My question involves business law in the state of: GA
I am purchasing the assets of a GA manufacturer that currently has a products liability policy as well as a separate GL policy. The current PL certificate reflects two lines. One is "Commercial General Liability", has a BI/PD Deductable of $5,000, and has an "X" in the boxes for "Prod/CO" and "Claims Made". The coverage is 1,000,000 each occurance and 2,000,000 for "Products- Comp/Op Agg". The other is "Umbrella Liab" and has an "X" for "Excess Liab" and "Claims Made". The coverage is 1,000,000 each for "Each Occurance" and "Aggregate". The GL policy is completely separate and is sold by another broker/agent all together.
I have requested new quotes for product coverage from a few new brokers/agents. I have received one quote back that seems low. It mirrors the above except that it does not include the second line "Unbrella Liab", it describes the premises and a premium sepecifically for that, has $1,000 Deductible, lists medical expenses (any one person) for $5,000, has a personal and advertising injury line for $1,000,000, and has no mention of "Claims Made".
Is a separate general liability policy needed if you have one of these policies?
What is "claims made" and how could it affect me going forward under the new LLC?
Shouldn't I expect to pay a much higher premium for the required coverages being a new company with no existing policy?
Perhaps, this is not the right forum to ask these questions, but i get the sense there is a lot of general business experience here.