. Commercial Property
. General Liability
. Employee Practices Liability
. Fiduciary Liability
. Directors & Officers Liability
. Professional Liability - Errors & Ommisions
. Commercial Automobile
. Workers Compensation
. Technology
. Builder’s Risk
. Inland Marine
Commercial Property
Building coverage provides protection for permanent structures listed on the policy. Completed additions, permanently-installed fixtures, machinery and equipment, outdoor fixtures, owned personal property used to service, repair or maintain the building and additions under construction or repair are all included in this definition.
Types of buildings coverage include:
Buildings — Actual Cash Value Valuation
This valuation method pays for the cost to repair or replace damaged property with like kind and quality, less reasonable deductions for wear and tear, deterioration and economic obsolescence.
Building — Replacement Cost Valuation
This loss valuation method pays for the cost to repair or replace damaged items with like kind and quality without deduction for depreciation. This is important since you could face a substantial loss if you must replace property at today’s prices but receive only the depreciated value of the property that was destroyed.
Buildings — Co-Insurance
A policy may contain a co-insurance clause requiring that the limit of coverage be a minimum percentage (usually 80%) of the insurable value of your property. If the amount of insurance carried is less than what is required by this clause, any claim payment may be reduced by the same percentage as the deficiency. For example, covered property worth $100,000 may require a minimum of 80%, or $80,000, of coverage for compliance with the policy’s co-insurance requirement. If only $60,000 of coverage is carried (25% less than the required $80,000), then any loss payment would be reduced by 25%.
Buildings — Agreed Value Valuation
This coverage is used to remove the co-insurance requirement for covered property. With it your company agrees that the amount of coverage purchased is adequate, and any co-insurance requirements are waived if the limit of insurance equals the agreed value.
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General Liability
This coverage protects your business from claims arising from alleged bodily injury, personal injury or property damage liability. It includes protection for services you render or products you sell. Coverage payments can include judgments, attorney fees, court costs or other related expenses.
Types of general liability coverage include:
Occurrence
This provides coverage for claims arising out of an accident that result in bodily injury or property damage neither expected nor intended. It covers such claims that occur during the policy period regardless of when the claim was made against you.
Claims Made
This coverage will provide protection for only those claims reported or first made during the policy period or during any previous period that is stated in the Prior Acts or Retroactive Date option of your policy. This option allows you to keep coverage in force under consecutive Claims-Made policies.
Products/Completed Operations
This coverage is used to insure against claims arising out of bodily injury and property damage that result from products you have sold, manufactured, handled, distributed or disposed of; or for work you have performed, provided the accident occurs away from a premises you own or rent.
Employee Benefits Liability
This coverage is used to insure against negligent acts, errors or omissions committed by you or any person for whose acts you are legally responsible for while engaging in the management of your company’s employee benefit plans.
Host Liquor Liability
This coverage is used to insure against claims arising from the serving of liquor at meetings or functions as long as you do not sell, manufacture or distribute alcoholic beverages as a business.
Incidental Medical Malpractice
This coverage is used to protect against claims arising out of you or your employees rendering or failing to render proper incidental medical assistance (first aid).
Medical Payments
This coverage will reimburse, without regard to your liability, all reasonable medical expenses incurred by persons as a result of bodily injury sustained by accident as defined in your policy.
Personal Injury Liability
This coverage is used to extend your General Liability policy to include protection against claims alleging false arrest, libel, slander, malicious prosecution, wrongful entry or wrongful eviction.
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Employment Practices Liability
Employment Practices Liability
This insurance is used to protect against lawsuits by employees alleging wrongful termination, discrimination, harassment or other specified employment related exposures.
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Fiduciary Liability
Fiduciary Liability
This coverage is used to insure you against claims alleging breech of fiduciary obligations as outlined under the Employment Retirement Income Security Act of 1974.
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Directors & Officers Liability
Directors & Officers Liability
This insurance is used to insure against claims arising from the negligent acts, errors or omissions alleged to have been committed by present or former directors or officers of your corporation.
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Professional Liability - Errors & Ommisions
Professional Liability — Errors & Omissions
This coverage is used to insure against claims arising out of negligent acts, errors or omissions in the rendering or failing to render professional services of your occupation.
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Commerical Automobile
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This policy can provide a combination of liability protection and physical damage coverage for loss due to damage to vehicles owned, maintained or used by you. Additional coverages such as medical payments and uninsured motorist protection can be purchased to "customize" the policy to fit your business. Types of automobile coverage include:
Hired Automobile Liability Coverage
This coverage is used to protect against claims arising out of the use of vehicles leased, hired, rented or borrowed by you, or your employees, while in the course of business.
Non-Owned Automobile Liability
This coverage is used to provide you with liability protection for autos you do not own, lease, hire, rent or borrow while they are being used in connection with your business operations.
DOC (Drive Other Car) Coverage
This endorsement is used to protect employees or other specified individuals when they borrow or rent cars for personal use, and do not have the protection of a Personal Auto policy.
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Worker's Compensation
State law requires that every employer provide Workers Compensation insurance for their employees. This insurance provides coverage for accidents or disease arising from employment as prescribed by these state laws. Benefits can include lost wages, medical expenses and permanent disfigurement/disability payments.
Employers Liability
This coverage will pay for all sums that you are legally obligated to pay because of bodily injury by accident or disease sustained by any employee arising out of their employment. This coverage is distinct from any Workers Compensation policy claim.
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Technology
Special Electronic Equipment policies insure property and causes of loss excluded under conventional all-risks Property and Boiler and Machinery forms. A variety of endorsements can "customize" this policy to fit your specific needs.
Electronic Data Processing coverage includes:
Media Coverage
This coverage is used to provide coverage for loss or damage to electronic media which results in additional costs to reproduce data. This is important since many times these costs can be more than actual damage to your hardware.
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Builder's Risk
Clients engaged in construction of structures are exposed to special problems involving constantly changing values, special hazards associated with construction activities and the variety of interests involved in such projects. Traditionally, such operations have been handled with the Builders Risk form. Basically, it provides coverage for your interest as well as the interests of others in buildings while under construction. Additional endorsements and extensions are included to ensure that adequate protection is provided.
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Inland Marine
Property that is mobile in nature has been traditionally handled in these types of policies. A wide variety of forms and coverages has been developed to handle the needs of this property.
Types of inland marine coverage include:
Accounts Receivable
This coverage is used to reimburse you for customer accounts that are rendered uncollectible because of loss by a covered peril.
Valuable Papers
This coverage is used to insure valuable papers and records including books, maps, films, drawings, abstracts, deeds and manuscripts, on either a blanket or scheduled basis. Coverage includes the actual cost of materials and any additional expenses necessary to reproduce these records.
Bailees Customers Goods Floater
This policy is used to insure against loss to property of others that is in your possession, regardless of your legal liability. It is needed since standard Property and General Liability policies limit or exclude exposures of this kind.
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