Definitions for "Commercial General Liability Policy"
The commercial general liability policy provides comprehensive general liability coverage for commercial risks covering all liability exposures for all locations and causes of loss except those specifically excluded or limited either within the coverage form or by endorsement. Protection may be provided on either an "occurrence" type of policy or on a "claims-made" basis.
Commercial liability policy drafted by the Insurance Services Office containing two coverage forms-an occurrence form and a claims-made form.
Often referred to as CGL, this policy provides broad protection for situations in which a business must defend itself against lawsuits or pay damages for personal injury or property damage to third parties. The two basic coverage forms available under the CGL are an occurrence form and a claims-made form, providing an extended reporting period. These forms include the following coverages: Bodily Injury and Property Damage Liability; Personal Injury and Advertising Injury Liability; Medical Payments; and as applicable, Products and Completed Operations coverage. Unless modified, an aggregate limit applies to the first three coverages, and a separate aggregate applies to the Products and Completed Operations coverage. Coverage is provided for most of the premises, products, completed operations, personal injury, advertising, and contractual liability exposures of an organization. This coverage form may be issued as a stand alone policy, or in conjunction with other coverage forms like Commercial Auto, Property, or Inland Marine.