Every day I hear the above comments and well understand the vagueness and the lack of transparency of a Commercial Insurance Policy.
Your Commercial Insurance Policy contains a large volume of exclusions with a very small volume of inclusions. Many insureds may never have a claim for years and will continue to misunderstand the “stand by nature” of their Commercial Occurrence Insurance Policies…HERE’S THE SECRET…Many Insurance Policies that are no longer in their original term of coverage come into play when you are notified years later of an “occurrence” that may well give rise to defense and indemnity of the issue for which you are being charged. This type of involvement at a later date happens on a daily basis with contractors, professionals, and others who perform services for which the bodily injury and property damage is not evident at the time the work was produced and/or completed. Sometimes the delay in claims reporting can be over ten years.
You will be thankful for all the premiums you have previously paid is when that serious claim arises in the future for which your old coverage comes to your rescue to pay the defense and indemnity to settle the issue.