Comprehensive General Liability Insurance (cgl)
Definition of "Comprehensive general liability insurance (cgl)"
Coverage against all liability exposures of a business unless specifically excluded. Coverage includes products, completed operations, premises and operations, elevators, and independent contractors. This form has been replaced by the commercial general liability form (CGL).
Products coverage insures when a liability suit is brought against the manufacturer and/or distributor of a product because of someone incurring bodily injury or property damage through use of the product. (The manufacturer of the product must use all reasonable means to make certain that the product is free from any inherent defect.) Completed operations coverage for bodily injury or property damage incurred because of a defect in a completed project of the insured. Premises and operations coverage for bodily injury incurred on the premises of the insured, and/or as the result of the insured's business operations. Elevator coverage for bodily injury incurred in an elevator or escalator on the insured's premises. Independent contractors coverage for bodily injury incurred as the result of negligent acts and omissions of an independent contractor employed by the insured.
Popular Insurance Terms
Deductible applicable to each loss so that the amount of each loss retained by the insured varies according to the peril that caused the loss. For example, the split deductible in a policy ...
Limitation imposed on insurance companies by state law. States oversee the insurance industry, being responsible for making certain that the rates are fair, reasonable, and adequate, and ...
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Specific date determined by the Internal Revenue Service on which a beneficiary has received a death benefit from an insurance company, an annuitant has received an income benefit, or a ...
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Capacity of parties to an insurance contract to understand the meanings of their action in order for the contract to be valid. ...
Diagram of cause and effect relationships, showing the possible outcomes if a particular course of action is taken or continued. This method of analysis, which is founded in the testing of ...
Language in the insurance policy that can be considered unclear or subject to different interpretations. Under these circumstances, the courts have generally ruled in favor of insured ...
Proportion of losses incurred to premiums earned. This ratio indicates the amount of a premium dollar that is being consumed by losses. ...
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