Is the Liability Program shared among all Participants?
Each policy has an individual (not pooled/shared) liability policy that covers $1 Million Per Occurrence and $2 Million Annual Aggregate Per Location. As of 3/31/2008, each policy now has an individual $10 Million Excess of Primary $1 Million Per Insured Per Account Per Occurrence and Aggregate. This totals $11 Million of Liability coverage Per Occurrence Per Member and $12 Million Annual Aggregate that is NOT shared/pooled with other CIBA members. In addition, each member is listed as an additional insured on a shared/pooled Excess Liability policy that covers an additional $65 Million Per Occurrence with $140 Million General Aggregate. This policy will conform to the Davis Sterling Act for Condos requiring them to have their own limits however; it benefits all programs.
Related Questions
- Contribution Protection Does MDE provide third party liability protection or contribution protection for participants in the Voluntary Cleanup Program?
- What is the tax liability for the stipends the team members are paid as participants in this program?
- Is the Liability Program shared among all Participants?
