Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Blanket contractual liability insurance is liability insurance that provides coverage for all contracts in which the insured is assuming liability. Blanket contractual liability insurance is designed to be automatically applicable to any agreement that a business may sign.
Businesses are more than willing to accept payment from other companies, but are much less inclined to accept risks that come with the arrangement. To protect itself, a business may require other companies to maintain various types of liability insurance policies. These policies protect both the insured party and the parties with whom the insured works. Blanket contractual liability may be included on a policy or added with an additional endorsement. In most cases, a business will need to prove that it has insurance by a specific deadline.
If the deadline passes before proof is provided, the business will not be allowed to begin work. The business may be required to add other parties to the policy to protect them against risk.
An attorney should always be consulted before a contract is signed, and he will be better able to advise you if he understands the limitations of your insurance policy. Suite Garden City NY, Phone English Spanish. Workers Compensation Insurance Costs. Liquor liability coverage fills the gap created by the exclusion in general liability policies applying to businesses directly involved in the sale, distribution, manufacturing or serving of alcoholic beverages.
Coverage is not comprehensive and is limited to a specific location and project. This insurance covers the expenses incurred by the insured to respond to either a mandated or voluntary product recall. Product tampering insurance applies if an individual actually tampers with products or threatens to do so. It also covers related costs such as necessary inventory destruction, lost profits, business interruption and product rehabilitation. If a product tampering case occurs, crisis management and loss prevention firms are called in to assist insureds in order to reduce the chances that their companies will be future targets and to minimize damage that can arise.
Coverage does not apply to third-party liability or extortion payments. Premiums are based on corporate size and assessment of exposure. Under most programs, policies may be tailored to provide coverage for a specified period of time retroactively, such as 12, 24 or 36 months; complete "occurrence" coverage back to the original "claims-made" effective date; or an ongoing "occurrence" form including coverage for all prior acts.
Other methods of easing the transition back to "occurrence" coverage involve policies including the extension of the discovery period of the nonrenewed "claims-made" form for a specified number of years, if not for an indefinite period. The commercial general liability policy excludes construction or demolition projects that are at or near railroad properties, including railroad tracks, beds, trestles, tunnels and the like. The policy is purchased by the contractor performing the work on behalf of the insured.
This coverage is available from specialty insurance markets when all-inclusive general liability insurance does not apply. Operations that employ barbers and beauticians such as hotels and spas should consider this coverage. An example is a management consultant. Eligible risks include forensic experts, litigation consultants and legal support specialists. Expert witnesses also fall into the forensic program. The policy covers errors, omissions and negligent acts in the performance of professional duties and services for others.
The coverage excludes bodily injury and property damage liability. The premium charge is based on the volume of professional services. Similar insurance may be written for nursing homes, sanitariums and similar institutions. The policy protects an insurance agency or brokerage firm against claims for negligent acts, errors or omissions in the conduct of its business.
A growing number of companies writes this insurance and offers it to qualified individuals or to associations under a master policy. Premium for an agency depends on the limit of liability and number of persons involved. Coverage applies to claims for actions traceable to any person for whose acts the insured is legally liable in, addition to those of the insured. The insurance may be written for individuals and partnerships.
Optional coverage against claims arising from x-ray therapy is available. Examples of common errors include incorrect ink type, wrong paper weight and missed dates. Coverage is available on a businessowners policy as an endorsement.
Larger concerns must purchase the form from specialty carriers. Coverage is limited to acts related to the sale of mutual funds or variable annuities. A principal risk involved is advising that a given area or operation meets Environmental Protection Agency EPA standards when EPA later rules that the area or operation, in fact, does not.
Discretion is and must be used in giving financial, economic or investment advice and in rendering investment, advisory and managing services for clients. Errors and omissions insurance for trust departments that protects them against claims by clients alleging breach of duty in discharging these responsibilities is a wise and prudent investment on their part. High limits and defense protection are important features of the coverage.
They are protected by the large firm's insurance while actually hauling for them but need bobtail insurance for exposures not related to carrying property in a business, hauling someone else's trailers or operating under a lease arrangement, sometimes referred to as "in between" driving. This protection may be provided for an independent trucker by an endorsement to a business auto policy. Liability coverage is available for owned autos only, all autos owned, leased or hired by the insured or all autos, including the exposure of autos owned by employees or partners and allegedly used on behalf of the insured.
The third option provides the broadest protection. Optional physical damage coverages available include collision, comprehensive, coverage that applies to loss from any cause except collision or overturn, subject to a few exclusions, and specified causes of loss coverage, a less expensive alternative to comprehensive coverage paying for loss caused by named perils. When a motor vehicle is sold under a finance contract or agreement, the loss payee lender usually requires the original copy of the policy that provides collision and comprehensive coverage.
It insures the interest of a dealer in autos held by the dealer for sale or used in the business as an automobile dealer. It may be written to cover comprehensive, collision or specified causes of loss. Liability coverage includes garage operations in a manner similar to a general liability policy, and the use of covered autos, in a manner similar to a business auto policy.
Garagekeepers coverage is for the benefit of the customer. Coverage can be purchased for collision and comprehensive or specified perils physical damage to customers' vehicles. Coverage can be on a legal liability basis or a direct coverage basis. The direct coverage basis can be either excess over the customer's other coverage or primary.
Physical damage coverage applies to the named insured's owned automobiles, not customers' cars, and applies to cars held for sale and those used in the business. An endorsement must be used when the insured is not eligible for the garage coverage form.
They must file a certificate with the Interstate Commerce Commission ICC acknowledging that the carrier is insured for its legal and statutory obligations with an acceptable insurance company. The policy must carry an endorsement making the insurance company absolutely liable for all claims for which the insured carrier is liable, even though the nature of the injury or liability is beyond the terms of the policy contract.
The effect is that the policy guarantees the carrier's financial solvency and ability to pay. Requirements as to the minimum limits and the amount of insurance that must be carried vary widely from state to state. It excludes losses involving theft, conversion, embezzlement or secretion by any party in possession of a covered auto under a bailment, conditional sale, purchase agreement or other encumbrance. It includes an exception for any auto specifically scheduled on the form and for which an additional premium is paid.
Instead of using trucking regulatory language, this form refers to contracts and other written agreements. Any motor carrier providing transportation of goods is eligible to use this form.
If a motor carrier does not have a need for the unique "who is an insured" portion of the trailer interchange section, the business auto policy may still be a solid coverage option.
They do not apply to contract carriers that haul exclusively for one or more firms and that do not accept business from other sources. When a given operator qualifies under both classifications, it is usually recommended that all insurance be placed through and with one insurance agent. It provides the needed liability and physical damage coverages for risks falling under the classifications manual definition of a trucker but it excludes owner-operators.
Owner-operators are normally covered under the policies of the trucking firms they haul for and only need separate coverage when deadheading. Federal and state supervisory agencies establish minimum automobile liability insurance requirements and filings must be made to confirm the insured's compliance. While the regulatory agencies set minimum limits, it is recommended that higher limits be carried.
Vehicles are probably the biggest investment made by these businesses. The coverage form provides liability protection for bodily injury or property damage arising from the named insured's ownership, maintenance or use of a covered auto.
The owner of a covered tractor unit that is hired or borrowed by the named insured is also included as an insured during the time the unit is used exclusively in the named insured's trucking business. It can also provide trailer interchange coverage which follows the written agreement between truckers that requires the named insured trucker to reimburse the other trucker for damage to the other's owned trailer while in the named insured's possession.
Comprehensive, specified causes of loss and collision coverages are options within the coverage form. Physical damage coverage applies to covered autos, except a trailer in the possession of anyone else under a trailer interchange agreement. Coverage applies to both the auto and its equipment. Each state establishes the minimum limits of liability for this coverage and also whether the coverage is for bodily injury only or also extends to property damage.
Limits higher than state minimums are usually available and may be provided. This eases the problem of being sure that coverage is maintained by borrowers. This is a specialized form of umbrella liability insurance.
Bumbershoot coverage includes protection and indemnity, general average, collision and salvage charges, sue and labor, all other legal and contractual liability including employers liability under admiralty laws or the longshore act , automobile liability and coverage for other hazards associated with general liability insurance. This policy has no unique forms and is strictly a following form policy. The coverage available in the underlying policies is also available in the excess policy and exclusions in the underlying policies are also exclusions in the excess policy.
It also contains elements of a true umbrella. The most important feature of this policy is that it follows the provisions of the underlying coverages. However, it also provides limited excess coverage over a self-insured retention and offers some insurance protection not found in the primary policies. High limits may be back-dated to track with primary insurance.
Umbrellas also protect insureds from exclusions and gaps in their primary liability insurance. Covered causes of loss not normally included in primary policies are subject to a self-insured retention SIR. The insured is responsible for paying any SIR that applies. The umbrella policy coverage is triggered when the limits of the underlying insurance are exhausted or when a claim not covered by an underlying policy occurs.
Any such loss that qualifies for coverage under the umbrella policy is subject to the insured first paying any applicable SIR. A carrier may obtain a shipper's interest policy that covers a situation where insurance is secured by the shipper from the air carrier. The shipper only needs to show that the loss occurred in transit. It does not have to establish that the airline was legally liable. These types of policies are expensive and are rarely used with small and medium-sized contractors.
A contractual liability policy may be required in large private and public work projects such as freeway construction, the development of tract homes, or installation of major utility or transmission lines.
They are rarely utilized in smaller or mid-market policies. These policies may exclude various intentional acts, such as job abandonment, intentional breaches or other factors.
The insurance company acting as a surety assumes the contractual or other obligations of the contractor stated in the bond in the event of inadequate performance, job abandonment, or even nonpayment of subcontractors.
Although the surety will indemnify the beneficiary of the bond, the errant contractor is liable to reimburse the surety.
Another option that is becoming increasingly popular is for the contractor to purchase errors and omissions coverage, either as a stand-alone policy or as an endorsement to the CGL policy.
Sometimes this policy can be combined with pollution coverage. This type of policy covers contractual and tort obligations that are not covered in the CGL policy. Exclusion b. The definitions section of the insured contract includes leased premises with a fire-legal exception , a sidetrack agreement a short-track railroad maintenance obligation , an easement or license agreement with some exceptions , an agreement to indemnify a municipality but not perform actual work for the municipality usually related to permit issuance , and an elevator maintenance agreement.
Generally, tort liability is a legal obligation imposed by law other than contractual liability. It can be thought of as negligence.
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