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The
following are frequently asked questions regarding various coverage
areas. |
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Boiler and Machinery
What does Boiler and Machinery Cover?- Basic
Coverage - This coverage protects boilers and vessels equipment. Depending
on your needs, coverage for air conditioners/compressor units can be included
in the policy.
- Boiler & Machinery - This insurance covers direct damage
to covered property from a covered cause of loss. "Covered property" is any
property owned by you or that's in your care, custody or control, and for which
you are legally liable. A "cause of loss" is a sudden and accidental breakdown
of your boiler and machinery equipment or any part of the equipment described
in the policy.
- Broad
Coverage Form - This covers a wider range of equipment, including any
boiler, fired or unfired pressure vessel, refrigeration or air conditioning
units, and other mechanical or electrical equipment.
Automobile
What
does Business Auto cover?- Auto
coverage related to businesses has five separate forms — business auto,
business auto physical damage, garage, truckers and motor carrier. An auto
policy can be tailored to fit the needs of your business.
Business Owners Policy
What is a Business Owners policy?- A
business owners policy — or BOP — is typically geared toward small
businesses. Coverages are packaged in a BOP based on the needs of your
business.
Directors and Officers Liability
What does a Directors' & Officers' Liability (D&O)
cover?- This
coverage protects directors and officers of corporations or organizations who
might be sued as individuals by stockholders or employees.
Employment Practices Liability
What is Employment Practices Liability?- Employment Practices Liability (EPL) insurance helps preserve and
perpetuate a business when it is involved in a lawsuit with an employee,
covering such things as attorney fees and settlement costs.
Fiduciary Liability
What is Fiduciary Liability?- A
"fiduciary," such as a pension fund manager, is required to manage investments
held in trust in the best interest of beneficiaries. This insurance covers
breaches of duty such as misstatements or misleading statements, errors and
omissions.
- What
is General Liability?
- This
broad commercial policy covers liability exposures of a business not
specifically excluded. Exposures could include liability arising out of
accidents at your premises, operations at your business, products you sell or
work you perform.
- What
is Inland Marine coverage?
- This
covers articles in transit by all forms of land and air transportation,
including via bridges and tunnels.
- What
is Malpractice insurance?
- This
professional liability coverage protects physicians, lawyers, and other
specialists against suits alleging negligence or errors and omissions that have
harmed their clients.
- What
is Professional Liability / Errors & Omissions (E&O)?
- Known
alternately as professional liability or errors and omissions, this insurance
covers professionals for negligence and errors or omissions that injure their
clients.
- What
does Commercial Property insurance cover?
- This
coverage protects a company's the building and structures; materials used to
maintain and service your premises; and business personal property that you own
and use in your business. The coverage also includes furniture and fixtures,
stock and several other similar business property items not specifically
excluded. The policy also protects you against loss or damage to the personal
property of others while in your care, custody or control.
- What
is a Self-Insured Program?
- Self-insurance refers to assuming all or a portion of a financial
risk yourself, rather than paying an insurance company to do so. It also refers
to an employer's assumption of all or part of the costs of paying health
insurance claims of employees.
- What
is an Umbrella policy?
- An
umbrella policy provides liability protection beyond the limits of a standard
insurance policy, offering broader coverage for some claims that wouldn't be
covered by a standard policy.
- What
is Workers Compensation?
- This
coverage pays benefits to an employee or an employee's family if the worker
suffers a job-related injury (including death) or an occupational disease. It
is mandatory for businesses in New York State to have this
coverage.
Please Note - The above information is a broad overview of selected
topics, and is for discussion purposes only. Please contact your Private Client
Insurance Services Account Executive for more detailed information. |
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