GK Quiz - Hard

• These notes relate to a specific insurance policy and its coverage details.

Acts of Terrorism

• Coverage applies only if a government body certifies the act as terrorism.

Electronic Data and System Damages

• Policy covers damages if there is a specific cyber liability endorsement.

Appraisal of Loss

• The insurer can demand an appraisal at any time there is a dispute of the claim's value.

Legal Defense Costs

• Defense costs are unlimited and are in addition to the limits of liability.

Punitive Damages

• Claims for punitive damages are excluded from coverage.

Claims Involving Covered and Excluded Perils

• Claims are adjusted to separate damages due to covered perils from those of excluded perils.

Definition of "Occurrence"

• In liability insurance, it is defined as an accident, which includes continuous or repeated exposure to the same general harmful conditions.

Coverage Extension for Newly Acquired Entities

• Automatic coverage extends for 30 days; the acquisition must be reported to continue coverage beyond that.

Vehicle Use Exclusions

• Coverage excludes instances when vehicles are used for racing or speed testing.

Loss Adjustment Expenses

• These expenses are covered in addition to the policy limit.

Indemnity for Directors and Officers

• Illegal acts or acts resulting in personal profit are excluded.

Alcohol-Related Accidents

• Coverage applies only if the insured has liquor liability coverage.

Vandalism

• Coverage is subject to a sub-limit of $10,000.

Off-Premises Utility Services

• Coverage is provided only if damage results in a cessation of operations.

Earthquake Damages

• Earthquake damages are excluded unless specifically added via endorsement.

Claim Settlement Obligation

• There is an obligation to attempt in good faith to effectuate prompt, fair, and equitable settlements of claims where liability has become reasonably clear.

Intentional Acts

• Intentional acts committed by the insured are excluded from coverage.

Losses Due to War or Military Action

• Losses of this nature are excluded from coverage under all sections.

Intellectual Property Claims

• These claims are not covered under this policy.

Liability Coverage for Hired Autos

• Coverage excludes instances when vehicles are used in violation of the hire agreement.

Coverage Limitations for Newly Acquired Organizations

• There is automatic coverage for 30 days.

Antitrust Violations

• Antitrust violations are not covered under any circumstances.

Use of Drones or Unmanned Aerial Vehicles

• This is excluded from coverage.

Subcontractor-Related Claims

• Coverage is provided only under a contingent liability endorsement.

Pollution Liability

• To be eligible, sudden and accidental releases must be reported within 72 hours.

Cyber Security Breaches

• Reporting is not required as cyber incidents are not covered.

Non-Compliance with Industry Safety Standards

• Coverage is conditional on compliance with all applicable safety regulations.

Coverage for Advertising Activities

• Coverage is provided, but limited to errors and omissions.

Handling of Legal Fees in Settlements

• Legal fees are paid separately and in addition to the limit of liability.

Data Breaches and Information Security

• This is not covered under this policy.

Mold and Fungi Damage

• This is not covered under any section of the policy.

Conditions for Claiming Lost Business Income

• There must be a direct physical loss to property.

Handling of Overseas Claims

• All claims are settled according to the laws of the state where the policy was issued.

Exclusions for Products and Completed Operations

• Exclusions apply to products recalled due to defects.

Coverage for Intellectual Property Violations

• This is not covered under this policy.

Use of Subcontractors in Terms of Liability

• The insured must provide proof of subcontractors' insurance.

Punitive Damages from Civil Lawsuits

• These are generally excluded from coverage.

Actions Covered Under "Personal and Advertising Injury"

• Injury arising out of copyright infringement.
• False arrest, detention, or imprisonment.
• Malicious prosecution.

Claims Related to Asbestos

• Claims related to asbestos are fully excluded.

Conditions Applying to Coverage of Hired Autos

• This is covered for both liability and physical damage.