Commercial Insurance Flashcards
BPP
Business Personal Property
BPP Building Coverage
Property used to maintain the building and permanent fixtures such as air conditioners and fire extinguishing equipment located within 100 ft. of the insured building
BPP Debris Removal
limit of 25% of the amount of the loss minus the deductible.
Exceeds= $10,000 extra available
BPP Property Removal
all risk of perils basis for up to thirty (30) days
BPP Fire Department Service Charge
$1,000
BPP Pollutant Clean-Up Removal
maximum of $10,000 in any 12-month period. *Report by 180 days
BPP Increased Cost of Construction
pay the lesser of $10,000 or 5% of the policy limit
BPP Newly Acquired or Constructed Property Coverage
$250,000 for each building.
BPP Business Personal Property Coverage
limit of $100,000
BPP Period of Coverage
At the earliest of the policy’s expiration or thirty (30) days after the insured acquires or begins to construct the property
BPP Personal Effects Property and Property of Others
limit is $2,500 at each described premises
BPP Valuable Papers and Records
$2,500 at each described premises
BPP Property off Premises
$10,000 per loss.
BPP Outdoor Property
$1,000 but not more than $250 for any one tree
BPP Non-Owned Trailers
up to $5,000
BPP Business Personal Property Temporarily In Portable Storage Units
extend the insurance that applies to Business Personal Property (100ft)
(BPP) Basic Form
Named Perils policy
(BPP) Broad Form
Named Perils policy
BPP Special Form
(All Risk/Open Perils)
BPP Property in transit coverage amount
$1,000
Builder’s Risk Form: The Completed Value Basis
100% coinsurance because insurance carried must equal the completed value of the building under construction.
Builder’s Risk Form: The Reporting Value Basis
allows coverage to be carried according to the stage of completion of the building under construction.
Builders Risk: Debris Removal
25%
Builders Risk: pollution removal
$10,000
Builders Risk: losses to trees, shrubs, and plants
$250 for any one item with a maximum of $1,000 per occurrence.
Builders Risk: Building materials and supplies owned by others
$5,000 limit at each described location.
Business Income (interruption)
Payment of the normal net income that would have been earned, payroll (if it continues) and expenses required to continue normal operation (not expenses that are discontinued during the restoration period)
*72 hour waiting period
Business Income Extra Expense
Pay for the additional costs for continuing operations at a temporary location in order to avoid a loss of income at the insured location.
Extended Business Income
business resumes after a shut down due to a covered peril, the business income may not equal the income before the loss. This coverage pays the difference to the business for up to thirty (30) days after the resumption of business.
Loss of Business Income: Maximum Period of Indemnity
payable loss period to the 120 days immediately following the direct physical loss to covered property
Loss of Business Income: Monthly Limit of Indemnity
guarantees the most the insurer pays for loss of business income in each period of thirty (30) consecutive days following a loss is the limit of insurance multiplied by the percentage shown in the Declarations.
