Video instructions and help with filling out and completing Fill Form 2220 Liability

Instructions and Help about Fill Form 2220 Liability

What we're going to go over here today is the cord 126 which is the general liability application mm-hmm with that being said what I have up here in front again I used a court advantage to get this application but this is the Accord 126 the general liability section and as we discussed last time on the 125 you would complete this application any time that you need liability coverage on commercial lines and you just fill this out along with the 125 that you fill out each time so without further ado let's go ahead and just kind of get clicking through here so hmm first off we just start with the easy stuff today's date and then if it's access plus you would leave this information up here blank agency and carrier and that sort of thing you can fill this in if you're sending it in through your own office however we do want to put down what date you would like this policy to be effective so we're just going to say it's due on the 15th of March and again we need to put down the policy applicants first name insured and as we discussed last time if it's a sole proprietor we would just put down the sole proprietors name doing business as whatever the business is or if it's in in court of a corporation an LLC we would actually put down the name of the LLC or corporation because that would be the entity okay so depending on what the name insurer it is that's how that would be and then and if anyone has questions on that to be happy to help them um nix down here on the commercial general liability section um we're gonna obviously check that I don't know why they put that there we check it every time and then we have a decision to make either we're going to write this policy as a claims-made basis or as an occurrence basis okay now we get into some fun stuff um most policies are written on an occurrence basis okay claims made an occurrence the difference between the two is basically on a claims-made policy the policy in force at the time the claim is made is the policy that pays the claim on an occurrence based policy the policy in effect at the time the occurrence happened is what policy pays the claim so let's take a school for example let's say back when I was in high school the band room that I was in I'm pretty sure the ceiling was made out of pure asbestos and whenever it rained and asbestos particles would drip in maybe the powder would get in my lungs or something well down the road let's say I develop some sort of a condition and I decide to sue the school because it was the asbestos that caused this lung condition that I have now if the school is written on an occurrence policy which most policies are written that way what that means is that if I sue them and the occurrence happened back in like 1985 or something like that then the 1985 policy is the policy that would pay because that's when the occurrence happened okay so if there are limits we'll lower back then which I'm sure they were back in 1985 and we'll say this happens 10 years in the future then you're going to have lower limits than you probably need to handle a lawsuit in modern times now in most cases with schools and institutions where this can happen where someone Sue's them for something that happened in the past like let's say an eno policy then those should be written on a claims-made policy meaning that even though the occurrence happened the asbestos went into my loan was back in 1985 I make the claim in 2025 the policy in 2025 is what's going to actually pay the claim so if they have like five million dollar perk current limits then that's going to pay the claim versus five hundred thousand dollar limit back in 1985 so that's the difference between a claims made in an occurrence policy and a lot of times you see claims-made policies for businesses that are like institutions like schools churches that sort of thing and no policies are another example of a claims-made policy because you know you might have messed up ten years ago and when the when they you know find out that you screwed up on the policy ten years later you want it to be your current policies limits that cover that claim because obviously inflation and that sort of thing affects how much they'll actually sue you for in present times so that's the difference between the claims I mean occurrence policy now if you're thinking about something like a contractor or like a bar you know generally the occurrence that's going to happen is they get in a bar fight or something or someone hurts themselves slips and falls or something like that that's going to happen like now and as you can imagine an occurrence based policy is much cheaper than a claims-made policy so that's why almost always you'll choose occurrence unless it's like an institution or you know type of policy so that's an example of the two you can get a lot more information on claims made versus occurrence in rough notes as well as CIC classes which I encourage everyone to take at wws CIC calm and they go into more detail on that in the commercial casualty class so anyway but that's the that's the Josh josh Notes version um the limits this is going to be um will just go down the list here and I'll explain each one a little bit general aggregate means the total that the policy pays for property damage or bodily injury over the course of