Arbitration - ️️A method of ADR that allows the disputing parties to present
arguments and evidence to an independent and impartial third party (arbitrator) and that
usually binds the parties to the arbitrator's decision
Commercial General Liability Insurance (CGL) - ️️A type of insuranc...
RPLU 2: Module 2: CGL Overview
Arbitration - ✔️✔️A method of ADR that allows the disputing parties to present
arguments and evidence to an independent and impartial third party (arbitrator) and that
usually binds the parties to the arbitrator's decision
Commercial General Liability Insurance (CGL) - ✔️✔️A type of insurance that provides
coverage for commercial risks for losses arising out of business operations involving
bodily injury and property damage, except those specifically excluded, including
professional services
Additional Insured - ✔️✔️An individual or organization that is covered under an
insurance policy based on a relationship to the named insured
Aggregate Limit - ✔️✔️The maximum amount the insurer will pay within a specific
policy period for all of the claims incurred under an insurance policy
Alternative Dispute Resolution - ✔️✔️The methods of settling disputes by means other
than court trial that are typically less costly and more expeditious than the litigation
process
Amendment - ✔️✔️A written document that revises the provisions of an insurance
policy
Broad Form Comprehensive General Liability (BFCGL) Endorsement - ✔️✔️A revision
to CGL coverage that combined many endorsements into one single standard
endorsement
Broad Form Nuclear Exclusion - ✔️✔️An exclusion attached to a CGL policy that
excludes exposures related to nuclear energy
Claims-Made Policy - ✔️✔️An insurance policy that is triggered by the reporting or
making of a claim during the policy period
Claims-Made Coverage Trigger - ✔️✔️The activation of a claims-made policy by the
reporting of an incident during the policy period
Comprehensive General Liability (CGL) Policy - ✔️✔️A standard commercial liability
policy that was the precursor of the CGL policy and that simplified the language and
format of CGL policies (1) by using a policy jacket for common provisions and (2) by
adding other provisions applicable only to the insured
, Conditions - ✔️✔️A section of an insurance policy that establishes the responsibilities
the insured must meet for coverage to apply and that may limit or qualify an insurer's
promises
Consequential Bodily Injury - ✔️✔️The bodily injury that is the result of or caused by
personal or advertising injury
Continuous Injury Trigger Theory - ✔️✔️A theory that determines the timing of injury or
damage and that states coverage is triggered by the initial exposure, by continuing
exposure, and by the manifestation or diagnosis of injury or damage
Contribution by Equal Shares - ✔️✔️A CGL insurance method of sharing in the amount
of loss with other primary insurance policies in which each insurer pays equal amounts
up until its applicable limits have been reached or no loss remains
Contribution by Limits - ✔️✔️A CGL insurance method of sharing in the amount of loss
with other primary insurance policies in which each insurer pays its pro-rata share of
loss based on the ratio of its applicable limits to the total applicable limits of all insurers
Coverage Form - ✔️✔️The heart of the CGL policy that includes the coverage
agreement, definitions, limits, and exclusions that define policy coverage
Coverage Trigger - ✔️✔️The event that activates a policy to respond to a claim and
that determines which policy covers a particular claim for loss
Damage-in-Fact Trigger Theory - ✔️✔️A theory that determines the timing of injury or
damage and that states coverage is triggered by the date that the damage actually
occurs, regardless of the length of exposure or whether the condition manifested itself
Damage to Premises Rented to You Limit - ✔️✔️The maximum amount a CGL insurer
pays for property damage to property rented to you or for fire damage to property rented
to or occupied by you
Declarations - ✔️✔️A section of an insurance policy that provides information about the
property, person, or activity to be insured
Drop Down Provision - ✔️✔️A feature of an umbrella policy that establishes the extent
to which that policy either replaces or continues the underlying policy's limit once the
underlying policy's limit has been exhausted
Each Occurrence Limit - ✔️✔️CGL: Maximum amount a CGL insurer pays for the sum
of damages that arise under Coverage A (BI/PD) and under Coverage C (medical
expenses) because of any other occurrence. Excess/Umbrella: The maximum amount
an insurer pays for the sum of all ultimate net loss under Coverage A (BI/PD)
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