Exam 26: Commercial Liability Insurance

Which of the following losses is generally covered under a commercial umbrella policy?

Which of the following statements is (are)true with respect to the treatment of legal defense costs under the ISO Commercial General Liability policy? I.Legal defense costs usually are counted against the policy limit. II.Once the insurer has paid out the applicable limit of liability,the insurer's duty to defend ends.

Jennifer was just asked to serve on the Board of an insurance company.Jennifer is concerned that if the company is mismanaged,the policyowners,stockholders,and employees might sue the management team.What type of liability insurance will protect Jennifer from such claims if she accepts a position on the insurance company's Board?