Commercial Property Conditions Form

Question 1

Concealment, Misrepresentation, or Fraud Coverage

Answer 1

Coverage will be voided in the event the policyholder committed fraud at any time as it relates to the policy.

Question 2

Control of Property

Answer 2

This condition states that any act or negligence by individuals not under the direction of the policyholder will not void coverage

Question 3

Insurance under two or more coverages

Answer 3

If more than one coverage under the policy can respond to the same loss, the insurance provider will pay no more than the actual loss.

Question 4

Legal Action Against the Insurer

Answer 4

No individual can bring legal action against the insurance provider until all policy terms have been complied with, and then only if the legal action is brought within 24 months of the loss.

Question 5

Liberalization

Answer 5

If the insurer adopts any provisions that expands coverage during the policy period or within 45 days before the effective date, the expanded coverage is applicable without having to be endorsed on the policy.

Question 6

No Benefit to Bailee

Answer 6

No individual who has custody of covered property, other than the policyowner, can benefit from the insurance.

Question 7

Other Insurance

Answer 7

If the policyowner has other insurance with the same terms, conditions, and provisions, the policy will contribute by limits. If the other insurance is different than that described above, the policy will respond on an excess basis, paying only for the amount of any loss in excess of the other insurance.

Question 8

Policy Period, Coverage Territory

Answer 8

The policy territory includes the United States, its possessions/territories, and Canada

Question 9

Subrogation (transfer of rights of recovery against others)

Answer 9

The policyowner must transfer any rights they have to recover damages from another person to the insurance provider after the insurer makes payment for the loss.