If you need additional funds on top of your commercial auto insurance policy, the excess liability coverage associated with your general liability policy would not be applicable. Moreover, it’s important to note that an excess liability insurance policy cannot serve as your primary policy in any...
Simply put, if you are hiring an independent contractor or business for their services on your property, you should require a certificate of insurance (COI). If you are a contractor or business, you should have a COI so you can prove to your clients that you are insured. How Long is a...
(such as a leaking bathroom pipe) is typically covered by homeowners insurance. However, if the damage is caused by a natural cause outside the home such as flash flooding, a basic policy will not usually cover the loss. Often, you can purchase supplementalflood insuranceat an additional ...
COI is defined as liability insurance issued by aninsurance company insuring your business. The document does not exceed one page as it highlights the summary of coverage. The certificate of insurance serves as a certification that your enterprise is insured. Some potential clients request for...
You might come across some insurance terms you’re not familiar with, like COI (certificate of insurance), AI (additional insured), and others. Learn what the most important ones mean and how understanding them can help with your decisionmaking. ...
total loss, even if it is repairable. On the other hand, if you place too high a value on your aircraft and it is severely damaged, the cost of repairs may not exceed the insured value, and you could be left waiting for an extended period while your airplane is being extensively ...
Collected premiums in excess of the cost of UL insurance accumulate within the cash value portion of the policy. Over time, the cost of insurance will increase as the insured ages. However, if sufficient, the accumulated cash value will cover the increases in the COI.1 ...
However, an act of God clause in a contract does not imply that no one isliablefor damages. A natural disaster, such as a flood or anearthquake, usually isn't foreseeable or preventable. However, the insured cannot use the event as an excuse for not taking reasonable care to prevent or...
There may be some coverage (for product recall expenses, for example). But generally, these situations cannot be insured because an insurer cannot determine what the risk is and what it's worth. Regulatory Risk Regulatory riskis the possibility a government agency will do something, or a govern...
Owner as Additional Insured:This exception applies to injury or damage that results in a location away from the premises of the insured entity if they are a contractor. Hostile Fire:This exception applies to smoke, fire, or fume damage that results from an uncontrollable fire that breaks away ...