Chapter 7 Flashcards
What is the BPP form?
The Building and Personal Property Coverage form. It covers buildings, business personal property, personal property of others.
What is includes in the Buildings coverage section of the BPP?
Includes structures such as stores, factories, and warehouses. Also includes:
Additions to the buildings (even under construction).
Permanent indoor/outdoor fixtures (such as a fountain)
Permanently installed machinery and equipment;
Personal property used to Martin or service building (fire extinguishers, lawn mowers).
Materials, equipment and supplies used to make alterations (100 ft bubble)
All are unscheduled — meaning doesn’t have to be individually listed in policy.
What is covered under the Business Personal Property?
The contents of the building and within 100 feet of the building.
Furniture, stock, raw materials, tools, items for doing business.
Also includes Improvements and Betterment’s
What does the business reporting form do?
The business reporting form allows the insured to send a monthly form that contains the dollar limit of liability needed for the following month. Important for businesses with fluctuating inventory.
What is covered under the Personal Property of Others?
Optional coverage, used to cover property that belongs to someone else. As an example, in a computer repair business, would cover computers left by customers for repair.
Debris removal on building coverage is calculated in what manner?
25% of the total lost, or dollar limit of the entire policy, whichever is greater plus $10000. Any outstanding amount is paid by insured.
Removal/preservation of property in the BPP covers what?
The property while being removed from the business premises or temporarily stored in another facility for 30 days.
Is there a deductible on Fire Department Service Charge under BPP?
No there is no deductible has a $1000 overall limit of liability.
