C131 times 2 Flashcards
What are the three types of carriers?
- Private carrier- they haul their own Goods using owned or leased vehicles
- Contract carrier- hauls goods for people they have a contract with
- Public carrier- hauls Goods for the General Public
What does the transportation floater broad form all Risk insure?
Your own Goods
- Goods delivered to clients that you are responsible for I.E good sold but not delivered
- business goods from supplier
What perils are excluded on the transportation floater broad form?
- Improper preparation, unexplained shortage or rough handling
- gradual deterioration
- Delay , loss of Market or vermin
Excess & Umbrella policies
Some other main facts: » Limits are noted what page
Declarations page
Excess & Umbrella policies » Two forms:
» Higher limits to underlying (Excess)
» Broader coverage & higher limits (Umbrella)
There are FIVE clauses or conditions that may affect their decisions
- Temporary locations
- Newly acquired building
- Newly acquired contents
- Property in transit
- Property in custody of sales representative
Equipment Breakdown: Perils
- Explosion
- Bursting
- Rupture of boilers &
- pressure vessels
- Mechanical breakdown
Equipment Breakdown: Property COVERAGE
- Machinery
- Electrical apparatus
- Air conditioning units
- Telephone equipment
- Computers
Loss of gross profit=
e’s selling price Minus cost price until gross profits are back to pre lost lives
Gross earnings=
pays until property is restored.
What are 5 extensions of coverage for commercial property?
- Property necessarily removed- temp location
- debris removal- from insured peril
- personal property of employees officers
- 4 building damaged by theft or vandalism
- growing outdoor plants- caused by named peril
Provide 4 examples of common property exclusions
- Bylaws- increase costs because new building materials are required
- Money, bullion, Securities, stamps
- Illegal property
- Vacant for more than 30 days
What does accounts receivable form coverage provide?
- Amounts not collected due to damage to records Interest payments
- Extra collection expenses for example in sure will hire a collection agency or collect funds
- Other reasonable expenses to re-establish records for example hiring an account
Provide 5 examples for common peril exclusions
- Application of Heat
- Artificial electricity AK a power surge
- Nuclear incident
- Radioactive contamination
- War
Name 5 items that equipment breakdown will NOT cover?
- Maintenance related damages
- Increase costs due to by Law changes or pollution
- Indirect loss
4 business Interruption,
5 spoilage
