Masonry Magazine March 1965 Page. 5
Special Report:
On a subject matter of vital concern to every responsible mason contractor
INSURANCE FOR CONTRACTORS
By Walter T. Derk, Fred S. James & Co.
The Mason Contractors Association of America is pleased to present this Special Report on "Insurance For Contractors". It is a comprehensive guide to liability exposures common to the Construction Industry and the Insurance coverages available to protect against them. The Report will cover General Liability, Property Damage, Contractual Liability, Illinois Scaffolding Act, Automobile Liability and Workmen's Compensation. Make sure you read this and every part of this masonry feature.
PART III
LIMITS OF LIABILITY
The Comprehensive General Liability Policy provides for one Bodily Injury limit per person, another per accident and a third limit as an aggregate for all Products Completed Operations bodily injury claims arising during the policy period, per year if the policy is written for three years.
Thus, 100/300/300,000 contemplates a Bodily Injury limit of Products Completed Operations bodily injury claims during a $100,000 per person injured, $300,000 per accident regardless of number of persons involved, and a total limit of $300,000 for all Products -Completed Operations bodily injury claims during a single policy year.
Property Damage Liability lists one limit per accident, another as an aggregate limit individually applicable to each of the five separate hazards covered by the Comprehensive Policy form, except Elevator Liability, which has no aggregate limit.
Thus, 50/100,000 means a Property Damage limit of:
$ 50,000 Each Accident
100,000 Aggregate Operations
100,000 Aggregate Independent Contractors Protective
100,000 Aggregate Products Completed Operations
100,000 Aggregate Contractual
Unlike Bodily Injury, however, the Property Damage aggregate limits for Operations, Protective and Contractual apply separately to each project with respect to operations being performed away from premises owned by or rented to the named insured. The Products Completed Operations aggregate continues to apply to all claims within a single policy year.
POLICY EXCLUSIONS AND
LIMITATIONS
The Comprehensive General Liability Policy form, while providing broad coverage, is still subject to basic exclusions and limitations. The fine print is there to eliminate (1) hazards bettter insured elsewhere, (2) employee injuries covered by Workmen's Compensation statutes, (3) certain special risks which would be prohibitively expensive to include on a blanket basis and (4) hazards considered completely uninsurable. These include, but are not limited to:
A-"Caused by Accident"
Both the Bodily Injury and Property Damage Insuring Agreements limit coverage to injury or damage caused by accident; that is, traceable to a definite time, place and unexpected cause. There is considerable vari-
This material is copyrighted by Walter T. Derk, 1963, and can not be reproduced in any manner without the written permission by both Mr. Derk and the MCAA.