March 2011
By Allison McGreal
Assistant Vice President, Underwriting Division
A typical Commercial General Liability Policy will exclude contractual liability which “indemnifies a railroad for bodily injury or property damage arising out of construction or demolition operations within 50 feet of any railroad property and which affects any railroad bridge or trestle, tracks, roadbeds, tunnel, underpass or crossing”. You may notice that the work doesn’t have to be performed within 50 feet of the tracks. If your client is performing these contracting operations within 50 feet of any railroad property, this is a significant exclusion and should be addressed via endorsement to the CGL policy.
Have you ever read an article pertaining to environmental issues, or perhaps looked through an environmental report and noticed the same acronyms appearing over and over again? Or you are reviewing questions from your underwriter which include technical jargon you don’t encounter on a daily basis? Is your insured looking to you for help because they now need to comply with environmental regulations?
There are many reasons that an insured may discontinue a policy: retiring, selling, going out of business, coverage no longer required, etc. This is an important time to examine the policy for claims-made coverage and determine the provisions outlined for offering and obtaining Extended Reporting Period (ERP) options.
Posted:
3/30/2011 by
Robye Davidson | with
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Filed under:
Tools for Agents,
ERP,
Renewals,
Claims