Term
| Commercial general liability (CGL) insurance |
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Definition
| Insurance that covers many of the common liability loss exposures faced by an organization, including its premises, operations, and products. (P. 8.3) |
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Term
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Definition
| A loss that a person or an organization sustains as the result of a claim by someone seeking damages or some other remedy permitted by law. (p. 8.3) |
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Term
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Definition
| The legally enforceable obligation of a person or an organization to pay a sum of money (called damages) to another person or organization (p. 8.4) |
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Term
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Definition
| The branch of the law that provides a means to settle disputes between parties. (p. 8.4) |
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Term
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Definition
| The branch of the law that imposes penalties for wrongs against society. (P. 8.4) |
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Term
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Definition
| A wrongful act or omission, other than a crime or a breach of contract, for which the remedy is usually monetary damages. (p. 8.5) |
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Term
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Definition
| A tort that occurs when a person exposes others to an unreasonable risk of harm because of failure to exercise the required degree of care. (p. 8.5) |
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Term
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Definition
| A tort committed by a person who foresees (or should be able to foresee) that his or her act will harm another person. (p. 8.5) |
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Term
| Strict liability (or absolute liability) |
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Definition
| Liability that is imposed even though the defendant acted neither negligently not with intent to cause harm (p. 8.5) |
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Term
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Definition
| A legally enforceable agreement between two or more parties in which each party makes some promise to the other. (p. 8.5) |
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Term
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Definition
| Failure to fulfill one's contractual promise. (p. 8.6) |
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Term
| Hold-harmless agreement (or indemnity agreement) |
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Definition
| A contractual provision that obligates one of the parties to assume the legal liability of another patty. (p. 8.6) |
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Term
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Definition
| Liability assumed through a hold-harmless agreement. (p. 8.6) |
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Term
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Definition
| A written law passed by a legislative body, at either the federal or state level. (p. 8.6) |
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Term
| Premises liability exposure |
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Definition
| Exposure to liability for injury or damage due to the ownership, occupancy, or use of premises. (p. 8.7) |
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Term
| Operations liability exposure |
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Definition
| Exposure to liability for injury or damage due to activities in addition to the ownership, occupancy, or use of premises. (p. 8.7) |
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Term
| Products liability exposure |
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Definition
| Exposure to liability for injury or damage due to products sold or distributed by the exposed party. (p. 8.7) |
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Term
| Completed operations liability exposure |
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Definition
| Exposure to liability for injury or damage due to work completed by the exposed party. (p. 8.8) |
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Term
| Occurrence coverage trigger |
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Definition
| Bodily injury or property damage that occurs during the policy period; it triggers coverage under the "occurrence" version of the CGL coverage form (p. 8.12) |
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Term
| Auto (as defined in the CGL coverage form) |
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Definition
| A land motor vehicle, trailer or semi-trailer designed for travel on public roads, including attached machinery or equipment; or any other land vehicle that is subject to a compulsory or financial responsibility law or other motor vehicle insurance law in the state where it is licensed or principally garaged (p. 8.16) |
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Term
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Definition
| Various types of vehicles designed for use principally off public roads, such as bulldozers and cranes. (p. 8.18) |
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Term
| Fire legal liability coverage |
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Definition
| Coverage for fire damage to premises rented to or temporarily occupied by the named insured. (p. 8.24) |
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Term
| Personal and advertising injury |
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Definition
| Injury that is covered by Coverage B of the CGL and includes injury resulting from numerous offenses such as false detention, malicious prosecution, wrongful eviction, slander, libel, use of another's advertising idea, and copyright infringement. (p. 8.25) |
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