Exam (elaborations)
CIC Commercial Multi-Line questions with correct answers 2024/2025
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CIC Commercial Multi-Line questions with correct answers 2024/2025
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CIC Commercial Multi-LineHammer Clause - ANSNickname for policy provision that limits coverage in the event an
Insured does not accept a recommended settlement offer; AKA a settlement-opportunity
clause.
What are the 5 key elements in an EPLI insuring Agreement? - ANS1. Pays sums the
insured becomes eligible/legally obligated to
2. Resulting from a wrongful act
3. right & duty to defend any suit seeking damages for wrongful act
4. Consent to Settle
Tort - ANSa wrongful act or an infringement of a right (other than under contract) leading to
civil legal liability.
Qualified Insured Persons under EPLI Policy - ANS-Policy Named Insured
-Employees/Volunteers/Interns
-Directors & Officers
Coverage for 3rd parties under an EPLI policyi - ANS*trick question - it is not included
initially, it has to be added by endorsement if available (for contractors or vendors) May have
separate insuring agreement
-may limit types of third parties covered
-May limit certain wrongful Acts
EPLI Defense Provision - ANSTypically include duty to defend, no coverage, duty to defend
if wrongful act is not covered. Defense is usually within the limits unless otherwise specified.
EPLI Exclusions - ANSCriminal, Fraudulent, Malicious acts - Contractual Liability, Workers
Compensation claims, Prior/Pending Litigation
What are the 3 primary purposes for Excess / Umbrella Coverage? - ANS1. to provide
additional limits
2. to provide primary limits when underlying is restricted/exhausted.
3. to provide broader coverage than underlying
What is a Self Insured Retention (SIR)? - ANSThe amount in the declarations that must be
paid before umbrella/excess coverage can trigger or be accessed. DOES NOT APPLY
WHEN UMBRELLA IS DROPPING DOWN OVER EXHAUSTED LIMITS. Can be written as
per occurrence or policy term basis.
Why is concurrency important for policy dates? - ANSPrevents gaps in coverage. How to
solve? Cancel / re-write, short term, extend. Endt for non-concurrency
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