An occurrence policy offers lifetime coverage for incidents that occur during the policy period, regardless of when the claim is reported. A claims-made policy only covers incidents that occur and are reported within the policy's time frame unless a 'tail' extension is purchased.
Excess liability insurance provides additional limits to an underlying policy, while umbrella liability insurance expands coverage to include claims and losses outside its initial scope.
Additional insured (AI) endorsements extend insurance coverage to a third party specified by the policyholder in the event of a claim or negligent act.
Vendor compliance involves ensuring third parties fulfill all expectations in the partnership via risk assessments, evaluations, and continuous oversight.
Although both are entitled to insurance benefits, loss payees receive property loss coverage while additional insureds only receive liability coverage.
Commercial general liability (CGL) is a type of insurance coverage that protects a business from risks such as bodily harm, property damage, advertising, and personal injuries.
Vendor compliance software is an integrated platform enabling businesses to communicate with, hire, and track documentation for third parties in real time to ensure adherence to laws, regulations, and policy stipulations.
