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| Insurance purchased to cover the "gap" between primary
insurance and an excess policy. |
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| Garagekeepers
Legal Liability |
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Provides coverage to owners of storage garages, parking
lots, etc. for liability as
bailees with respect to damage to automobiles left in
their custody. Coverage is contingent upon establishing
liability on the part of the insured. |
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| The total amount that will ever be paid by an insurance
policy regardless of the number of claims made against
it. |
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| General
Partners' Liability Coverage
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This type of insurance is also known as General Partners'
Liability and Limited Partnership Reimbursement coverage.
A general partner's management and fiduciary responsibilities
to a limited partnership closely parallel the director's
or officer's to a corporation. Exposure occurs when
general partners become the financial managers of a
limited partnership. The directors and officers of corporate
general partners share this type of exposure.
Some causes of claims are as follows:
Untrue written or oral statements made by the general
partners.
Breach of fiduciary duty.
Incomplete disclosure of facts.
Omission or misleading statements in the offering memorandum.
Selling of unregistered limited partnership interests.
Conflict of interest.
Failure to devote adequate time to the partnership.
Appointment of drilling contracts without proper prior
investigation as to their experience.
Failure to minimize risk factors that prove detrimental. |
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| Covers the replacement of broken glass in doors and
windows. Usually includes temporary measures to secure
a property in the event of glass breakage. |
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| RETURN
TO TOP |
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