The work exclusion is an exclusion from garage liability insurance that excludes coverage for damage to the insured person’s work resulting from any part of the work itself or parts, materials or equipment used in connection with the work.
The Workers Adjustment and Retraining Notice (WARN) Act is a federal law designed to provide workers with additional time to find alternative jobs prior to (1) business closures, (2) mass layoffs, or (3) cumulative layoffs. The law applies to any private or non-profit employer with 100 or more full-time employees, and applies to both hourly and salaried employees, including those in management and leadership positions. However, this does not apply to (1) employees who have worked less than 6 months and (2) those who work less than 20 hours per week. Many states have their own versions of the WARN Act that supersede federal law. State versions are usually more liberal than the requirements of the federal version. For example, government versions may even apply to small businesses or also apply to part-time workers. Most labor practices liability (EPL) policies exclude coverage for claims for failure to file a notice under the requirements of the WARN Act, although most do cover defense costs associated with such charges. The basis for this exclusion is that such claims are under the control of the insured and therefore preventable.
Workers’ compensation is a system whereby statutory benefits under state law are provided by an employer without fault to an employee (or employee’s family) for a work-related injury (including death) resulting from an accident or occupational disease.
The Workers’ Compensation and Employers’ Liability Policy is an insurance policy that provides coverage for two of the employer’s main risks arising from injuries sustained by workers. The first part of the policy covers the employer’s statutory obligations under the workers’ compensation laws, and the second part of the policy covers liability arising from work-related injuries not covered by the workers’ compensation law. Most states require a standard worker’s compensation and employers’ liability policy form published by the National Council for Compensation Insurance (NCCI).
Workers’ compensation casualty insurance is excess loss reinsurance purchased by major workers’ compensation insurers to protect against the accumulation of losses as a result of a catastrophic event or series of events.
A Workers’ Compensation Claims Attorney (WCLA) is a Claims Adjustment Specialist position offered by the American Educational Institute (AEI). This requires successful completion of both AEI’s legal principles and self-study programs on workers’ compensation.
Workers’ Compensation Law Specialist (WCLS) is a claims law position offered by the American Educational Institute (AEI). This requires successful completion of the AEI Workers Compensation Self-Learning Program.
Operating interest is the percentage of ownership in a mineral lease that gives its owner the right to explore, drill and produce oil and gas from the leased property. Working interest holders bear all costs and liabilities associated with leasing, drilling, producing and operating the well, but receive a share of only a portion of the income from producing a successful well. The share of production revenue to which the owner of the interest is entitled will always be less than the share of the costs that the owner of the interest is required to bear, with the remainder of the production income coming from royalty holders. For example, the owner of a 100 percent working interest in a lease, burdened by a 20 percent landowner’s royalty, would have to pay 100 percent of exploration, development and exploitation costs, but would only be entitled to 80 percent of the mining income. . The royalty owner will be entitled to the remaining 20 percent of the proceeds from production.
The operating level is the dollar range in which an insurer, or in the case of an insurer’s business book, a group of insurers, is expected to experience a fairly high level of loss frequency. This is the level to which deductibles, self-insured retentions (SIRs), retrospective rating plans, and similar programs typically qualify. Sufficient loss frequency in the working layer allows many entities to provide some degree of statistical confidence in actuarial projections of total expected losses over a specified time period, such as 1 year.
Workmanship exclusion: (1) An exclusion from liability insurance that excludes coverage of damage caused to the work of the insured as a result of this work. (2) Exclusion of the risk of builders, excluding the coverage of losses caused by poor performance of work.