Description

This course—Commercial Auto, Surety, CIPs, and Miscellaneous Lines— begins with a description and brief analysis of the typical structure and format of a contractor’s insurance program. It provides an overview of various additional coverage needs of many contractors, including auto liability, professional liability, pollution liability, employment practices liability, directors and officers liability, and fiduciary liability insurance. It also discusses the two coverage triggers—occurrence and claims-made—with particular emphasis on the latter which is often used with professional liability policies. This includes many scenarios displayed in exhibits that illustrate how the trigger works. In addition, this course provides an overview of two special areas of importance for contractors—consolidated insurance programs (CIPs) and surety bonds.

This is an intermediate level course.

Prerequisites: a basic understanding of auto coverages, surety, and controlled insurance programs.

Upon completion of this course, you will be prepared to:

• recognize the manner in which a contractor’s insurance program is typically organized and structured, and identify the differences between this structure and alternative methods of organizing the program;
• identify the major coverages of the commercial auto policy, emphasizing the auto loss exposures contractors face;
• recognize the scope of coverage provided under the standard commercial auto policy and utilize this information to identify appropriate recommendations for needed coverages for contractors;
• using an insured contractor’s operational information, recognize the need for professional liability coverage, whether it is a contractor’s professional liability policy or an architects and engineers professional liability policy;
• recognize the need for pollution liability coverage to contractors after evaluating the contractor’s operations and loss exposures;
• analyze the coverage details found in most employment practices liability policies and properly educate contractors by pinpointing the potential need for this coverage;
• evaluate the standard coverages available under a directors and officers liability policy and identify reasons why this coverage may become necessary for contractors; 
• after ascertaining the employee benefits the contractor provides, determine whether a contractor should purchase fiduciary liability insurance and identify the key coverages if this protection is needed;
• compare and contrast the two main liability coverage triggers—claims-made and occurrence—and identify the appropriate trigger for each applicable policy to the insured contractor;
• identify the key components, and recognize the pros and cons, of controlled insurance programs to the insured contractor; and
• recognize circumstances in which the insured contractor needs to purchase surety bonds and identify the rationale for this specialized coverage.

Course #219268 | 8 P&C | Instructor: Carlton Gill