They are of two types: (i) primary and (ii) auxiliary Commercial primary documents are eight which have to form part of the negotiable documents, to be sent to the buyer. These are (i) invoice (ii) packing list (iii) certificate of Insurance (iv) certificate of origin (v) bill of lading/airway bill (vi) bill of exchange/bank draft (vii) shipment advice, and (viii) certificate of inspection/analysis. Commercial auxiliary documents are those which assist in preparation of the primary documents and include: (i) proforma invoice/quotations (ii) order confirmation (iii) application for inspection (vi) application for Insurance i.e., Insurance declaration (v) shipping instructions to the forwarders (vi) shipping order from carriers (vii) mate’s receipt from shipping Agent (viii) application for certificate of origin (ix) application for opening letter of credit, and (x) letter to bank submitting documents for negotiations.Regulatory documents are those which have to be presented to different government departments in their prescribed formats. These include: (i) gate pass-Central Excise (ii) AR 4/AR 4A forms (iii) shipping bill for export (iv) port copy of export application (v) gate pass for entry of goods in port (vi) GR/EP/PP forms (vii) freight payment certificate (viii) Insurance premium payment certificate and (ix) port copy of bill(s).Ex turpi causa non oritur action : No (right of) action arises out of an immoral cause.

Insurance that covers a business that unwittingly takes a forged check as payment.

A form that offers insurance against many business risks.

The CGL policy is an ISO form, widely used to provide commercial enterprises with premises and operations liability coverage, products and completed operations insurance and personal injury coverage. Premises medical payments coverage is often included as well.

Refer: “Liability Insurance, Commercial General Liability/Combined General Liability/Common General Liability (CGL).”

A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations and advertising and personal injury (PI) liability. The CGL policy was introduced in 1986 and replaced the &#8220comprehensive&#8221 general liability policy.

Commercial general liability, commonly referred to as Commercial General Liability, is a broad policy for businesses that covers a wide variety of exposures that are not specifically excluded. While Commercial General Liability forms are generally similar, it is important to read carefully the included coverage and exclusions. Common coverage includes:Premises and OperationsPremises and Operations coverage protects the policyholder from claims due to negligent acts associated with the business premises and normal business operations (often excluding automobile).

Products and Completed Operations

This coverage has two parts: products and completed operations. Products coverage protects the insured against claims arising from the manufacturing, selling, handling, or distribution of products. In order for there to be coverage, the product must have been sold and relinquished.

Operations coverage protects against claims arising from completed operations by the insured. For example, if a plumber installs the plumbing for a new restaurant and due to poor installation the restaurant floods, the completed operations coverage pays the damages on the insured’s behalf. As with products coverage, the operations must have been abandoned. That is, the work must have been completed and not in progress.

Independent Contractors

This coverage is also referred to as “Owners and Contractors Protective” insurance. It covers the insured for the negligent acts of a contractor or subcontractor the insured hires.