Masonry Magazine February 1967 Page. 13
insurance for contractors
SECOND EDITION
Revised to include the new policy forms and entirely new material on:
* Contract Bonds
* Architects' and Engineers' Professional Liability
* Contractors' Equipment Floaters
* Builders' Risk Insurance
* Employee Benefit Liability
* Uniform Hold-Harmless Clauses
* Composite Rating
by
Walter T. Derk
Assistant Vice President
FRED. S. JAMES & Co.
Insurance Brokers and Consultants
Since 1858
PART IV
Policy exclusions and Limitations are covered very completely in this installment. Keep this issue and every issue of Masonry so that you will have the latest on insurance. For back issues covering this subject write to Masonry, and they will be sent as long as the supply lasts.
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 better 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 an Occurrence"
Both bodily injury and property damage are limited to injury or damage caused by an occurrence as defined in the policy:
"an accident, including injurious exposure to conditions, which results, during the policy period, in bodily injury or property damage neither expected nor intended from the standpoint of the insured."
Although quite properly listed as a policy limitation, this is an important broadening of coverage compared with the old policy form, which limited coverage to injury or damage "caused by accident", therefore traceable to a definite time, place and unexpected cause. This substitution of the word occurrence will undoubtedly cover losses previously uninsured.
B-Tangible Property Damage
A new definition limits property damage to injury to or destruction of tangible property.
C-Automobiles
Exactly what constitutes an automobile by policy definition is a big subject. See discussion, page 40.
D-Watercraft
This exclusion applies to watercraft away from the insured's premises. It, too, is an exposure better handled