
•unique property coverage written for catastrophic exposures (high deductibles & no coinsurance requirements)
What do surplus lines provide?
Coverage for high-risk insureds
Why are surplus lines written by?
Nonadmitted insurers (no certificate of authority)
When selling surplus lines what does it usually require to sell?
A special agent, producer, or broker’s license to sell
Why would surplus lines be sold?
Cannot be sold only for the purpose of getting a lower rate
What does Internet liability and network protection provide coverage for?
•website publishing liability
•network security liability
•replacement or restoration of electronic data
•cyber extortion
•business income and extra expense
