Chapter 3 - Commercial liability including contractors policies

Question 1

Commercial Liability’s - What are commercial liability packaged policies are designed to meet the need of businesses with how many employees and what turnover?

Answer 1

Between 5 -8 employees
£500k or less turnover

Question 2

Commercial Liability’s - What are commercial liability packaged policies are designed to meet the need of businesses who work where?

Answer 2

from home
based at home
at a third-party site
that don’t own, lease, hire or rent a premises

Question 3

Commercial Liability’s - The policyholder are usually who?

Answer 3

Sole Traders and often contractors
plumbers electricians and builders ect

Question 4

Commercial Liability’s - What is normally not included that would be on a standard packaged policy?

Answer 4

Material Damage

Question 5

Commercial Liability’s - What cover is automatically included?

Answer 5

Public and Products liability - £1m -£2M as standard. Up to £5m or even £10M
Money and assault, £1000 in transit or a safe

Question 6

Commercial Liability’s - What is typically excluded?

Answer 6

Hazardous work

Question 7

Commercial Liability’s - What is typically avalible to included?

Answer 7

Employers’ Liability
Contract Works
Stock
Business Interruption
PL/Products Liability

Question 8

Commercial Liability’s - Can you have heat work away?

Answer 8

Yes but additional precautions are required

Question 9

Commercial Liability’s - Is EL standard?

Answer 9

No optional

Question 10

Commercial Liability’s - Is treatment risks for hairdressers and beauticians included?

Answer 10

Optional

Question 11

Commercial Liability’s - Is treatment risks for hairdressers and beauticians included?

Answer 11

Optional

Question 12

Commercial Liability’s - Is property damage for business equipment and/or contractors’ tools including employees included?

Answer 12

Optional

Question 13

Commercial Liability’s - Is contact works, including loss of or damage to the insured’s own plant and hired-in plant included?

Answer 13

Optional

Question 14

Commercial Liability’s - Is stock included?

Answer 14

Optional

Question 15

Commercial Liability’s - Is BI included?

Answer 15

Optional

Question 16

Commercial Liability’s - Is LE included?

Answer 16

Optional

Question 17

Commercial Liability’s - Is PA included?

Answer 17

Optional

Question 18

Commercial Liability’s - Is business travel included?

Answer 18

Optional

Question 19

Commercial Liability’s - What limit is there to property damage?

Answer 19

£2500-£10000

Question 20

Commercial Liability’s - What limit is there to contact works?

Answer 20

£50k-500k

Question 21

Commercial Liability’s - What limit is there to Stock?

Answer 21

£5k

Question 22

Commercial Liability’s - What limit is there to BI (gross profit)?

Answer 22

£100k

Question 23

Commercial Liability’s - What is contact works?

Answer 23

Also known as contactors all risk. Designed to protect building works in progress, covering any loss or damage that happens during construction.

Question 24

Commercial Liability’s - Under contact works you an also included own plant and hired in plant to what limits?

Answer 24

£50k own plan
£30k hired in plant

Question 25

Commercial Liability’s - BI is usually on gross profit, when it is on increased cost of working basis only, what’s the sum insured?

Answer 25

£10k

Question 26

Commercial Liability’s - What excess applies to property damage, contact works and stock?

Answer 26

£250