A certificate of insurance is a widely accepted form that provides evidence of insurance coverage to other people.
Yes, but some cancellations might cause you to pay a percentage of your premium as a penalty. This depends on the reason for your cancellation and the type of policy you have.
An exclusion is a clause in the insurance policy that describes what is not covered. It is very important to always review the exclusions of a policy due to the coverage limitations.
This is the amount of money that the insurance company will pay for claims. Insurance policies have different types of limits; some limits are for each event, some are for each claim, and some are the total aggregate of all claims during the policy period.
No, each claim usually has a separate deductible.
A covered claim must occur during the policy period but it does not matter when the claim is reported or made.
Bodily injury means bodily injury, sickness or disease sustained by any person which occurs during the policy period, including death at any time resulting there from.
Advertising injury means injury arising out of an offense committed during the policy period occurring in the course of the named insured's advertising activities if such injury arises out of libel, slander, defamation, violation of right of privacy, piracy, unfair competition or infringement of copyright title or slogan.
Personal Injury means false arrest, wrongful detention or false imprisonment, or malicious prosecution; the publication or utterance of a libel or slander or of any defamatory or disparaging material, or a publication or utterance in violation of an individual's right of privacy; wrongful entry or eviction, or other invasion of the right of private occupancy; which occurs during the period.
Physical injury to or destruction of tangible property which occurs during the policy period, including the loss of use thereof at any time resulting there from, or loss of use of tangible property which has not been physically injured or destroyed provided such loss of use is caused by an occurrence during the policy period.
In general, professional liability insurance protects against claims for damages the policyholder becomes legally obligated to pay to a client as a result of an error or omission in the work provided to the client.
Professional liability coverage provides protection against claims resulting from your professional services. Most general liability policies will exclude this coverage.
A "claims made" policy protects the policyholder against claims or incidents that are reported while the policy is in force, or during an "extended reporting period". The negligent act, error or omission must have also occurred during the specific time frame set by the policy.
An extended reporting period extends the amount of time in which you can report a claim. The claim must still occur during the policy period...only the time to report is extended. ERP's vary by type of coverage. Some are automatic and some optional ones must be purchased.
Many policies have a "consent to settle" clause that outlines the options for settlement. If a policy does not have this clause, then the insurance company may find that settlement is the best way to handle a claim.
The retroactive date sets how long before the inception of the policy that you are covered for negligent acts, error or omissions that you report during that policy. A retroactive date can match the policy inception date so that no prior acts are covered.
On an occurrence policy, the claim has to occur during the policy period, regardless of when a claim is actually made or reported. On a Claims Made policy, the claim must be made or reported during the policy period regardless of when the claim actually happened.
Independent contractors can be added by endorsement, subject to the insurance company underwriter approval.
Your insurance company will defend insured who have neither committed, had knowledge of, acquiesced in or gained an advantage to which it would not otherwise have been entitled to as a result of such criminal, malicious, dishonest or fraudulent acts, error or omission shall be defended.