What does ops mean in insurance?

Completed operations liability is an insurance coverage typically included on most commercial general liability (CGL) policies. It pays for damages caused by your work that occur after you complete a job. This coverage is most often utilized by construction companies.

What does separation of insureds mean?

Most Commercial General Liability policies include a coverage enhancement known as a “separation of insureds” or “severability of interests” clause. This clause states that the policy’s coverage is to apply “separately” to each insured against whom a claim is made.

What is Third party over actions?

A Third Party Over action is a type of action in which an injured employee collects workers’ compensation benefits from the employer and also sues a third party for causing or contributing to the employee’s injury.

What does COMP op AGG mean?

Products Liability or Completed Operations Aggregate
“Products – Comp/Op Agg” means “Products Liability or Completed Operations Aggregate”, and is the most that the policy will pay for all claims arising out of the Insured’s defective products or work.

What is on going operations?

Ongoing Operations — work or other business activity that has not been completed or abandoned.

What does it mean to waive subrogation?

A Waiver of Subrogation is an endorsement that prohibits an insurance carrier from recovering the money they paid on a claim from a negligent third party. An Owner Client may require this endorsement from their vendors to avoid being held liable for claims that occur on their jobsite.

What is severability of insureds?

Severability of Interests Clause — a policy provision clarifying that, except with respect to the coverage limits, insurance applies to each insured as though a separate policy were issued to each. Thus, a policy containing such a clause will cover a claim made by one insured against another insured.

What are consequential bodily injury suits?

Consequential Bodily Injury Suits — a type of lawsuit insured by the employers liability coverage of a workers compensation policy. In this type of legal action, a member of the injured worker’s family purports to have an injury that directly results from the injury to the employee. Often, mental injuries are alleged.

What does Subr Wvd mean?

Subrogation Waived
“SUBR WVD” stands for “Subrogation Waived” and is a very crucial part of your Certificate of Insurance, especially if you are providing this document as a subcontractor.

What is PCO insurance term?

First, the definition states that PCO includes all bodily injury and property damage which “arises out of” your product and your work. In disputes about policy interpretation, the courts have consistently interpreted the phrase “arising out of” to mean any connection or relationship.