Category: Commercial General Liability Insurance
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Subcontractor’s Warranty Endorsement
Those who are contractors, construction companies, maintenance companies, or other companies that use subcontractors may encounter “Subcontractors’ Warranty Endorsement” on their Commercial General Liability policies. This endorsement requires contractors to obtain additional insured status on the CGL policy of their subcontractors and to make their policies secondary to their subcontractor’s. In addition, contractors may face…
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Loss Exposure of Contractors
Contractors are subject to some unique loss exposures. When a prospective client needs certain types of construction work done, contractors either bid for the job or negotiate a contract. Due to this, the customer specifies what should be done in the job specification. It is common for contracting businesses to have multiple locations. There are…
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Insurance Loss Runs: How Do They Work?
An insurance loss run is a report that lists all claims made on a particular insurance policy over a specified period of time. Loss runs are typically requested by insurance underwriters when evaluating an insurance application or renewal, and they can also be used by policyholders to help identify trends or potential issues with their…
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Insurance Premium Audit
Your insurer conducts a premium audit to become sure you have paid the proper premiums over the period of the policy for the insurance coverage you need. By analyzing your company’s financial records, an insurance premium audit determines your actual risk exposure. Every year, your insurance company conducts an audit of your policy. Typically, when…
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Sunset Clause aka Sunset Provision
A sunset clause on a liability policy is an endorsement that limits the coverage provided by the policy to a specific period of time, and can limit the reporting period of a claim. This means that if a policyholder is insured under a policy with a sunset clause and a claim is made for a…
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State and Subdivision Permit Endorsement
A state and subdivision permit endorsement is a type of endorsement that can be added to an insurance policy to provide coverage for certain permits and licenses that are required by state and local governments. These permits and licenses can include building permits, zoning permits, and other types of approvals that are required for construction…
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Commercial General Liability
Commercial General Liability Explained A commercial general liability (GCL) is an insurance policy that protects you and your business from a financial loss. Your company may be liable for injuries or damages to a third party resulting from the services or products you offer to the general public. Liabilities do arise from accident, error (by…
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Different Types of Commercial Insurance for Contractors
Commercial General Liability Insurance Commercial General Liability (CGL) insurance protects business owners against claims of liability for bodily injury, property damage, and personal and advertising injury (slander and false advertising). Premises/operations coverage pays for bodily injury or property damage that occurs on your premises or as a result of your business operations. Products/completed operations coverage…