Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ben Builder carries a CGL policy with a $2 million general aggregate limit. Ben is contractually required to make both Paula Project and Ernie Engineer
Ben Builder carries a CGL policy with a $2 million general aggregate limit. Ben is contractually required to make both Paula Project and Ernie Engineer additional insureds on his standard CGL policy, which he does by attaching the appropriate endorsements. Later, the insurer pays $900,000 for a claim against Paula. Assuming no other changes to the policy, how much of the aggregate limit is available for claims against Ben arising out of his work on this project? (Search Chapter 5) a. $1.1 million b. $1.1 million minus the costs incurred by the insurer in defending Paula c. $2 million d. $2 million minus the costs incurred by the insurer in defending Paula
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started