Commercial General Liability
This coverage often referred to as general or public liability provides insurance protection against bodily injury and property damage claims brought against the insured by third parties or members of the public. The basis of such a claim is an allegation of negligence against one or more of the insureds, which has resulted in damages to a third party. If a claim or lawsuit is filed against the insureds, the insurance company has both the right to settle and a duty to defend the insureds against the claim or suit.
This is added to a liability insurance policy with the intent to provide limited coverage to a party other than the insured for liability arising out of the insured’s premises or operations.
Hold Harmless Clause
This clause is generally found in a contract or insuring agreement that attempts to relieve one party from claims for damages or liabilities that might arise via their relationship with the second party.
This clause is generally found in a contract or insuring agreement that requires the party providing the indemnity to defend and pay any claims or damages that the held-harmless party may become legally obligated to pay to a third party. An indemnity clause usually accompanies the hold harmless clause.
Directors and Officers Liability
This coverage provides insurance protection for directors, officers, volunteers, employees, and for the organization. The basis for such claims is an allegation of “wrongful acts” against the insureds individually or the organization. “Wrongful acts” means any actual or alleged act, error, omission, misstatement, misleading statement, neglect or breach of duty by the directors, officers, or the organization in the discharge of their duties. If a claim or lawsuit is filed against the insured, the insurance company has the right to settle and provide coverage to defend the insureds against the claim or suit.
Difference in Conditions
For Fraternity owned property, this coverage provides insurance protection against specific types of potentially large or catastrophic losses such as earthquake and flood. Coverage is subject to separate annual aggregate limits for earthquake and flood. For its specific perils, this insurance coverage provides the same type of protection as the property and equipment breakdown insurance coverages. Due to the wide variation in these types of exposures, only specific locations are protected.