COMMERCIAL PROPERTY INSURANCE Flashcards
With a Commercial Package Policy (CPP), the term that refers to the combination of forms and endorsements selected by the insured for a certain line of insurance is:
Coverage part
Common Declarations” of a Commercial Package policy. List items
The policy period.
The premium for each coverage part.
The name and mailing address of the insured
A complete Commercial Package Policy (CPP) includes
A common policy Declarations page.
A common policy Conditions sections, and two or more coverage parts.
The “Common Policy Conditions”
All coverage parts of the policy.
subrogation clause
“Transfer of Rights of Recovery Against Other to Us”
3 Main coverages A, B, C
A. Building
B. Personal Property
C. Personal Property of others
“Pollution Cleanup and Removal” what kind of coverage? included or? Additional.?
Additional Coverage
debris removal
25% of the direct loss. or $25,000
debris removal of others
$5000
Personal property removed how long is it insured?
30 days
Fire department
$1000
Pollution clean up
$10,000 for each occurrence within 180 days
The additional coverage on the Building and Personal Property coverage of a Commercial Property policy for electronic data provides _________ for the cost of replacing and restoring electronic data that has been destroyed or corrupted by a covered cause of loss.
$2,500 in the aggregate.
Period of restoration. how long to activate for loss of business income and direct loss?
72 hours loss of income and immediatedly for direct loss
Coverage for all reasonable expenses incurred by an insured in order to continue as nearly as practicable the normal operation of his/her business after a loss is what kind a expense?
Extra Expense coverage.
