Oak Tree Insurance
503.635.3303 | 800.394.9899
5335 Meadows Rd. Suite 101 - Lake Oswego, OR 97035
Fax:(503)635-7491  info@oaktreeins.com
 







  
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THEFT, DISAPPEARANCE, AND DESTRUCTION OF MONEY AND SECURITIES COVERAGE
This provides insurance for loss of money and securities resulting directly from the following:
  • Theft (any act of stealing)
  • Disappearance
  • Destruction
It applies while the money and securities are on the insured's premises, while in the custody of the insured or the insured's messenger while conducting business at the bank, and while off the insured's premises in the custody of the insured or the insured's messenger.  
TIME ELEMENT COVERAGE
Time element insurance provides insurance for a covered incident resulting in loss of use of property for a period of time. The loss is considered to be time lost, not actual property damage. Examples of time element coverage are Business Interruption, Extra Expense, Tuition Fees, Rents and Rental Value, Additional Living Expenses, and Leasehold Interest coverage.
 DEFINITION OF TORT
A tort is an unintentional violation of another person's rights, usually due to negligence. It is different than a crime, which generally is an intentional violation of another's rights. A tort is subject to civil action and subsequent judgment for damages payable to the wronged party, whereas a crime is subject to criminal action and subsequent penalty.
TRANSIT COVERAGE
Coverage of the insured's property while in transit over land from one location to another. Property insurance policies typically provide coverage only at locations identified in the policy.
 UMBRELLA LIABILITY COVERAGE
This type of liability insurance provides excess liability protection. Your business needs this coverage for the following three reasons:
  • It provides excess coverage over the "underlying" liability insurance you carry.
  • It provides coverage for all other liability exposures, excepting a few specifically excluded exposures.
  • It provides automatic replacement coverage for underlying policies that have been reduced or exhausted by loss.
 
UMBRELLA LIABILITY COVERAGE EXTENSIONS
(UNLESS EXCLUDED)

Personal Injury Coverage -- Even if standard personal injury coverage is provided in the primary policy, the coverage provided by the Umbrella Liability policy is broader as it provides coverage for mental injury, mental anguish, shock, disability, humiliation, discrimination, etc.
Advertising Liability Coverage -- Included in the definition of "personal injury"
Blanket Contractual Coverage -- Included for both oral and written contracts.
Employers' Liability Coverage -- Claims made by employees are not excluded.
Worldwide Coverage
Liquor Law Liability Coverage
Non-Owned Aircraft Liability Coverage -- Also Owned Aircraft Liability coverage if included in the schedule of primary insurance.
Non-Owned Watercraft Liability Coverage -- Also Owned Watercraft Liability coverage if included in the schedule of primary insurance.
Drop-Down Coverage -- For occurrences within the scope of this coverage and in the absence of primary coverage, this will respond for your benefit subject to a $10,000 self-insured retention.
Additional Insured Coverage:
1. Officers, directors, and stockholders of the named insured, while acting within the scope of their duties as such. Also employees, but not with respect to their own automobiles.
2. Any additional insured named in the underlying insurance, for the same coverage as afforded there under.
3. Any person or organization to which the named insured is obligated under written contract to provide coverage as is afforded under the Umbrella Liability policy with respect to operations by or on behalf of the named insured.
Care, Custody, or Control Coverage -- Excepting only liability assumed under contract, unless excluded.
Occurrence Coverage -- Matching the new standard primary policy definition.
Products and Completed Operations Coverage -- Using the new standard policy provisions.
UNINTENTIONAL ERRORS AND OMISSIONS
Coverage will not be invalidated by any inadvertent errors, omissions or improper description of premises or elevators.
VALUABLE PAPERS COVERAGE
An "all risk" insurance coverage that covers the cost of research to reconstruct damaged records, as well as the cost of new paper and transcription.
The term "valuable papers" refers to written, printed, or otherwise inscribed documents and records, including books, maps, films, drawings, abstracts, deeds, mortgages, and manuscripts.
illing, burrowing, filling, backfilling, or pile driving.
 
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