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Personal Umbrella Liability Policy (DL 98 01)
A personal umbrella liability policy provides high limits of liability coverage to protect an insured against a catastrophic liability loss. Excess basis.
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Commercial Liability Umbrella Coverage Form (CU 00 01)
provides excess limits of coverage over and above the limits provided in various basic underlying liability policies. Specifically, most umbrella liability policies provide excess coverage over the business’s general liability, auto liability, and employers liability insurance.
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Directors and Officers (D&O) Liability Insurance
protects a corporation’s directors and officers—and sometimes the corporation—against liability arising out of wrongful acts. It also reimburses the corporation in situations where the corporation indemnifies its directors and officers for their wrongful acts.
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Employee Benefits Liability (EBL) Insurance (CG 04 35) (CU 04 03)
Employee benefits liability insurance deals with claims that involve errors or omissions in administering employee benefit plans.
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Employment Practices Liability Insurance (EPLI)
deals with claims from employees who allege discrimination, wrongful termination, sexual harassment, retaliation, and various other workplace torts.
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Lawyer's Professional Liability Insurance
- Claims against attorneys can be classified by type of legal error
- administrative (e.g., failure to file suit before the statute of limitations expires)
- substantive (e.g., as a result of his lawyer’s failure to search a public record, a client buys real estate with a defective title)
- client relations (e.g., failure to get a client’s consent before settling a case in which the client was injured in an auto accident)
- intentional wrongdoing (e.g., filing suit only to harass a defendant)
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Hammer Clause
- Settlement Amounts—The insurer must get the insured’s consent before settling a claim for an amount proposed by the insurer and agreed to by the claimant. However, if the insured rejects a settlement figure that has been offered by the insurer and agreed to by the claimant, and the claim is later closed for a larger amount, the insurer is liable only for the settlement amount initially agreed upon with the claimant.
- Defense Costs—If an insured rejects a settlement recommended by the insurer, any additional defense costs and expenses accrued from that point on are not covered by the policy.
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Uninsurable Exposure Exclusions
- exposures within an insured's control
- insurance against public policy
- economic or business risk
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