Understanding CGL Insurance: Who is an Insured and What Does It

School: University Of Georgia - Course: RMIN 4000 - Subject: Accounting

CGL: •Who is an Insured • Supplementary Payments (5.31 to 5.37) •Limits (6.1 to 6.7) •Coverage Triggers (6.21 to 6.24)

Lil' Shoppe Files Claim against Lil ShoppeLil Shoppe reports claim to CGL The CGL Policy will pay on behalf of the Insureds. Blue Guy is thePlaintiff / Claimant Who is an Insured?

CGL:Who is an Insured • Section II of the CGL indicates the individuals and organizations that are considered "insureds" • If designated in the declarations, insureds include: • Owner and spouse if a sole proprietorship • Partners, members, and their spouses if a partnership or joint venture •Members and managers if a limited liability company (LLC) •Officers, directors, and stockholders if a corporation • A trust and trustees, but only with respect to their duties as trustees • Insureds also include persons not named in the policy: •Volunteer workers acting for the organization •Employees acting within the scope of employment •Any person or organization acting as a real estate manager • A legal representative if the named insured should die • Any newly acquired or formed organization, other than a partnership, joint venture or LLCBasically owners & spouses

Who is an insured? NOT in these cases Employees / Volunteers are INSUREDS...but not covered under these • Co-Employee and Related • Medical Professional Liability• Named Insured's Employees' or Partners' property • Unnamed Partnerships, Joint Ventures or Limited Liability companies will ONLY be covered ifthey are named (usually $$)