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Frequently Asked Questions

The following are frequently asked questions regarding various coverage areas.

Commercial Insurance

Boiler and Machinery
What does Boiler and Machinery Cover?
Basic Coverage - This coverage protects boilers and vessels equipment. Depending on your needs, coverage for air conditioners/compressor units can be included in the policy.
Boiler & Machinery - This insurance covers direct damage to covered property from a covered cause of loss. "Covered property" is any property owned by you or that's in your care, custody or control, and for which you are legally liable. A "cause of loss" is a sudden and accidental breakdown of your boiler and machinery equipment or any part of the equipment described in the policy.
Broad Coverage Form - This covers a wider range of equipment, including any boiler, fired or unfired pressure vessel, refrigeration or air conditioning units, and other mechanical or electrical equipment.

Automobile
What does Business Auto cover?
Auto coverage related to businesses has five separate forms — business auto, business auto physical damage, garage, truckers and motor carrier. An auto policy can be tailored to fit the needs of your business.

Business Owners Policy
What is a Business Owners policy?
A business owners policy — or BOP — is typically geared toward small businesses. Coverages are packaged in a BOP based on the needs of your business.

Directors and Officers Liability
What does a Directors' & Officers' Liability (D&O) cover?
This coverage protects directors and officers of corporations or organizations who might be sued as individuals by stockholders or employees.

Employment Practices Liability
What is Employment Practices Liability?
Employment Practices Liability (EPL) insurance helps preserve and perpetuate a business when it is involved in a lawsuit with an employee, covering such things as attorney fees and settlement costs.

Fiduciary Liability
What is Fiduciary Liability?
A "fiduciary," such as a pension fund manager, is required to manage investments held in trust in the best interest of beneficiaries. This insurance covers breaches of duty such as misstatements or misleading statements, errors and omissions.
What is General Liability?
This broad commercial policy covers liability exposures of a business not specifically excluded. Exposures could include liability arising out of accidents at your premises, operations at your business, products you sell or work you perform.
What is Inland Marine coverage?
This covers articles in transit by all forms of land and air transportation, including via bridges and tunnels.
What is Malpractice insurance?
This professional liability coverage protects physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed their clients.
What is Professional Liability / Errors & Omissions (E&O)?
Known alternately as professional liability or errors and omissions, this insurance covers professionals for negligence and errors or omissions that injure their clients.
What does Commercial Property insurance cover?
This coverage protects a company's the building and structures; materials used to maintain and service your premises; and business personal property that you own and use in your business. The coverage also includes furniture and fixtures, stock and several other similar business property items not specifically excluded. The policy also protects you against loss or damage to the personal property of others while in your care, custody or control.
What is a Self-Insured Program?
Self-insurance refers to assuming all or a portion of a financial risk yourself, rather than paying an insurance company to do so. It also refers to an employer's assumption of all or part of the costs of paying health insurance claims of employees.
What is an Umbrella policy?
An umbrella policy provides liability protection beyond the limits of a standard insurance policy, offering broader coverage for some claims that wouldn't be covered by a standard policy.
What is Workers Compensation?
This coverage pays benefits to an employee or an employee's family if the worker suffers a job-related injury (including death) or an occupational disease. It is mandatory for businesses in New York State to have this coverage.

Please Note - The above information is a broad overview of selected topics, and is for discussion purposes only. Please contact your Private Client Insurance Services Account Executive for more detailed information.


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