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3166 E Palmdale Blvd, Suite-106
Palmdale, CA 93550.
Phone: (661) 274-8377
Fax: (661) 274-0377
info@genpacinsurance.com
Toll Free Access:
(888) 3-GenPac |
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| Coverage FAQ |
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| Q |
What is the difference between an Admitted Company and a Non-Admitted Company? |
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Insurance companies receive their rating based on their financial strength, time in business, and customer claims history satisfaction. An (A) Rating is the best yet, an insurance company rating can vary from one insurance company to the next. For example, an insurance company can have a (B+) insurance rating or a (B+VIII) insurance rating. These insurance ratings are given to distinguish an insurance company who has a slightly better insurance rating than the base insurance rating letter.
An Admitted Insurance Company must register as a California Insurance Company and contribute to the California Insurance Pool. This Insurance pool protects the insurance claimants of the admitted insurance companies that file for Bankruptcy. The insurance claimants of a Non-Admitted Insurance Company would not have the same protection. Any Insurance Company with an (A) insurance rating, admitted or non-admitted is a safe insurance company. |
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| Q |
Why do business with an independent agency? |
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Independent agents work for you, the customer, we are not employees of the insurance carriers like many of the captive insurance agents. |
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| Q |
What are the most common types of General Liability coverage written in California? |
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The most common types of General Liability coverage written in California are:
- FULL OCCURRENCE - Under the full occurrence form you have coverage for claims which occur during the policy coverage period yet may not be discovered for years to come.
- MODIFIED OCCURRENCE and CLAIMS MADE - Under Claims Made, the policy will cover you for claims reported during the specified time limit defined in the policy. Usually the policy will exclude coverage for events which occurred prior to policy inception. You have a limited time after the conclusion of the policy to purchase "tail-on" coverage which will extend the reporting period for another specified period of time.
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| Q |
What do the different parts of my General Liability policy cover me for? |
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General Liability:
- General Aggregate - This is the limit the insurance company will pay on your behalf for any number of claims during the policy period. The most they will pay on one loss cannot exceed the Occurrence Limit.
- Products and Completed Operations - The limit of this coverage is the amount the Insurance Company is obligated to pay on your behalf based on policy coverage. This coverage extends protection to you during manufacturing or contracting operations. An example would be if you installed something incorrectly and caused damage or if you sold a defective product.
- Personal and Advertising Injury - This coverage affords protection against claims such libel, slander, defamation of character or invasion of privacy (personal Injury) and claims alleging written or publicized offenses of the above examples.
- Each Occurrence - The total amount shown as a limit of this coverage establishes how much the Insurance Company is obligated to pay on your behalf for each incident which leads to a claim made to the Company under the terms of your policy.
- Fire Damage Liability - The maximum amount the company will pay on your behalf, if you negligently cause a fire which damages a building you lease or rent for your business.
- Medical Expense - The limit the company will pay for medical bills incurred by a person injured on your premises, regardless of whether or not your organization was at fault for causing the injury. If your business is deemed to be negligent, the responsibility falls within the limit of bodily injury portion of coverage.
- Bodily Injury & Property Damage - This section of a policy defines certain covered losses and excludes certain losses. An example of a covered loss under Bodily Injury could be "trip and fall" accidents. Property damage claims relate to damage to physical objects (an example is a building).
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What is a deductible? |
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The amount you are required to pay out of the total cost of a claim against your policy;above which the insurance company will pay to the limits of that section of your policy. |
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** The above explains some general insurance terms which may help you understand your policy better. Your policy should be closely read for specific definitions, limitations, and exclusions |
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