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Insurance Policies and Coverage Toolkit
Resources to assist policyholders understand key issues of insurance coverage and recovery.
Companies often face the risk of significant financial exposure for damages or injuries occurring in the course of their business including, for example:
Property damage and business interruption losses.
Commercial general liability claims.
Directors' and officers' liability.
Obtaining appropriate insurance policies can help limit a company’s financial exposure to these types of events. To maximize the protection that may be available under its insurance policies, the policyholder should understand:
The different types and layers of insurance policies available (such as first-party, third-party, primary, umbrella and excess coverages).
The contents of an insurance policy to ensure the particular risks it faces are covered by the policy's terms.
The scope of coverage provided by a policy, including policy limits.
Any policy exclusions or conditions that may limit coverage.
When coverage under a policy is triggered.
Its obligations under a policy.
Insurance policies are contracts between the insurer and the insured. The language of a policy generally controls whether an insurance company must provide coverage to a policyholder. Therefore, understanding the key components and language of insurance policies can help companies obtain the appropriate coverage for the risks they face when doing business.
The Insurance Policies and Coverage Toolkit is a collection of continuously maintained resources designed to help in-house counsel understand the fundamentals of insurance policies, coverage and recovery.