Commercial Package Policy Flashcards
What types of expenses are covered by Coverage C - Medical Payments in Commercial General Liability policies?
Medical, surgical, hospital, or funeral expenses for third parties injured because of the insured’s business operations.
What is the insurance form trigger base on?
The date of injury or damage.
What type of policy consists of the declarations, conditions, endorsements, and other attachments application to a single line of insurance?
Monoline
What is the limit that the insurer will pay for all losses that occur during a policy period?
Aggregate limit
In Commercial Package Policies (CPPs), who may cancel the policy in writing and make changes to the policy with the consent of the insurer?
First-named insured
What is the name for policy endorsements that may apply to more than one coverage?
Interline endorsements
What does Coverage A of the Commercial General Liability (CGL) form provide coverage for?
Injury or death suffered by a third party, or damage to the property of others.
What is covered under the Legal Liability Coverage Form?
Property in the insured’s are, custody, or control.
What type of property would be covered under the Builder’s Risk Coverage Form?
The building, temporary structures, foundations, fixtures, equipment, and materials and supplies within 100 feet of the premises.
What type of property can be covered under InlandMarine insurance?
Any type of property that is portable on land, as well as means of transportation and communication.
What would be considered a single accident in Equipment Breakdown coverage?
All accidents at a single location, at the same time, by the same cause.
What are the coverage parts that may be included in a Commercial Package Policy (CPP)?
Commercial property, general liability, crime, equipment breakdown, auto, inland marine, and farm.
What is the purpose of interline endorsements in Commercial Package Policies (CPPs)?
They eliminate redundancy and minimize the number of other policy endorsements.
What types of entities can be insured under a General Liability policy?
Sole proprietors, partnerships and corporations.
In Commercial Inland Marine policies, who transports the property of anyone who hires them?
Common carriers
How are supplementary payments paid in liability insurance policies?
In addition to the limits of liability.
What are the 3 liability coverages included in the Commercial General Liability (CGL) Coverage Form?
Coverage A - Bodily Injury and Property Damage
Coverage B - Personal and Advertising Injury
Coverage C - Medical Payments
What type of perils are covered by the Advertising Injury Form?
Libel, slander, defamation, violation of privacy, infringement of copyright or titles.
What is the broadest Coverage in the Commercial Crime Form?
Theft coverage
Which coverage would a business Owen need in a crime policy to cover money that may be stolen from a messenger?
Outside the premesis
What components make up a Commercial Policy?
Policy cover; policy declarations; interlines endorsements; lines of insurance declarations pages; lines of insurance coverage forms; common policy conditions; lines of insurance conditions; causes of loss forms; and endorsements
A liability policy that covers all claims arising out of incidents occurring during the policy period, regardless of whether or not the policy is still in effect at the time of the claim, is known a:
An occurrence policy.
Commercial property coverage can be written with one of three causes of loss forms. What are the?
Basic
Broad
Special
What are the two coverage triggers in Commercial Crime policies?
Discovery Form
Loss Sustained Form
When other insurance is written on the same basis as a Commercial Property policy, what is the insurer obligated to cover?
A share of the loss.
What is the date stipulated on the declaration page of a claims-made liability form as the earliest date in which an incident may occur and be covered by the policy?
Retroactive date
What is the difference between a personal injury and an advertising injury?
Personal refers to individuals
Advertising injury is incurred to a business
Both, however, are nonphysical injuries.
What is a commercial floater?
An Inland Marine policy designed to cover movable commercial property, wherever it may be located.
In commercial crime policy, what does employee theft cover?
Losses resulting from theft by employees.
What is the purpose of a claims-made form?
To pay for bodily injuries during the policy period.
