Property Flashcards
1
Q
What is the ISO Based Commercial Property Policy?
A
OMNI
2
Q
What does contract of adhesion mean?
A
Terms/conditions are written by the carrier and the consumer can not make material changes. It is when there is a standard form of contract between 2 parties and terms/conditions are set by one party and the other party can “take it or leave it”. If ambiguity exists, the insured gets the benefit of the doubt
3
Q
What are the key components to Coverage
A
- We will pay for direct physical loss of or damage
- to covered property
- at the premises described in the dec
caused by or resulting from a covered cause of loss
4
Q
What are the three types of covered property?
A
Building, Business Personal Property, Property of Others
