🏠 Module 1-Intro to Commercial Property Flashcards
Intro to Commercial Property
1
Q
CP ISO Form
A
Commercial Property Insurance Services Office Form
2
Q
ISO
A
Insurance Services Office
3
Q
Basic Form
A
Causes of Loss Form
- Specified perils only
- Burden of proof lies with the insured
- Most limited coverage
4
Q
Broad Form
A
Causes of Loss Form
- Basic Form + 5 additional perils
- Specified perils only
- Burden of proof lies with the insured
- Less limited than basic form
5
Q
Special Form
A
Causes of Loss Form
- “All risks” coverage
- Burden of proof lies with the insurer
- Broadest coverage form
6
Q
O&L
A
Ordinance or Law
7
Q
DIC
A
Difference-in-Conditions
Broadened coverage for excluded perils such as earthquake or flood.
8
Q
Co-Ins
A
Co-Insurance
A penalty clause requiring minimum levels of ITV.
9
Q
ITV
A
Insurance-to-Value
10
Q
AV
A
Agreed Value
Suspends the coinsurance clause/penalty
11
Q
RC
A
Replacement Cost
12
Q
ACV
A
Actual Cash Value
Replacement cost minus depreciation
13
Q
CAT
A
Catastrophe (Wind, Earthquake, Flood, Hurricane)
14
Q
BLDG
A
Building
15
Q
BPP
A
Business Personal Property
