Final answer:
A Comprehensive General Liability policy can cover premises, elevators, and completed operations, offering a versatile and customizable form of protection for businesses against various liability claims.
Step-by-step explanation:
The statement that is TRUE regarding a Comprehensive General Liability (CGL) policy is: It can cover premises, elevators, completed operations. A CGL policy is a standard insurance policy issued to businesses to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and also offers cover for advertising and personal injury liability.
It is designed to be a versatile policy that can be tailored to fit the needs of different businesses, ranging from small enterprises to large corporations. While it is broad, there is the possibility of exclusions or additional coverage based on the needs of the business. It is incorrect to claim that a CGL policy lacks flexibility or that it must extend to cover other hazards specified, as this will depend on the specifics of the individual business risks and the policy terms negotiated. Also, the coverage capability should be compared with specific policies for owners and contractors to determine breadth.