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Dwelling again > Business owners policy > Flashcards

Business owners policy Flashcards

1
Q

what are the limitations as far as square feet and annual gross revenue on a BOP?

A

25,000 square feet and $3,000,000 in revenue

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2
Q

How many stories can a motel not exceed in a BOP?

A

three stories

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3
Q

How many stories and square feet can an office not exceed in a BOP?

A

six stories/100,000 square feet

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4
Q

For processing and service risks companies how much percentage of sales is only eligible?

A

25%

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5
Q

How many stories can a self storage faciltiy not exceed?

A

two stories

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6
Q

How much percent of a whole sale risk compay not exceed in annual gross sales?

A

25%

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7
Q

How much percent cannot be open to the public?

A

25%

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8
Q

What type of places of business are not eligible for a BOP?

A
  1. auto repair shops
  2. auto or motor home
  3. banks buildings and financial institutions
  4. bars and pubs
  5. condomininum assocations
  6. household personal property
  7. insured whose busines operations involve one or more locations used for manufacturing
  8. or one or two family dwellings
  9. parking lots or garages
  10. places of amusement
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9
Q

What does Coverage A cover?

A

buildings

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10
Q

what does coverage a include?

A
  1. completed additions
  2. permanently installed machinery and equipment
  3. fixtures, including out door fixtures, such as lawnmowers, garden hoses, and snow removal equipment
  4. personal property used to maintain or service buildings
  5. personal property furnished by the insured in apartments
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11
Q

What are the five different classes of business personal property that are covered under coverage A?

A
  1. property owned and used by the insured in the business
  2. property of others in the insureds care
  3. tenants improvements and betterments
  4. leased personal property that the insured has a contractual responsibility to the insureds care, custody or control
  5. exterior building glass
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12
Q

What are tenants improvements and betterments?

A

Fixtures, alterations, installations, or additions that tenants make to rented buildings which they operate for business

For coverage to apply this items must be permanently attached to the building, acquired or made at the insured’s expense and unable to be legally removed

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13
Q

When is exterior building glass covered?

A

as business personal property for insured who are tenants and do not have building coverage. The glass must be owned by the insured.

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14
Q

Which properties are not covered under the BOP?

A

1- accounts, bills, food stamps

2- aircraft

3-computers that are permanentally installed in an aircraft, watercraft, motor truck, or other vehicle subject to motor vehicle registration

4-contraband and property being ilegally traded or transported

5- land, water, growing crops or lawn

6-money and securties

7-motor vehicles

8-outdoor fences, trees, shrubs

9-outdoor radio or tv antennas, outdoor signes not attached to building, watercraft

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15
Q

Is steam equipment or heating equipment covered?

A

Not if damage results from a condition that originates inside the equipment

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16
Q

Is there coverage for property that is missing?

A

no but there is a money and securities optional coverage

17
Q

What is covered in the interior of the building?

A

damage against rain, snow, sleet, ice or dust oly if the roof walls are first damaged bya covered cause of loss that enables these elements to enter or if the loss or damage is caused by a result from thawing of snow sleet or ice on the building

18
Q

Are Fragile articles covered?

A

only if damage is caused by building glass breakage or the specified cause of loss named in the policy

19
Q

How many days is the insured to report debris removal expense for it to be covered?

A

180 Days

20
Q

What is the amount reimbursed for debris removal?

A

25% of the amount paid for the direct physical loss plus the deductible that is applicable to that loss

21
Q

When is an additional $10,000 of insurance available for each location?

A

1- the direct physical loss and the debris removal expense together exhaust the limit of insurance

2-the maximum amount collectible for debris removal (25% of the loss + deductible) is not enough to cover the debris removal expense

22
Q

How long does the insurance company pay for the loss of business income and extra expense coverage?

A

12 consecutive months after the date of the direct physical loss

23
Q

What is the limit of the increased cost of construction coverage?

A

the limit is $10,000

24
Q

When does the coverage for civil authority additional coverage begin?

A

72 hours after the action by the civil authority and for up to three weeks

25
Q

What is the basic limit for forgery and alteration expenses?

A

$2,500

26
Q

When does dependent property begin and what is the limit?

A

72 hours and $5,000

27
Q

what is the limit for money orders and counterfeit paper currency?

A

$1,000

28
Q

what are the limits on pollutant clean up and removal additional coverage? and how many days must the expenses be reported in?

A

$10,000 limit for each separate 12 month policy

180 days after the date of the loss or within 180 days of the end of the policy period

29
Q

How long is preservation of property coverage applied for?

A

30 days after the property has been moved

30
Q

What is the limit amount on fire department service charges?

A

$1,000

31
Q

How many feet must a fire extinguisher be within to be covered?

A

100 feet

32
Q

What is the coverage limit on newly acquired or constructed property coverage extension for each location and coverage for personal property at each location? and how many days is required for the coverage to apply?

What is the limit for business personal property that is temporarily off premises?

A

$250,000 & $100,000 for personal property

30 days after the new premise or property is acquired or until the policy expires, or until the insured reports values to the insurance company (whichever comes first)

$5000

33
Q

What is the limit on extended coverage for outdoor property?

A

$2,500 and not more than $500 for any one tree, shrub or plant

34
Q

What is the limits on personal effects extension?

A

$2,500 at each insureds premises

35
Q

What is the limit for valuable papers and records coverage and the accounts receivable extension?

A

maximum limit of $10,000 r $5,000 for papers not at the described location

36
Q

What is the standard deductible for property loss?

A

$500 n

Dwelling again (3 decks)

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