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Commercial Casualty – CIC Exam with accurate detailed solutions || || || || || || || ||
What are the two promises the insurer makes? - ✔✔1. Indemnity
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2.Defense
A Commercial General Liability Policy may be written as a - ✔✔1. Monoline Policy
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2. Multi-Line Policy
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6 different forms of business - ✔✔1. Individual
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2. Partnership
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3. Joint Venture
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4. Trust ||
5. Limited Liability Company
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6. Organization, including, but not limited to corporations
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The 5 sections to a CGL Form - ✔✔Section I - Coverages
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|| Coverage A - Bodily Injury and Property Damage
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|| Coverage B - Personal and Advertising Injury
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|| Coverage C - Medical Payments || || || ||
Section II - Who is an Insured?
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Section III - Limits of Insurance
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Section IV - CGL Conditions
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Section V - Definitions || || ||
Coverage C is more for - ✔✔On the premises and around the premises
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Operations- away from the premises || || || ||
Premises Liability - ✔✔owners, landlords, and tenants and arises out of the ownership,
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maintenance, or use of the insured's premises || || || || || ||
Business Operations Liability - ✔✔Activates involved in the operation of an organization
|| || || || || || || || || || || ||
including service repair activities usually done on the premises of others, while the activity
|| || || || || || || || || || || || || ||
is being conducted
|| ||
STILL IN THE HANDS OF THE INSUREDS
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Products Liability - ✔✔Arises out of the sale, distribution or manufacture of the named
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insured's product || ||
Coverage begins when the product has LEFT THE NAMED INSURED'S PREMISES and is no
|| || || || || || || || || || || || || ||
longer in the named insured's possessions
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Products - Completed Operations Hazard includes - ✔✔all BI and PD occurring away from
|| || || || || || || || || || || || || ||
premises you own or rent and arising out of "your product" or "your work" except:
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1. Products that are still in your physical possession
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2. Work that has not yet been completed or abandoned.
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In Products - Completed Operations Hazard "your work" will be deemed completed at the
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earliest of the following times: - ✔✔1. When all of the work to be done at the job site has
|| || || || || || || || || || || || || || || || || || || ||
been completed ||
2. When all of the work to be done at the job site has been completed if your contract calls
|| || || || || || || || || || || || || || || || || || ||
for work at more than one job site
|| || || || || || || ||
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3. When that part of the work done at a job site has been put to its intended use by any
|| || || || || || || || || || || || || || || || || || || || ||
person or organization other than another contractor or subcontractor working on the same
|| || || || || || || || || || || ||
project
||
"Your Product" means - ✔✔any goods or products other than real property, manufactyured,
|| || || || || || || || || || || || ||
sold, handled, distributed or disposed of by: you, others trading under your name, or a
|| || || || || || || || || || || || || || ||
person or organization whose business or assets you have acquired
|| || || || || || || || ||
Your product also includes - ✔✔Containers (other than vehicles), materials, parts or
|| || || || || || || || || || || ||
equipment furnished in connection with such goods or products Including:
|| || || || || || || || ||
-Warranties or representations made at any time with respect to the fitness, quality,
|| || || || || || || || || || || || ||
durability, performance or use of "Your Product"
|| || || || || ||
- The providing of or failure to provide warning or instructions
|| || || || || || || || || ||
- Does not include vending machines or other property rented to or located for the use of
|| || || || || || || || || || || || || || || || ||
others but not sold || || ||
"Your Work" means - ✔✔1. Work or operations performed by you or on your behalf
|| || || || || || || || || || || || || ||
2. Materials, parts or equipment furnished in connection with such work or operations
|| || || || || || || || || || || || ||
including:
-Warranties or representations made at any time with respect to the fitness, quality,
|| || || || || || || || || || || || ||
durability, performance or use of "Your Work"
|| || || || || ||
- The providing of or failure to provide warning or instructions
|| || || || || || || || || ||
Completed Operation Liability - ✔✔Arises from activities involved in the operation of an
|| || || || || || || || || || || || ||
organization including service and repair activities usually done on the premises of others,
|| || || || || || || || || || || || ||
after the activity has been concluded
|| || || || ||
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Coverage begins WHEN THE BUSINESS OPERATION IS COMPLETED - NO LONGER IN
|| || || || || || || || || || || ||
INSUREDS HANDS ||
Work that may need service, maintenance, correction, repair or replacement, but which is
|| || || || || || || || || || || || ||
otherwise complete, will be treated as complete
|| || || || || ||
ex. Food consumption on the named insured's premises
|| || || || || || ||
Liability Exposures under Coverage A - ✔✔-Premises
|| || || || || || ||
-Operations
-Products
-Completed Operations ||
-Contractual
-Contingent
Contractual Liability - ✔✔Arises from one party assuming responsibility of another party
|| || || || || || || || || || ||
-Arises from an insured contract or other contractual obligations
|| || || || || || || || ||
ex. tenant - Landlord, Subcontractor - General Contractor
|| || || || || || ||
Coverage is provided for: || || ||
1. Liability in absence of the contract
|| || || || || ||
2.Liability assumed in a contract or agreement that is an insured contract and only with
|| || || || || || || || || || || || || || ||
respect to injury or damage that occurs after the contract is executed
|| || || || || || || || || || ||
Commercial Casualty – CIC Exam with accurate detailed solutions || || || || || || || ||
What are the two promises the insurer makes? - ✔✔1. Indemnity
|| || || || || || || || || ||
2.Defense
A Commercial General Liability Policy may be written as a - ✔✔1. Monoline Policy
|| || || || || || || || || || || || ||
2. Multi-Line Policy
|| ||
6 different forms of business - ✔✔1. Individual
|| || || || || || ||
2. Partnership
||
3. Joint Venture
|| ||
4. Trust ||
5. Limited Liability Company
|| || ||
6. Organization, including, but not limited to corporations
|| || || || || || ||
The 5 sections to a CGL Form - ✔✔Section I - Coverages
|| || || || || || || || || || ||
|| Coverage A - Bodily Injury and Property Damage
|| || || || || || ||
|| Coverage B - Personal and Advertising Injury
|| || || || || ||
|| Coverage C - Medical Payments || || || ||
Section II - Who is an Insured?
|| || || || || ||
Section III - Limits of Insurance
|| || || || ||
Section IV - CGL Conditions
|| || || ||
Section V - Definitions || || ||
Coverage C is more for - ✔✔On the premises and around the premises
|| || || || || || || || || || || ||
,2
Operations- away from the premises || || || ||
Premises Liability - ✔✔owners, landlords, and tenants and arises out of the ownership,
|| || || || || || || || || || || || ||
maintenance, or use of the insured's premises || || || || || ||
Business Operations Liability - ✔✔Activates involved in the operation of an organization
|| || || || || || || || || || || ||
including service repair activities usually done on the premises of others, while the activity
|| || || || || || || || || || || || || ||
is being conducted
|| ||
STILL IN THE HANDS OF THE INSUREDS
|| || || || || ||
Products Liability - ✔✔Arises out of the sale, distribution or manufacture of the named
|| || || || || || || || || || || || || ||
insured's product || ||
Coverage begins when the product has LEFT THE NAMED INSURED'S PREMISES and is no
|| || || || || || || || || || || || || ||
longer in the named insured's possessions
|| || || || ||
Products - Completed Operations Hazard includes - ✔✔all BI and PD occurring away from
|| || || || || || || || || || || || || ||
premises you own or rent and arising out of "your product" or "your work" except:
|| || || || || || || || || || || || || ||
1. Products that are still in your physical possession
|| || || || || || || ||
2. Work that has not yet been completed or abandoned.
|| || || || || || || || ||
In Products - Completed Operations Hazard "your work" will be deemed completed at the
|| || || || || || || || || || || || || ||
earliest of the following times: - ✔✔1. When all of the work to be done at the job site has
|| || || || || || || || || || || || || || || || || || || ||
been completed ||
2. When all of the work to be done at the job site has been completed if your contract calls
|| || || || || || || || || || || || || || || || || || ||
for work at more than one job site
|| || || || || || || ||
,2
3. When that part of the work done at a job site has been put to its intended use by any
|| || || || || || || || || || || || || || || || || || || || ||
person or organization other than another contractor or subcontractor working on the same
|| || || || || || || || || || || ||
project
||
"Your Product" means - ✔✔any goods or products other than real property, manufactyured,
|| || || || || || || || || || || || ||
sold, handled, distributed or disposed of by: you, others trading under your name, or a
|| || || || || || || || || || || || || || ||
person or organization whose business or assets you have acquired
|| || || || || || || || ||
Your product also includes - ✔✔Containers (other than vehicles), materials, parts or
|| || || || || || || || || || || ||
equipment furnished in connection with such goods or products Including:
|| || || || || || || || ||
-Warranties or representations made at any time with respect to the fitness, quality,
|| || || || || || || || || || || || ||
durability, performance or use of "Your Product"
|| || || || || ||
- The providing of or failure to provide warning or instructions
|| || || || || || || || || ||
- Does not include vending machines or other property rented to or located for the use of
|| || || || || || || || || || || || || || || || ||
others but not sold || || ||
"Your Work" means - ✔✔1. Work or operations performed by you or on your behalf
|| || || || || || || || || || || || || ||
2. Materials, parts or equipment furnished in connection with such work or operations
|| || || || || || || || || || || || ||
including:
-Warranties or representations made at any time with respect to the fitness, quality,
|| || || || || || || || || || || || ||
durability, performance or use of "Your Work"
|| || || || || ||
- The providing of or failure to provide warning or instructions
|| || || || || || || || || ||
Completed Operation Liability - ✔✔Arises from activities involved in the operation of an
|| || || || || || || || || || || || ||
organization including service and repair activities usually done on the premises of others,
|| || || || || || || || || || || || ||
after the activity has been concluded
|| || || || ||
, 2
Coverage begins WHEN THE BUSINESS OPERATION IS COMPLETED - NO LONGER IN
|| || || || || || || || || || || ||
INSUREDS HANDS ||
Work that may need service, maintenance, correction, repair or replacement, but which is
|| || || || || || || || || || || || ||
otherwise complete, will be treated as complete
|| || || || || ||
ex. Food consumption on the named insured's premises
|| || || || || || ||
Liability Exposures under Coverage A - ✔✔-Premises
|| || || || || || ||
-Operations
-Products
-Completed Operations ||
-Contractual
-Contingent
Contractual Liability - ✔✔Arises from one party assuming responsibility of another party
|| || || || || || || || || || ||
-Arises from an insured contract or other contractual obligations
|| || || || || || || || ||
ex. tenant - Landlord, Subcontractor - General Contractor
|| || || || || || ||
Coverage is provided for: || || ||
1. Liability in absence of the contract
|| || || || || ||
2.Liability assumed in a contract or agreement that is an insured contract and only with
|| || || || || || || || || || || || || || ||
respect to injury or damage that occurs after the contract is executed
|| || || || || || || || || || ||
