Business Owner Policy Flashcards
___ prepackaged policy containing most of the coverages available in a commercial package policy.
Business owner’s Policy
___ extremely favorable premium for small to medium sized low risk type businesses including both property and liability coverage.
Business owner’s Policy
___ is a single premium for the entire package including property and liability coverage.
Business Owner’s Policy
Who’s eligible for a Business Owner’s Policy?
Businesses with less than 25,000 sq. ft. and $3,000,000 in gross sales.
What are the eligible types of businesses for a Business owner’s policy?
Apartments & Residential Condominium Associations Commercial Condo unit owners Retail Motels Office buildings Service & Processing Restaurants Self Storage Warehouses
A ____ premium is indivisible because the liability rate is computed with the property rate.
Business Owner’s Policy
What businesses are ineligible from the Business owner’s program?
Automobile Sales & Servicing Operations Parking lots or garages Manufacturing Operations Places of Amusement Bars Household Personal Property 1 or 2 family dwellings Financial Institutions
___ is usually written on a replacement cost basis without a coinsurance clause
Business Owner’s Policy
What coverage does Business Owner Section I-Property include?
Coverage A: building &
Coverage B: Business Personal Property
___ applies to all operations and premises owned or operated by the insured.
Business Owner’s Section II: Liability
What is covered for the insured under the Business Owner’s Section II: Liability?
legal liability for bodily injury, property damage, and personal & advertising injury.
___ provides coverage for direct damage caused by utility service disruption stemming from a covered peril.
Utility Services/ Direct Damage
___ covers the loss of business income or extra expense during the direct loss of a utility service.
Utility Services/ Time element
___ if the insurer adopts any revision that broadens coverage without additional premium within 45 days prior to or during the policy period, that coverage will immediately apply to the policy.
Liberalization
What is also known as loss of income?
Time Element
