Commercial Property Flashcards
A specific coverage part is listed on the commercial package policy declarations page, but there is no premium shown. What does that mean?
There is no coverage
A commercial package policy (CPP) allows the insured to select the coverage needed and customize the policy to meet the needs of insured’s business. In a CPP, the business owner may select from all the following types of coverage EXCEPT
Workers Compensation Coverage
Which of the following is an additional coverage that is covered by the broad causes of loss form?
Collapse
The common policy condition is a modular part combined with other parts to create the contract. The Common policy condition section contains provisions that are applicable to all lines of coverage that may be included in the policy. What provision would be found in the common policy condition s sections?
The first named insured may cancel the policy at any time by giving written notice to the insurer
Farm Fences (except field and pasture fences) are covered by which farm coverage form?
Coverage G - Other Farm Structures
What is the required limit of insurance in the coinsurance clause Coverage F- Unscheduled Farm Personal Property?
80%
An insured’s accounts receivable records have been damaged. The loss may be covered with
The accounts receivable coverage from
All of the following property is insured under Coverage A of a farm policy EXCEPT
Personal lawnmower of a tenant used to service the described location (because it belongs to the tenant, not the insured)
When other insurance is written on the same basis as a commercial property policy, the obligation of the insurer is to cover
A share of the loss
A large antenna is damaged when a tree branch hits an insured farm dwelling during a storm. Coverage A of a farm property coverage form would insure damaged of this occurrence up to
$1,000
Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck?
Motor truck cargo policy - truckers form
Which of the following would the livestock coverage form NOT insure aainst?
Euthanasia of livestock after being hit by a vehicle
In a CPP, who may cancel the policy in writing and make changes to the policy with the consent of the insurer?
First named insured
A commercial property special form covers property in transit up to
$5,000
Equipment breakdown coverage is written with a single limit of insurance per accident. What is the sublimit for hazardous substance cleanup or repair or replacement of contaminated property?
$25,000
Which inland marine coverage condition states that payment of any claim will not reduce the limit of insurance, except in case of a total loss on a scheduled item?
Reinstatement of limit
A unique feature in a bailee form is that it covers
Customers’ property whether or not the insured has been negligent
All the following are additional causes of loss included in the broad form of a commercial property policy EXCEPT
Replacement cost.
Which of the following is true regarding fire department service charge under the builders risk form?
It is an additional coverage.
Professional photographers and musicians may insure their equipment with
A commercial articles floater
All of the following are essential elements of a CPP EXCEPT
Valuations and/or settlement procedures
Equipment breakdown coverage is written with a single limit of insurance per accident. What is the sublimit for hazardous substance cleanup or replacement of contaminated property?
$25,000
Which of the following would be included in the farm liability coverage forms?
Bodily injury to a residence employee
According to Nationwide Marine definitions, risks that may be subject of inland marine insurance include all of the following EXCEPT
Large pleasure boats
