6- Other Types of Property Insurance Flashcards
1
Q
BOP
A
Business owners policy
2
Q
What is a BOP?
A
Package policy approach to business firms that meet specific requirements.
3
Q
Eligible businesses for BOP include
A
- Office buildings;
- Apartments;
- Contractors;
- Fast-food;
- Convenience stores
4
Q
Farmowner or Ranchowner policy
A
designed for family-owned operations.
5
Q
Mobile Homeowners Policy
A
Covers 40% of Coverage A
6
Q
Mobile Homeowners Policy Additional Coverages
A
- Property Removed: will pay up to $500 if home was moved to avoid covered peril;
- Transportation/Permission to Move: adds perils of collision, upset, stranding, or sinking.
7
Q
DIC
A
Differences in conditions
8
Q
Characteristics of a DIC
A
- Provides all-risk coverage;
- Excludes named perils provided by policy it supplements;
- Contains no coinsurance clause;
- Written with a high deductible
9
Q
Earthquake Endorsement
A
Must be added in order to cover volcanic or seismic movements
10
Q
NFIP
A
National Flood Insurance Program
11
Q
Eligible causes of a flood
A
- Overflow of inland or tidal waters
- Unusual or rapid accumulation of surface waters
- Mudflow or mudslides
- Abnormal erosion of shorelines
12
Q
Boatowners Policy
A
Section 1-Physical damage
Section2- Liability coverage
