Commercial Insurance by sallyflower

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									Commercial Insurance Program Policy Overview 2005/06

Policy
Commercial Property • Westchester Surplus Lines Insurance Company • Policy Term: 6/1/05 – 6/1/06 • RSUI (Excess Property Coverage) • Policy Term: 6/1/05 – 6/1/06

Limits of Insurance
Westchester Policy • Property Limit $ 25,000,000 includes buildings, contents, business income/extra expense and loss of utilities • Research Animals $ 1,000,000 • Radioactive Contamination $ 500,000 • Deductible $ 5,000 ($2,500 for laptops) RSUI Policy • Property Limit $32,603,548 includes buildings, contents, business income/extra expense and loss of utilities in excess of Westchester policy limit • Deductible $ 25,000,000

Types of Losses Covered
Damage to or loss of buildings, personal property (furniture, equipment), business income, research animals caused by fire, lightning, smoke, water damage and other perils not specifically excluded under the policy. Examples Fire causes damage to a trailer, desks, computer equipment and files. Power surge or electrical arcing damages computers. Water damage shuts down the clinic and nurses are unable to see patients, thereby causing a loss of income.

Equipment Breakdown • St. Paul/Travelers Insurance Company • Policy Term: 6/1/05 – 6/1/06

$20,000,000 total limit per breakdown Property Damage and Business Income included Deductible varies based on type of loss

Damage to mechanical equipment due to explosion as well as loss of income due to the loss.

This overview is not intended to represent the specific and detailed policy terms and conditions comprising LA BioMed's commerical insurance program. Please reference policies directly for more detailed and accurate coverage interpretations.

Commercial Insurance Program Policy Overview 2005/06

Policy
Commercial General Liability • Lexington Insurance Company • Policy Term: 6/1/05 – 6/1/06

Limits of Insurance
$1,000,000 Per Occurrence $3,000,000 Aggregate Per Policy Term $1,000,000 Personal/Advertising Injury Limit $5,000 Medical Expense Limit Deductible $25,000

Types of Losses Covered
Lawsuits that allege bodily or personal injuries or property damage caused by the operations or actions of LA BioMed. Examples Premises Liability – visitor slips and falls in the LA BioMed parking lot and injures themselves. Personal Injury Liability – client/patient alleges libel, slander or invasion or privacy against LA BioMed. Contractual Liability – another entity claims that LA BioMed is not fulfilling is obligations under a contract. Covers damages resulting from a medical incident arising out of any professional services delivered by LA BioMed’s clinical trials research operations. Example A person is injured from participating in a clinical trial. The injured person sues the organization.

Commercial Professional Liability • Lexington Insurance Company • Policy Term: 6/1/05 – 6/1/06 • Note: This is a claims-made policy with a retroactive date of 9/16/97 • Applies to clinical trials research and not the Women’s Clinic

$1,000,000 Per Claim Made $3,000,000 Aggregate Per Policy Term Deductible $25,000

This overview is not intended to represent the specific and detailed policy terms and conditions comprising LA BioMed's commerical insurance program. Please reference policies directly for more detailed and accurate coverage interpretations.

Commercial Insurance Program Policy Overview 2005/06

Policy
Commercial Automobile • Non-profits United Insurance Pool • Policy Term: 7/1/05 – 7/1/06

Limits of Insurance
$1,000,000 Liability $1,000,000 Underinsured Motorists $1,000,000 Uninsured Motorists $5,000 Medical Payments Physical Damage Comprehensive and Collision Non-owned and Hired Car coverage $500 deductible on Comprehensive and Collision coverage

Types of Losses Covered
Covers bodily injury and property damage if an insured vehicle is involved in an accident. Also covers employee vehicles that are used in the course of business which are involved in an accident (employee’s insurance responds first). Examples An employee driving a car insured by LA BioMed hits another car. The property damage caused to the vehicles is covered by the policy. A car insured by LA BioMed is hit while parked in the parking lot. The physical damage is covered by the policy. An employee drives their own car to the bank to deposit LA BioMed checks, and hits another car. The injured drives sues the employees insurance and LA BioMed. LA BioMed’s auto policy would cover the organization. Provides additional coverage over claims made against the general liability, automobile and occasionally the professional liability policies.

Commercial Excess Liability • Insurance Company: None • Policy Term: NA

This coverage is currently not carried by the organization.

This overview is not intended to represent the specific and detailed policy terms and conditions comprising LA BioMed's commerical insurance program. Please reference policies directly for more detailed and accurate coverage interpretations.

Commercial Insurance Program Policy Overview 2005/06

Policy
Directors & Officers Liability • Philadelphia Insurance Company • Policy Term: 7/1/05 – 6/1/06

Limits of Insurance
Limit of Liability $5,000,000 Anti-trust Sub-limit $150,000 Retentions - $7,500 Non-Employment Practices Claims - $50,000 Employment Practices Claims

Types of Losses Covered
Lawsuits alleging that Directors and/or Officers of the organization do not act in accordance to the provisions of the law. Also covers lawsuits brought against the organization related to employee discrimination, wrongful termination and harassment. Examples Employee alleges a manager wrongfully terminated him/her. Directors refuse to approve money for repairs to a trip and fall hazard on premises. The Board elects to discontinue a program the community deems are critical, and the community files a lawsuit. Provides coverage for claims alleging breach of duties or errors in judgment and other wrongful acts related to a fiduciary’s activities including violation of ERISA provisions.

NOTE: If you are aware of an incident that could give rise to a claim, then please consult with your insurance broker to determine whether or not to report it to the insurance company. Failure to report a legitimate incident could nullify coverage for a claim brought related to that incident.

Fiduciary Liability • Philadelphia Insurance Company • Policy Term: 7/1/05 – 6/1/06 • Note: Continuity Date 6/30/90

$1,000,000 Per Occurrence Deductible $1,000

This overview is not intended to represent the specific and detailed policy terms and conditions comprising LA BioMed's commerical insurance program. Please reference policies directly for more detailed and accurate coverage interpretations.

Commercial Insurance Program Policy Overview 2005/06

Policy
Commercial Crime • AIG insurance Company (National Union) • Policy Term: 6/1/05 – 6/1/06

Limits of Insurance
$500,000 Employee Theft $500,000 Forgery or Alteration $500,000 Theft (Inside and Outside) $500,000 Computer Fraud $500,000 Money Orders/Counterfeit Paper $5,000 deductible applies to all coverages

Types of Losses Covered
Examples Employee steals money or WIC food vouchers from the organization. Intruder to the offices steals money and/or securities from a safe. Employee embezzles money from the organization. Computer hacker fraudulently enters the computer system and transfers monies. Employee accepts counterfeit currency by mistake. Allegations of improper medical care made against LA BioMed (the entity), employed medical providers, and contracted or volunteer medical providers working on behalf of LA BioMed. Example Misdiagnosis of an illness that caused further medical complications for the patient.

Medical Malpractice • NORCAL Mutual Insurance Company • Policy Term: 12/11/03 – 12/11/04 • Applies to the Women’s Clinic and not to clinical trials research

$1,000,000 Per Claim Made $3,000,000 Aggregate Per Policy Term

General Liability Lessor’s Risk • Western World Insurance Company • Policy Term: 6/25/05 – 6/1/06

$1,000,000 Per Occurrence $2,000,000 Aggregate Per Policy Term $1,000,000 Personal Injury Limit $5,000 Medical Expense Limit Deductible $500

Lawsuits that allege bodily or personal injuries as a result of being a landlord on the dwellings owned by LA BioMed. Example Premises Liability – visitor slips and falls on the premises of one of the dwellings and injures themselves.

This overview is not intended to represent the specific and detailed policy terms and conditions comprising LA BioMed's commerical insurance program. Please reference policies directly for more detailed and accurate coverage interpretations.

Commercial Insurance Program Policy Overview 2005/06

Policy
Workers’ Compensation • State Compensation Insurance Fund • Policy Term: 3/1/04 – 3/1/05

Limits of Insurance
Employers’ Liability $1,000,000 Each Accident $1,000,000 – Disease Policy Limit $1,000,000 – Disease Each Employee

Types of Losses Covered
No fault insurance that pays for all medical bills incurred due to job-related injuries or illnesses. Also reimburses the injured employee for wages lost as a result of being out of work due to injuries or illnesses. Employers’ Liability covers the organization if an injured employee sues the the organization for the organization’s negligence in protecting the worker. This is typically related to organizations that manufacturer products.

This overview is not intended to represent the specific and detailed policy terms and conditions comprising LA BioMed's commerical insurance program. Please reference policies directly for more detailed and accurate coverage interpretations.


								
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