RPLU Commercial General Liability Insurance: Overv
RPLU Commercial General Liability Insurance: Overv
Exam (elaborations)
RPLU Commercial General Liability Insurance: Overview (100% correct and graded A+)
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Course
RPLU Commercial General Liability Insurance: Overv
Institution
RPLU Commercial General Liability Insurance: Overv
Manifestation Theory - ️️Coverage is triggered when the insured first becomes
aware of the injury or damage. In the case of bodily injury, coverage is triggered when
the condition first manifests itself or becomes diagnosable.
Coverage for Newly Acquired Organizations - ️️Coverage that i...
RPLU Commercial General Liability
Insurance: Overview
Manifestation Theory - ✔️✔️Coverage is triggered when the insured first becomes
aware of the injury or damage. In the case of bodily injury, coverage is triggered when
the condition first manifests itself or becomes diagnosable.
Coverage for Newly Acquired Organizations - ✔️✔️Coverage that is meant to be
temporary and is provided for a maximum of 90 days or until the end of the policy
period, whichever occurs first.
Commercial General Liability (CGL) form - ✔️✔️Written in 1986, and is still the form
used in writing insurance in the business market. Caused by a liability insurance crisis
(increased number of medical malpractice lawsuits, asbestos claims, liability for
environmental damage at pollution sites, etc). It allowed CGL insurance to be written on
either an occurrence or claims-made basis
Indemnity - ✔️✔️Insurer pays for damages or injury for which the insured is held legally
liable
Defense - ✔️✔️Insurer provides a legal defense against claims of liability
1st Standard Policy General Liability form - ✔️✔️First issued in 1940. It was a major
step toward consistency, but was still very complex.
Comprehensive General Liability (CGL) Form - ✔️✔️Written in 1966. It was written in
simplified language and provided a policy document specific to the insured.
Broad Form Commercial General Liability (BFCGL) Endorsement - ✔️✔️In 1976, the
most common endorsements were compiled into one single standard endorsement.
Two Primary Types of Coverage Triggers - ✔️✔️Occurrence coverage triggers and
Claims-made coverage triggers
Claims-Made Coverage Trigger - ✔️✔️Coverage trigger that most PLI is written on
Occurrence Coverage Trigger - ✔️✔️Coverage trigger that is triggered by an incident/
occurrence, which happens during the policy period. Most excess CGL Polices are
written based on this trigger
, Extended Reporting Period - ✔️✔️Also called tail coverage, this provides protection for
claims filed after a claims-made policy has expired
Retroactive Date - ✔️✔️A date placed on policies to establish a timeframe for covering
only the claims arising from incidents that happen after a specified date
Exclusion of Specific Accidents, Products, Work, or Location Endorsement - ✔️✔️This
allows the insurer to remove certain exposures that may be prohibitive to insure and
enables the insured to obtain coverage for the non-excluded exposures. Commonly
called the laser endorsement.
Four Major Trigger Theories - ✔️✔️Exposure, Manifestation Theory, Injury/ Damage-
In-Face, and Triple Trigger or Continuous
Exposure - ✔️✔️Coverage is triggered by the first exposure to harmful conditions.
Injury or damage is presumed to begin as soon as exposure occurs.
Triple Trigger or Continuous - ✔️✔️Coverage is triggered by the initial exposure, by
continuing exposure, and by the manifestation or diagnosis of injury or damage.
A complete CGL Policy consists of these parts: - ✔️✔️Declarations, Coverage Form
(occurrence or claims-made), Endorsements/amendments/ additional exclusions, Broad
form nuclear exclusion
Section I of the Coverage Form - ✔️✔️Insuring agreements for coverage A,B,C.
Supplementary Payments
Section II of the Coverage Form - ✔️✔️Who Is an Insured?
Section III of the Coverage Form - ✔️✔️Limits of Insurance
Section IV of the Coverage Form - ✔️✔️CGL Conditions
Section V of the Coverage Form - ✔️✔️Definitions
Coverage A - ✔️✔️Bodily Injury and Property Damage
Coverage B - ✔️✔️Personal and Advertising Injury
Coverage C - ✔️✔️Medical Payments
Endorsement - ✔️✔️Written form attached to a policy that is used to change coverage
provisions, terms, or conditions.
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