Commercial Prop

Question 0

On a building and personal property coverage form, what are the categories covered by this form?

Answer 0

Buildings; your business personal property; personal property of others

Question 1

This form defines what property is covered, not covered, and what is excluded; describes how limits and deductibles apply; adds conditions; and provides for certain optional coverages.

Answer 1

Building and personal property coverage form

Question 2

The covered property included his furniture, fixtures, machinery, equipment, stock, other own personal property used in the business; value of labor, materials or services on personal property of others, if the insured is a tenant, improvements and betterment’s ( meaning fixtures, alterations, installations or additions to the building, not legally subject to removal, made or acquired at the insureds expense). All such property is covered while it is in the building or within 100 feet of the premises if it is in the open or in a vehicle.

Answer 2

Your business personal property category

Question 3

Name some property not covered under the personal property of others form

Answer 3

Accounts, bills, currency, deeds, evidences of debt, money or securities, and unless specifically provided for, boy in or manuscripts, animals unless boarded or held for sale; autos For sale, pave services, cost of ground preparation, property below basement or ground, land, crops, bulk heads, pilings, piers, wharves or docs

Question 4

Chewer falls for; James Maxwell is an artist and is adding on a new addition to the studio. In the event of a fire, his commercial property policy will afford cover to the building.

Answer 4

Answers true. Building coverages includes additions under construction and alterations and repairs, including materials, equipment, supplies and temporary structures on or within 100 feet of the premises

Question 5

Describe the debris removal additional coverage

Answer 5

Removes during debris from a covered property by covered loss up to 25% of the amount paid for lost to the covered property plus the deductible that applies to the loss if the limit of coverage has been exhausted before allowance for the debris removal or if the debris removal expense exceeds 25% an additional $10,000 for each occurrence at each location is provided

Question 6

Describe preservation of property additional coverage

Answer 6

Want to covered properties taken elsewhere to protect it from a covered cause of loss it includes any damage in the course of moving the property and wallet stored temporarily for 30 days

Question 7

Describe the fire department service charge additional coverage

Answer 7

If the insured has to pay for a fire department service call to protect covered property from a covered cause of loss the expenses covered up to $1000 and this is an additional amount of insurance

Question 8

Describe the pollution cleanup and removal additional coverage

Answer 8

Must be reported within 180 days of the date of the cover lost the policy will pay a maximum of $10,000 total for all cover losses during any 12 month.

Question 9

Describe increased cost of instruction additional coverage

Answer 9

When a cover loss occurs in the cost to repair the damage is increased due to the application of a building ordinance or law that affects the repairs, and this additional coverages activated the replacement cost option must be selected to trigger coverage the ordinance or law must be in effect at the time the loss occurs in addition, there is no coverage for ordinance or laws of the insured should have complied with prior to the loss but did not. Coverage is limited to 5% or the limit of insurance or $10,000 whichever is less

Question 10

Describe automatic coverage under extensions of coverage

Answer 10

30 days automatic coverage is provided for one new buildings under construction at the insurance premises, or buildings acquired other premises, for up to $250,000 per building, and two; newly acquired businesses, personal property at insured and acquired locations, not more than $100,000 at each building.

Question 11

Describe the personal effects and property of others extended coverage form

Answer 11

If the policy includes your business personal property up to $2500 is available at each premises to cover personal effects of the named insured partners and employees excluding any loss by theft and for personal property of others in the care custody or control of the insured

Question 12

Describe the valuable papers and records – cost of research

Answer 12

Up to $2500 coverage at each premise is available under the your business personal property for the cost to research, replace or restore lost information from papers and records

Question 13

Describe the property off premises additional coverage form

Answer 13

Covers business personal property while temporarily out a location not owned, leased or operated by the insured up to $10,000. Property in or on vehicles or in custody of salespersons is not included.

Question 14

Outdoor property additional coverage form

Answer 14

Fences, radio/TV antennas, detached signs and trees, shrubs and plants are covered up to $1000, not more than $250 on any one tree, shrub or plant. For perils of fire, lightning, explosion, right or civil commotion or aircraft.

Question 15

Describe the non-owned the attached trailers additional coverage form

Answer 15

Extend coverage to detach trailers that the insured does not own, provided that there is a written agreement whereby the insured agrees to provide coverage. In addition to the agreement, the trailer must be used in the insureds business and located on the premises described in the declarations page. The limit of insurance is $5000 and can be increased. Coverage is excess over any other insurance provided for the trailer.

Question 16

If the building was vacant for more than 60 consecutive days prior to loss any coverage afforded by the policy for the following causes of loss is suspended describe some of them

Answer 16

Vandalism, sprinkler leakage, building glass breakage, water damage, and theft or attempted theft. For any other covered cause of loss, any amount otherwise payable is reduced by 15%. Optionally, these coverages suspensions or limitations maybe eliminated by attachment of a vacancy permit endorsement to the policy

Question 17

Describe valuation

Answer 17

Basically, payment for loss or damage to covered property is made at its actual cash value, subject to several exceptions. If the replacement value of the building losses $2500 or less, full replacement cost is paid if the insured is in compliance with the coinsurance clause, but this provision does not apply to awnings, floor coverings, appliances, or outdoor equipment or furniture.

Question 18

Describe tenants improvements and betterment’s

Answer 18

If not probably repaired after loss, our cover without regard to their tangible value, based on a formula; original cost times time from date of loss until expiration of lease divided by the time from date of installation to the expiration of lease or expiration of any renewal pop option. There’s formula gives the insured recovery for the uncovered portion of the investment property which would’ve been reverted to the building owner expiration of lease

Question 19

Describe the mortgage holders condition

Answer 19

Provides the losses will be paid to any such interested in the declarations as it’s interest me appear. It’s protection is not impaired by acts were omissions of the insured, if the mortgage holder pays premiums and submits proof of loss, accompany request after the insured is filled to do so, and notifies the company of any known change in ownership, occupancy or substantial change in the risk. After lost payments on mortgage holder, it’s rights are transferred to the company. Also referred to as the lienholder

Question 20

The business and personal property form contains three optional coverages describe them

Answer 20

Agreed value
Inflation guard
Replacement cost

Question 21

Describe agreed value

Answer 21

This option waves operation of the coinsurance condition it is based on a signed statement of values filed with the company, and ensuring for 80% or more of those values. The declaration stating expiration date for the agreed valued option, which maybe earlier than the policy expiration date. If the option day passes without renewal of the option, the coinsurance condition is reinstated.

Question 22

Describe inflation guard

Answer 22

The declarations may stay at a percentage by which the policy limits automatically increase. And any rate of increase is stated, and the policy increases pro rata, throughout its term, at such annual

Question 23

Describe replacement cost

Answer 23

An option is available to replace the actual cash value basis of law settlement adjustments based on replacement cost without deduction for depreciation. The option is generally available for both buildings and personal property, but does not apply the property of others unless specifically chosen by an endorsement. Residential contents, manuscripts, or property such as works of art and in antiques are not covered. Rules require a minimum of 80% coinsurance for inclusion of replacement cost must be notified within 180 days after the loss.

Question 24

Describe the value reporting endorsement

Answer 24

When a business personal property values fluctuated, a single, fixed amount of insurance could produce either over or under insurance at any given time. With the via reporting option, the lemon of coverages said I had an amount someone higher than expected peak values. I separate limit is stated for each location.

Question 25

Describe building ordinance coverage endorsement

Answer 25

Where is the form covers only the value of actual damage from a covered cause of loss, this endorsement ensures against loss caused by enforcement of ordinances or laws regulating construction and repair of damage buildings. This coverage will provide the monetary assistance of the insured to build the structure back up to code.

Question 26

Describe the builders risk coverage form

Answer 26

Builders risk coverage ensures against risk of loss from damage to property under construction, whether new construction or renovation of existing buildings. Builders risk coverage presents issues not normally associated with property coverage for existing buildings and use.

Question 27

Describe the business income coverage form

Answer 27

It covers the loss of income suffered by business when damage to its premises by covered cause of lost causes a slow down or suspension of its operations during the time required to repair or replace the damage property.

Question 28

What are the two forms associated with the business income insurance coverage

Answer 28

Business income and period of restoration

Question 29

Business income insurance protects against what

Answer 29

Loss of business income that results from damage to covered property from a covered cause of loss

Question 30

The period of restoration begin 72 hours after the date of direct damage and affect the coverage has a 72 hour deductible when does the coverage end ?

Answer 30

The date when the damage property could beer., Rebuilt or replaced with reasonable speed, or; the date the business resumes operation had a new, permanent location, whichever comes first.

Question 31

Describe the difference between business income and the period of restoration

Answer 31

The difference is to how extraordinary expenses are handled, after physical damage has occurred

Question 32

Business income pays what

Answer 32

Pays extra expenses incurred to avoid or minimize the suspension of business without regard to whether or not such expense would result in a reduction in the business income loss.

Question 33

Business income without extra expense covers what

Answer 33

Covers extra expenses only to the extent they reduce the loss such expenses might be incurred to shorten the period of interruption at the damage premises, or from moving to an equipping new or temporary premises.

Question 34

Optional coverage forms includes four coverages described them

Answer 34

Maximum period of indemnity, monthly limit of indemnity, agreed value, extended period of indemnity.

Question 35

Describe the maximum period of indemnity

Answer 35

This option replaces the coinsurance condition with a provision that does not require any amount, but limits the period of indemnity 120 days following the 72 hour deductible. It applies to both business and come and extra expense coverages

Question 36

Describe monthly limit of an indemnity

Answer 36

This option provides a second way to avoid the coinsurance condition. This provision limits the amount of recovery to a fraction of the coverage limit during each consecutive 30 days during the period of restoration. The fractions available are one third, one fourth, and one sixth.

Question 37

Describe the agreed value optional coverage form

Answer 37

This is a way to circumvent a possible coinsurance penalty. After the insured submitted form which showed financial data for the prior and next 12 months the company may agreed to value coverage based on one of the optional coinsurance percentage is applied to the perspective total of profit and expenses.

Question 38

Describe the extended period of indemnity

Answer 38

The 30 day extended period of indemnity, granted by the additional coverage, maybe increased to any longer periodUp to 730 days.

Question 39

Describe the extra expense coverage form

Answer 39

While business income will replace lost profits, some businesses are such that any prolonged interruption could cause irreparable harm. The business may need to continue by immediate relocation or by contracting it's work to others.

Question 40

How does the extra expense coverage form differ from the business income coverage form

Answer 40

The extra expense coverage form pays for expenses in excess of normal operating expenses and organization incurs to continue operations watch property is being repaired or replaced after having been damaged by covered cause of loss extra expense coverage can be purchased in addition to or instead of business income coverage, depending on the needs.

Question 41

Describe the leasehold interest coverage form

Answer 41

Property insurance covering the loss suffered by a tenant to determination of a favorable lease because of damage to the leased premises by covered cause

Question 42

The leaseholder interest coverage form covers which of the following

Answer 42

Tenants loss of the favorable lease; tenant loss of a favorable sublease; loss of the remaining value of a bonus pay to acquire lease; value of the remaining value of improvements and betterments made by a tenant, including any increase rental value; resulting from such improvements having been made; loss of the remaining value of prepaid rents.

Question 43

Describe the legal liability coverage form

Answer 43

Provides coverage for sums the insured is obligated to pay as a result of accidental damage from a covered cause of loss to property of others in the insurance care, custody, or control. The form pays on behalf of the insured and includes legal costs of defending the insured against claims of others. Coverage may apply for the insureds occupancy of a building owned by others, or for damages to personal property such as customers good or least equipment

Question 44

Describe the condominium coverage forms

Answer 44

There are two forms for condominium coverage; the condominium association form, and the condominium unit owners form.

Question 45

Describe the condominium association form

Answer 45

This is found under the condominium coverage form and it ensures a commercial condominium association against direct physical loss or damage to buildings, personal property and personal property of others in the care, custody or control of the association and located at the premises.

Question 46

Describe the condominium unit owners form under the condominium coverage form

Answer 46

This is designed for the owner of a condominium. It is used only for commercial, not residential, condominiums. It covers the unit owners business personal property and the personal property of others in the insureds care, custody or control. It does not cover building since discovered would typically be provided under the condominium association coverage form issued to the association.

Question 47

Describe the causes of loss forms – Gen.

Answer 47

Because of loss forms exclude loss resulting from enforcement of building ordinances, which regular construction, user repair of property, or demolition and a breeze removal.; Earth movement Eisenson call collapse except for damage caused by resultant fire explosion. Seizure or destruction my governmental authority, except destruction to prevent spread of fire. Nuclear reaction, radiation radioactive contamination except for damage caused by resultant fire. Lost from utility service very which occurs anywhere outside the building. War related incidents such as insurrection, rebellion. Flood, rising waters, mudslides, backing up of water through sewers are drains, underground water seepage. Resulting damage by fire, explosion or sprinkler leakage is not excluded. Fungus wet dry rot and bacteria. Damaged wiring devices cause by artificially generate electrical current. Explosion of steam boilers, pipes, engines are turbines.

Question 48

What are the business income and extra expense coverage form exclusions in there cause of loss forms

Answer 48

The cause of loss forms for the is excludes damage Gentanta equipment, delays in property restoration cause my strikers other persons, loss of any license, lease or contract. For business income, lost from damage to stock manufactured by the insured, or the time required to reproduce such stock, is also excluded.

Question 49

What is legal liability coverage form cause of loss exclusions

Answer 49

The special form and exclusions include wear and tear, rust; decay; deterioration; smog; release of contaminants or pollutant; settling, cracking; messing, infestation or discharge/release of water products or secretions by insects, birds, rodents and or other animals; breakdown; temperature changes; Mehringer scratching; prolonged leakage or seepage of water; dishonesty Ventura employees; sponsor reporting the property to check the device; lost a property hope in from rain snow ice or sleep. Ask your decisions of a governmental body; errors in planning, zoning, development ,severing, sitting, design, workmanship, materials or maintenance.