Created by Major adjusters 1 Products and Completed Operations Coverage Will only pay if your product you the toy maker causes damage to your customers home Products and Completed Operations Coverage covers the following losses due to ID: 780871
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Products/Completed Operations Coverage
Created by Major adjusters
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Slide2Products and Completed Operations Coverage
Will only pay if your product (you the toy maker) causes damage to your customer’s home
Products and Completed Operations Coverage covers the following losses due to:
products that you distributes
Products that you manufactureProducts that you purchase
Created by Major adjusters
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Slide3Products-Completed Operations Aggregate:
The maximum amount the policy will pay to satisfy claims regarding Products and Completed Operations only.
This is the max an insurer will pay for claims due to losses caused by your products and services
General aggregate limit:
Coverage A: Premises and Operations LiabilityCoverage B: Personal and Advertising InjuryCoverage C: Medical Payments to Others
Damage to Premises Rented by You
Created by Major adjusters
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Slide4Per Occurrence Limit
For example, consider a CGL with a General Aggregate limit of $1,000,000, and a per occurrence limit at $250,000. If an individual makes a claim against the insured for $350,000 arising out of a single occurrence, the most the CGL will pay to satisfy that particular claim is $250,000, or the per occurrence limit.
A per occurrence limit is subject to the aggregate limit that precedes it. The CGL will pay any number of individual claims up to the per occurrence limit for each claim, until the aggregate limit is exhausted.
Created by Major adjusters
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Slide53 Occurrence sub-limits
The Personal and Advertising Injury, Medical Payments, and Damages Done to Premises Rented coverages
Medical Payments is no-fault coverage for reasonable medical expenses.
If a shelf collapses on two customers, there will be a limit to how much is paid for medical expenses for each person. Whatever is paid to one of them will be taken out of the per occurrence limit, so there might not be enough to cover the expenses of both customers.
Created by Major adjusters
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Slide6Like home owners liability policies, Products/Completed Operations Coverage covers which of the following?:
BAP/PIP
Coverage E/F
CPP/CGL
None of the AboveHint *Covers Bodily Injury and Property damage
Created by Major adjusters
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Slide7Per Occurrence Limit
Personal & Advertising Injury Limit
Medical Payments Limit
General Aggregate
Products and Completed Operations Aggregate
Per Occurrence Limit
Premises Rented by You
Created by Major adjusters
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Slide8Ron's Furniture has a CGL policy with a General Aggregate limit of:
$1,000,000, and per occurrence limit of $250,000. Its Products Aggregate limit is also $1,000,000 with a per occurrence limit of $250,000.
Injured customer sues for injury in store
Insurer pays for legal defense
Customer is awarded $450000
Insurance pays only $250000
Ron’s Furniture would pay remained
$750,000 left in General aggregate
Occurrence on Premises
Created by Major adjusters
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Slide9Ron's Furniture has a CGL policy with a General Aggregate limit of:
$1,000,000, and per occurrence limit of $250,000. Its Products Aggregate limit is also $1,000,000 with a per occurrence limit of $250,000.
Injured customer sues due to faulty stool
Insurer pays for legal defense
Customer is awarded $450000
Completed Operations pays only $250000
Ron’s Furniture would pay remained
$750,000 left in products-completed operations aggregate
Injury due to product
Created by Major adjusters
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