Commercial Property Policies Flashcards
A commercial package policy (CPP) allows the insured to select the coverage need to meet the business needs. In a CPP what are they unable to select?
Workers Compensation
What is the sublimit for hazardous substance cleanup or repair or replacement of contaminated property?
$25,000
Under the commercial property coverage program, the basic causes of loss form insures against loss caused by?
Sprinkler leakage
What are the 4 classes of Inland Marine risks?
- Domestic Shipments & Transportation Risk
- Bridges, Tunnels & other Transportation
- Commercial Property Floater Risks
- Personal Property Floater Risks
Farm fences (except field and pasture fences) are covered by which farm coverage form?
Coverage G
True or False: If a farm building or structure is vacant or unoccupied for 120 consecutive days, the limits applicable to the building and it’s contents are reduced by 50%.
True
What does an installation floater insure?
Appliances intended to become a permanent part of the building.
Who will transport the property of anyone who hires them?
Common Carriers
True or False: The fire department service charge is included under the builders risk form.
False - It is an additional coverage.
True or False: Explosion of steam boilers is excluded in the equipment breakdown basic policy.
False
True or False: The commercial property declarations page contains the description of the property insured.
True
Under Coverage C of a farm policy what is the limit payable on business property located away from the premises?
$500
True or False: Tools 50 feet away from the building is considered property covered by a standard builders risk form.
False
Professional photographers and musicians may insure their equipment with what?
Commercial Articles Floater
True or False: The livestock coverage form covers named peril coverage for death of livestock.
True - Coverage is for death or destruction of livestock by basic causes of loss EXCEPT by vehicles.
What does the Motor Truck cargo policy (truckers form) cover?
Liability for loss to cargo while it is being transported in a truck.
Farm fences (except field & pasture fences) are covered by which farm coverage form?
Coverage G which is Other Farm Structure.
An Insured’s accounts receivable records have been damaged. What form would cover the loss?
The Accounts Receivable coverage form.
Which policy consists of declarations, conditions, endorsements and other attachments, applicable to a single line of insurance?
A Monoline policy.
The legal liability coverage form provides coverage for damages for which the insure is legally liable arising from what?
Direct physical damage to property of others in the insured’s care.
True or False: Common carrier cargo liability is a class of inland marine.
False
A commercial property special form covers property in transit up to what dollar amount?
$5,000
True or False: Mobile agricultural machinery and equipment coverage must be written as part of farm coverage.
False
In a farm policy which coverage form would reimburse the insured for loss of rental income following damage to the insured dwelling by an insured peril?
Coverage D
True or False: Bodily injury to a residence employee would be included in the farm liability coverage forms?
True
True or False: A unique feature in a bailee form is that it covers customer’s property whether or not the insured has been negligent.
True
True or False: Collapse is an additional coverage that is covered by the broad causes of loss form.
True
True or False: Turkeys while in the open are covered under Coverage E - Scheduled Farm Personal Property.
False
True or False: Explosion of steam boilers are included in the equipment breakdown basic policy.
False
