CRIS Designation Question and answers correctly solved
11 views 0 purchase
Course
Cris
Institution
Cris
CRIS Designation Question and answers correctly solved Insuring Agreement: The CGL policy's Coverage A insuring agreement places an obligation on the insurer to pay covered _________ or ____________ for which the insured is legally liable. - correct answer "bodily injury"
"property damage"
...
CRIS Designation - Ch.4
Insuring Agreement: The CGL policy's Coverage A insuring agreement places
an obligation on the insurer to pay covered _________ or ____________ for
which the insured is legally liable. - correct answer ✔"bodily injury"
"property damage"
Whereas the Coverage A insuring agreement grants blanket coverage for
contractually assumed liabilities, the Coverage A contractual liability
exclusion.... - correct answer ✔turns around and eliminates coverage for
liability assumed in a contract or an agreement.
The Contractual Liability Exclusion: An example is a breach of contract claim
for ..... ? - correct answer ✔failure to complete the work called for under the
contract.
- insurers do not want to cover this type of claim because it is largely within
the control of the insured and is more appropriately the subject of a surety
bond.
List 2 Exceptions to CGL Contractual Liability Exclusion - correct answer
✔(1) Liability the insured would have in the absence of the contract or
agreement
(2) Liability assumed in a contract or agreement that is an "insured contract"
prior to the occurrence of covered injury or damage
The exception for liability the insured would have in the absence of a contract
or agreement simply clarifies that the exclusion... ? - correct answer ✔will not
preclude coverage if the insured is directly liable due to its own actions and
that coverage is available if the liability would attach as a matter of law.
, Example of Liability the insured would have in the absence of the contract or
agreement - correct answer ✔Assume that Trade Construction Company is
retained by Buildings, Inc., to finish out some space for a new tenant in one of
its office towers. The contract requires Trade to hold harmless and indemnify
Buildings for any third-party property damage arising from Trade's operations.
A crane accidentally drops its load onto several cars parked in an adjacent lot,
and it is determined that Trade was negligent for not requiring the proper
training for the crane operator. Since Trade is accountable under the law for
its own negligence, the contractual liability exclusion would not apply. The fact
that Trade had contractually agreed to be responsible for such damages
would not preclude coverage.
Definition of "Insured Contract": The first thing to understand is that the
definition does not require.....? - correct answer ✔that these contracts be
made in writing.
Definition of "Insured Contract": As long as the loss arises out of a valid and
enforceable "insured contract," coverage may apply irrespective of whether
the claim is the result of the ....... ? - correct answer ✔indemnitee's sole
negligence, joint negligence, or contributory negligence.
List 6 Categories of Insured Contracts - correct answer ✔1. Lease of
premises, except with respect to an obligation to indemnify for fire damage to
the leased premises
2. A sidetrack agreement
3. Any easement or license agreement, except with respect to construction or
demolition operations on or within 50 feet of a railroad
4. An obligation under a city ordinance to indemnify a municipality, except in
connection with work for a municipality
5. An elevator maintenance agreement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Academia199. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
