1. James Ralph President James Ralph Agency
Insurance 101
James Ralph President
James Ralph Agency

2. TABLE OF CONTENTS General Liability Commercial Liability Subrogation
Cross Liability
Cliams Made
Occurrence Policy
Non-Owned Automobile
Commercial Umbrella
Inland Marine
Workers Compensation
Certificate Holder

3. GENERAL LIABILITY
A form of insurance sold to businesses to indeminify the business for third party liability claims due to negligence. Coverages can include premises and operations liability for onsite and jobsite accidents and products liability claims for products that injure third parties.

4. COMMERCIAL LIABILITY
The commercial general liability policy provides comprehensive general liability coverage for commercial risks covering all liability exposures for all locations and causes of loss except those specifically excluded or limited either within the coverage form or by endorsement. Protection may be provided on either an occurrence type of policy or on a claims-made basis

5. SUBROGATION
In insurance, the substitution of one party (insurer) for another party (insured) to pursue any rights the insured may have against a third party liable for a loss paid by the insurer.

6. CROSS LIABILITY
Most liability policies will not respond to claims between two or more insureds covered by the same insurance policy whether they be named insureds or additional insureds. This endorsement adds coverage for insureds who make a claim against another insured under specific circumstances. It is important to note that this endorsements does not increase the insurance company’s overall limit of liability.

7. CLAIMS MADE
A liability insurance method covering losses from claims asserted against the insured during the policy period, regardless of whether the liability-imposing causes occurred during or prior to the policy period. (However, many underwriters may not cover liability-imposing causes occurring prior to the policy period.) The coverage trigger is based on the retroactive date state in the Declarations.

8. OCCURRENCE POLICY
The traditional occurrence liability insurance method provides coverage for losses from liability-imposing causes which occurred during the policy period, regardless of when the claim is asserted. Once the policy period is over in a claims-made form, the approximate extent of the underwriter’s liability is know. With the traditional occurrence liability coverage method, the underwriter may not discover the extent of liability for years to come from losses claimed to have occurred with the policy period.

9. NON-OWNED AUTOMOBILE
Coverage for the policyholder against liability incurred while driving an automobile not owned or hired by the policyholder or resulting from the use of someone else’s automobile on the insured’s behalf, such as an employee using a personal car for the employer’s business purposes. This coverage is automatically included in personal and most commercial automobile policies.

10. COMMERICAL UMBRELLA
A form of liability insurance policyholders for claims in excess of the limits of their primary business automobile, general liability, and workers compensation policies. It also provides coverage for some sources of loss that are not covered by their primary policies. Such cases are subject to a deductible (or self-sured retention).

11. INLAND MARINE
1) The insurance of property (generally on an “all-risk” basis) that is in the course of transportation or is of such a nature that it may easily be transportated. Also includes some risks at fixed locations considered “instruments of transportation or communication, “such as bridges, tunnels, neon signs, and street clocks, etc., which were accepted as inland marine by custom.
2) Originally meant the insurance of goods in transit “inland,” instead of at sea, by underwriters who specialized in ocean marine insurance.

12. WORKERS COMP
Protection which provides benefits to employees for any injury or contracted disease arising out of and in the course of employment. All states have laws which require such protection for workers and prescribe the length and amount of such benefits provided.

13. CERTIFICATE HOLDER
The individual or business that requests and receives written verification of insurance coverage on an individual or business. The insurance company issues the certificate of insurance.

14. CONTACT INFORMATION
James Ralph
President
James Ralph Agency