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Coverage
Highlights -
The coverage information contained herein
is a listing of highlights only; refer to the actual policies for
full terms, conditions, exclusions and limitations. In the event of
a conflict between these highlights and the actual policies, the
provision of the actual policies will govern.
Special
Conditions:
- The
minimum underlying insurance limits are program
requirements and cannot be amended for
any individual member.
- The
CGL defense cost must apply outside the
limit and the general aggregate limit must apply
per location.
- The
D&O must be placed with Great American. If D&O is placed
elsewhere, the minimum underlying insurance is $2,000,000.
*Exception: If the D&O policy is already in
force and placed with Travelers, USLI, Chubb or CNA, the minimum
underlying insurance may be $1,000,000. D&O is subject to
replacement with Great American at its normal anniversary date
with the exception of NY risks.
- It
is warranted by each member that all underlying
insurers are rated A- VI or better, by A.M. Best,
at the time the underlying insurance became effective and when it
is renewed or replaced.
Lead Carrier:
Great
American Insurance Company (Admitted)
Named Insured:
Distinguished
Properties Umbrella Managers, Inc., A Risk Purchasing Group and its
members. All Named
Insureds must be specifically scheduled on the policy.
Lead Policy Form:
Protector
Commercial Umbrella Form
GAI 6002 06/97 Ed. (a specimen policy is available upon request)
Insuring Agreements:
Umbrella
Liability / Excess Follow Form Coverage
Self Insured
Retention:
None
Endorsements:
- Community
Association PG Endorsement
including:
Application of Limits
of Liability
Application of
Certificate of Coverage (Policy
Declaration)
- Named
Insured Endorsement (Purchasing Group wording)
- Limitation
of Coverage to Specified Locations Endorsement
- Knowledge
of Occurrence Clause
- Notice
of Occurrence
- Unintentional
Errors or Omissions
- Amendment
of Insuring Agreement – Known Injury or Damage
- Bodily Injury
and Property Damage - Following Form
- Personal
Injury - Following Form
- Advertising
Injury - Following Form
- Contractual
Liability -
Oral & Written - Tort Liability Only (Follow Form)
- Auto
Liability – Following Form
- Directors and Officers Liability
for Not-for-Profit Community Associations – Following Form
- Punitive
or Exemplary Damages - Following Form
- Host
Liquor Liability - Following Form
- Employee
Benefit Liability – Following Form
- Amendment
of Pollution Exclusion – Exception for Named Peril of Hostile
Fire; Building Heating Equipment
- Real
Estate Agents and Brokers Errors and Omissions Exclusion
- Professional
Liability Exclusion
- Employment
Related Practices Exclusion
- Fungi,
Mold or Spores Exclusion
- Non-Business
Activities Exclusion
- Exclusion
– Liability Arising out of Lead
- Care,
Custody or Control Exclusion – Real or Personal Property with
Garagekeeper’s Legal Liability Exception
- Aircraft
Liability Exclusion
- Watercraft
Liability Exclusion –
Exception for Non-Owned Watercraft - up to 26’ in length
- Intellectual
Property Exclusion
- Real
Estate Development
or Construction of Real Property Exclusion
- Real
Estate Developer/Builder/Sponsor Exclusion
- Swimming
Pool Fencing Conditional Exclusion
- Maintenance of Underlying Insurance
Requirements
endorsement
- Limited
Terrorism Exclusion (Other than Certified Acts)
- Exclusion
of Punitive Damages Related to a Certified Act of
Terrorism
Limitations:
- Coverage
is limited to real estate risks only and covers risk exposures
usual and customary to a real estate owner. This program does not
cover construction or development operations.
- Newly
acquired locations and newly formed entities must be reported to
and accepted by the company within thirty (30) days.
Schedule of Minimum
Underlying Insurance:
Commercial
General Liability (CGL):
- $1,000,000
Per Occurrence
- $2,000,000
General Aggregate (per location)
- $1,000,000
Products/Completed Operations
- $1,000,000
Personal & Advertising Injury
Commercial
Automobile Liability:
- $1,000,000
Combined Single Limit
Employer's
Liability:
- $500,000
Each Accident
- $500,000
Each Policy Disease
- $500,000
Each Employee Disease
Employee
Benefits Liability:
- $1,000,000
Each Claim/Occurrence
- $1,000,000
Aggregate
Not for Profit
Condominiums, Cooperatives or HOA Directors and Officers Liability
:
Great
American as Underlying Carrier:
- $1,000,000
Aggregate per Association
Other
than Great American as Underlying Carrier:
(Travelers, USLI,
Chubb or CNA only)
- $2,000,000
Aggregate per Association
Garagekeeper’s
Legal Liability:
- $1,000,000
Each Occurrence
Cancellation
Provisions:
- Ten
(10) days for non-payment of premium/fees
- Thirty (30) days for underwriting
reasons
- Sixty
(60) days for
non-renewal
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