Aviation or marine insurance covering damage sustained to an insured vessel or airplane.
A type of liability coverage designed to protect traditional professionals (e.g., accountants, attorneys) and quasi-professionals (e.g., real estate brokers, consultants) against liability incurred as a result of errors and omissions in performing their professional services. Although there are a few exceptions (e.g., physicians, architects, and engineers), most professional liability policies only cover economic or financial losses suffered by third parties, as opposed to bodily injury (BI) and property damage (PD) claims. This is because the latter two types of loss are typically covered under commercial general liability (CGL) policies. The vast majority of professional liability policies are written with claims-made coverage triggers. In addition, professional liability policies contain what are known as “shrinking limits,” meaning that unlike CGL policies (where defense costs are paid in addition to policy limits), the insurer’s payment of defense costs reduces available policy limits. Accordingly, when attempting to determine appropriate policy limits, insureds must consider the fact that because defense costs are often a high proportion of any claim settlement or judgment, they must usually purchase additional limits. The most common exclusions in professional liability policy forms are for BI, PD, and intentional/dishonest acts.
A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).
Electronic Data Protection
The exposure faced by individuals and organizations that may cause loss of, damage to, or inability to access or use electronically stored data. The exposure is the subject of an exclusion in standard general liability policies and may be insured separately under a claims-made policy that covers “electronic data incidents” resulting in damage to, loss of, loss of use of, corruption of, inability to access, or inability to properly manipulate electronic data.
Invasion of Privacy
Violation of a person’s right to be left alone. Invasion of privacy is considered a “traditional” personal injury (PI) tort.
Coverage applies to bodily injury and/or property damage to a third party.
Your direct work is excluded. However, property damage or bodily injury as a result of your work is covered. Covers your liability for accidental bodily injury and property damage arising outside of the operation of your business.
Claims or suits that arise out of the ownership, maintenance, or use of aircraft are generally excluded under standard commercial liability (CGL) forms. Businesses that elect to use private aircraft in their operations must purchase specialty insurance to cover their aircraft liability loss exposure: aircraft liability coverage or stand alone non-owned aircraft liability and perhaps excess aircraft liability coverage. Coverage for third-party aircraft liability is often provided, which includes hull (physical damage) and medical payments.
Drone Racing League Coverage
Personalized, custom insurance policies that cover all aspects of drone racing leagues, organizations, events, and more. This coverage is specifically designed for each league based on their unique insurance needs.