Academic journal article Journal of Risk and Insurance

Underwriting Commerical Liability

Academic journal article Journal of Risk and Insurance

Underwriting Commerical Liability

Article excerpt

Underwriting Commercial Liability, First Edition, by Joseph F. Mangan and Connor M. Harrison (Insurance Institute of America, 1995).

Reviewer: Andrew Kuchar, University of Georgia, Terry College of Business.

Underwriting Commercial Liability is one four textbooks written to prepare students to complete the Insurance Institute of America's Associate of Underwriting (AU) designation. It is also one of the two books that prepare students for passage of AU-66: Commercial Underwriting - Liability and Advanced Techniques. The AU designation also requires completion of CPCU 4: Commercial Liability Insurance and Risk Management and the institute encourages students to complete CPCU 4 prior to the AU-66 examination. I have evaluated this book in light of the program requirements of the Associate of Underwriting designation.

The book's purpose is to explore the underwriting process used by insurers in order to evaluate the desirability of a piece of commercial liability insurance business. The authors have divided the text into five general sections: legal foundations of liability underwriting, commercial automobile, general liability, workers compensation, and professional liability. Commercial auto is further subdivided into chapters on business auto and garage, public auto, and truckers. General liability is further subdivided into chapters on premises and operations, and products and completed operations.

The first chapter of the book contains a summary of the foundations of legal liability and is one of the best presentations of this particular material that I have seen in a book. However, for most readers the material will merely be a review of material covered in other studies, even a basic principles of risk and insurance course should cover most of the material presented here.

The commercial auto section begins by examining what is a commercial auto, how coverage is activated, and what the legal liability is arising out of commercial autos; all familiar territory for readers who have completed CPCU 4. …

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