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If you cancel your general liability policy do you still have to participate in the audit for the previous year?
Wiki User
∙ 15y ago
YES ! You have a contractual duty to do so. If you fail to do so it could create a coverage problem even after a policy is canceled. After many years in the insurance business i have not seen a problem of this nature occuring. The problem here is that with general liability a claim can occur but without any one being aware of the issue. These are referred to as INCURRED BUT NOT YET REPORTED. I have seen these type of issues before but they were not connect to a audit. I stongly recommend you comply with the policy provisions that says you have a duty to comply.
Wiki User
∙ 15y ago
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Would a general liability Insurer cancel a policy after an audit upon finding out the company did not report all employees?
It would depend on how the policy was written as to whether or not a general liability insurer would cancel a policy after an audit where they found out that the company did not report all employees.
What is a 7 letter word that means to cancel a previous action?
rescind???? Is to cancel a previous action, don't believe me than look it op in a dictionary.
If i cancel my full coverage and my car get stole they cover it?
Not if you now only have liability coverage.
What previous law did the Kansas Nebraska act cancel?
Compromise of 1850.
Did Obama cancel the day of prayer?
No, that is a myth. President Obama did not participate in an event that was sponsored by an evangelical Christian group, but he did not cancel the event, and he did show respect for those who wanted to be part of it.
Who is responsible for liability coverage when you cancel your insurance and get another?
Ultimately the insured is responsible for obtaining adequate liability insurance coverage. If a loss is incurred, it will generally be covered by whichever policy was in force at the time of the loss excepting where Professional liability is the covering policy type.
Can I cancel a contract that I signed if it is within 72 hours?
A contract is legally binding and in general you cannot cancel it. The only exception is if the contract states there is a period of time to cancel it. Many people have the wrong information on this topic.
Can a seller cancel a real estate contract?
It's going to be up to the listing agent and his/her company. If they agree, you'll be asked to sign a Mutual Release that absolves them of any future/further liability.
What is the difference between supersede and replace?
It applies to legal documents between the same parties. When a new document replaces a previous one, it cancels the previous in its entirety, while when it supersedes the previous document, the terms that are unchanged or not mentioned in the new document remain in force as per the previous document, as it to say that "supersedes" means "updates". In practice and for avoidance of doubt lawyers use "supersedes and replaces" in order to cancel the previous document.
Why do contractors have a down each year for general liability insurance?
Most policies are for a term of one year. Insurance companies require down payments due to the fact so many contractors cancel their policies soon after they get their coverage certificates. This means they charge down payments to make sure they get enough premium to offset the cost of generating the policy.
What do you say to a man if he asks you out and you already have a date with another man?
The usual answer would be "Thank you, but I'm seeing someone else". Of course, if the new man seems to be considerably better than the previous man, accept his date and cancel the previous one.
Could a homeowners insurance company cancel your policy for having a dead tree on your property?
Yes if it poses a property damage or liability threat. But, they should have sent you notice of intent to cancel if you did not have it removed in a set period of time. You must remove it now as you will have great difficulty obtaining coverage going forward. 4lifeguild
