Premises v Products - Alternative Wrap Up Limit Approaches
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Every commercial general liability policy contains two aggregate limits - one for Products Completed Operations and one for all other liability. The latter aggregate is the General Aggregate. Understanding this can be a critical tool in managing stakeholder insurance limit requirements.
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Premises v Products - Alternative Wrap Up Limit Approaches
- 1. EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Products Liability Post Construction – Construction Defects Premises Liability During Construction Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Limit Approaches Option I – Traditional OCIP Primary/Excess Layout Slide 1 of 6
- 2. $1,000,000 OCCURRENCE LIMIT $1,000,000 OCCURRENCE LIMIT EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Products Liability Post Construction – Construction Defects Premises Liability During Construction Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Limit Approaches Option II – Uneven Primary OCIP Slide 2 of 6 $1,000,000 Occurrence Limit Not Equal to Aggregate Limit
- 3. NOT COVERED NOT COVERED EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Products Liability Post Construction – Construction Defects Premises Liability During Construction Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Limit Approaches Option III – Premises Liability Excess OCIP Slide 3 of 6 No Products Coverage in Excess Layer
- 4. 1st Excess NO Products Liability NOT COVERED NOT COVERED 1ST EXCESS OCCURRENCE LIMIT 1ST EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Products Liability Post Construction – Construction Defects Premises Liability During Construction Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Limit Approaches Option IV – Premises Liability Excess Bridge Slide 4 of 6 2nd Excess INCLUDES Products Liability EXCESS OCCURRENCE LIMIT 2ND EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT 2ND EXCESS GENERAL AGGREGATE LIMIT
- 5. EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT NOT COVERED NOT COVERED Products Liability Post Construction – Construction Defects Premises Liability During Construction Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Limit Approaches Option V – Large Premises Only Bridge Slide 5 of 6 Primary DOES NOT INCLUDE coverage for Products Liability
- 6. EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Products Liability Post Construction – Construction Defects Premises Liability During Construction Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Limit Approaches Option VI – Subcontractors Supplementing Limits Slide 6 of 6 EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT