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Problem: Jane's Jewellery Shop has Commercial General Liability (CGL) policy with the following limits: General Aggregate Limit Products-Completed Operations Aggregate Each Occurrence Limit Personal and Advertising damage Limit Fire Damage Limit Medical expenditure Limit what dollar amount, when any, will Jane's CGL insurer pay for each of the following losses that occurred throughout the same policy period? (Suppose the losses were paid in the order presented below.) If a loss is not covered or not completely covered describe why.

a. John a customer slipped on recently waxed floors in the Jane's shop and suffered severe back damage. John successfully sued Jane's Jewellery Shop for negligence and was awarded damages of $250,000.

b. When one of Jane's employees accidentally dropped the heavy box on the glass display case in Jane's shop, the glass broke, causing glass to fly everywhere. Helen, one of Jane's customers, was everlastingly blinded in one eye by flying glass and sued Jane's Jewellery Shop. The court awarded Helen $500,000 in injuries. Jane's employee was cut on the arm and had $500 in medical expenditures.

c. When Jane publicly accused Arthur, a customer, of shoplifting, Arthur proved to be innocent. But Arthur sued Jane for slander. Arthur was awarded $300,000 by court







Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M93893

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