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Commercial Insurance > 50 Things You Need To Know About Commercial Insurance > Flashcards

50 Things You Need To Know About Commercial Insurance Flashcards

1
Q

What three perils does the basic fire cover?

A

Explosion, lighting and fire.

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2
Q

How is the peril of lighting broadened in the named perils form?

A

Includes damage to appliances

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3
Q

How is the peril of explosion broadened in the names perils form?

A

Includes other types of explosions.

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4
Q

What perils does the broad form cover?

A

Is all risk subject to the policy conditions and exclusions.

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5
Q

What is professional liability insurance we use in our field as broker?

A

Errors and omissions.

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6
Q

What is included under the definition of building?

A

Buildings editions fixtures and fittings maintenance supplies and growing plants.

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7
Q

What is included under the definition of equipment?

A

Equipment content and tenants improvements

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8
Q

What is included under the definition of stock?

A

Stock, merchandise, and packaging, wrapping, and advertising materials.

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9
Q

What is the coverage amount based on For a builder’s risk

A

Completed value of the building

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10
Q

What are three exclusions under glass insurance?

A

Fire, war, nucular

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11
Q

What signs can be covered under a sign floater?

A

Exterior signs

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12
Q

What does the by-laws exclusion do?

A

Excludes additional costs to rebuild in compliance with the by-laws

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13
Q

What are two requirements that must be met before the farm building clause will pay the full amount of the Farm buildings?

A

Rebuilt within nine months and 200 feet from the original site

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14
Q

How many months worth of rental value endorsements should be insured?

A

12 months

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15
Q

What form would be used to cover stock? Where stock values are fairly consistent?

A

Is premium adjustment clause

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16
Q

What form would be best used to cover stock where sales very substantially from month to month?

A

Peak season Endorsement

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17
Q

What coverage does consequential loss consumption clause provide?

A

Covers loss due to failure of a Cold storage unit

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18
Q

What does gross earnings form cover in the Event to the loss?

A

Loss of earnings from the date of the loss to the date the business reopens

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19
Q

What does profit forms cover?

A

Loss of earnings from the date of the loss to the date profits return to what they were prior to the Loss

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20
Q

What do extra expenses cover?

A

Cost associated with Keeping business open at another location

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21
Q

What does the Contractors equipment floater cover?

A

Movable Equipment from site to site

22
Q

What does The contractor’s equipment floater cover?

A

moveable equipment from site to site

23
Q

What does a Tool Floater cover?

A

moveable tools from site to site

24
Q

What does the Boiler and Machinery Policy cover?

A

explosion and rupture of boilers and breakdown of machinery

25
Q

What does the term Floater mean?

A

a type of insurance that covers property that is easily moveable

26
Q

What does the Supplementary Payments section of the CGL cover?

A

defense costs, post-judgement interest, and other litigation expenses

27
Q

What is included in Theft?

A

Burglary and Robbery

28
Q

Does Burglary and Robbery include Theft?

A

No

29
Q

What does the 3D Policy cover?

A

employee dishonesty, disappearance, and destruction of property

30
Q

Does the 3D Policy cover safe burglary and robbery on the premises?

A

Yes

31
Q

What kind of losses does the Co-Insurance Clause concern itself with?

A

partial losses

32
Q

Who are the three parties to a bond contract?

A

Principal, Surety, and Obligee

33
Q

What do Fidelity Bonds cover?

A

dishonesty of employees

34
Q

What does Products Liability cover?

A

Lawsuits resulting from goods that cause injury or damage to the purchaser like defective or dangerous products

35
Q

What does Garage Liability pay for?

A

Garage Liability covers lawsuits resulting from the premises

36
Q

What does Stated Amount Co-Insurance Clause base the amount of insurance required on?

A

appraisal of the property’s rebuilding cost

37
Q

What is the Co-Insurance Clause formula?

A

did over (should x %) x loss

38
Q

What are the criteria set out in the 2% Waiver of Co-Insurance?

A

loss must be less than $5,000 and less than 2% of the did

39
Q

Why would Contingent Employers’ Liability be required?

A

when the employees are not covered by worker’s compensation

40
Q

Why would Owners & Contractor’s Protective Liability be required?

A

protects against a lawsuit resulting from the negligent work of sub-contractors

41
Q

Why would Blanket Contractual Liability be required?

A

when your business assumes the liability of others in a contract

42
Q

What coverage does By-Law Endorsement provide?

A

it removes the exclusion and allows the insurer to pay the increased cost to rebuild made necessary due to by-laws

43
Q

How does Stated Amount Co-Insurance Clause differ from the traditional Co-Insurance Clause?

A

based on appraisal and a specified value as opposed to percentage of rebuild

44
Q

What does Completed Operations Liability cover?

A

liability arising from faulty workmanship

45
Q

What is a Manuscript Policy?

A

policy written to cover a unique risk

46
Q

What is a Subscription Policy?

A

policy where more than one insurer provides coverage

47
Q

What does Burglary require?

A

Forcible entry

48
Q

What does the care, custody and control exclusion of the CGL policy not cover?

A

damage to property the insured is in the care, custody, and control of, see Tenant’s Legal Liability

49
Q

When does the Self-Insured Retention (liability deductible) come into play under an Umbrella
Liability Policy?

A

when the policy covers something the underlying policy does not

50
Q

What is the territorial limit of the Umbrella Liability Policy?

A

worldwide

Commercial Insurance (1 decks)

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