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RIBO > RIBO - Commercial Insurance > Flashcards

RIBO - Commercial Insurance Flashcards

1
Q

What three perils does the Basic Fire Policy cover?

A

Explosion, lighting and fire

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2
Q

How is the peril of lighting broadened in the Named Perils Form?

A

Includes damage to appliances

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3
Q

How is the peril of explosions broadened in the Named Perils Form?

A

Includes other types of explosions

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4
Q

What perils does the Broad Form cover?

A

All risks subject to policy conditions and exclusions

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5
Q

What is the Professional Liability Insurance we use in our field as brokers?

A

Errors and Omissions

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6
Q

What is included under the definition of Building?

A

Building(s), additions, fixtures and fittings, maintenance supplies and growing plants

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7
Q

What is included under the definition of Equipment?

A

Equipment, contents, and tenants improvements

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8
Q

What is included under the definition of Stock?

A

Stock, merchandise, and packaging, wrapping, and advertising materials

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9
Q

What is the coverage amount based on for a Builder’s Risk?

A

Completed value of the building

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10
Q

What are the three exclusions under Glass Insurance?

A

Fire, war, and nuclear

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11
Q

What signs can be covered under a Sign Floater?

A

Exterior Signs

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12
Q

What does the by-law exclusion do?

A

Excludes additional cost to rebuild in compliance with by-laws

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13
Q

What are the two requirements that must be met before the Farm Rebuilding Clause will pay the full amount of the farm buildings?

A

Rebuild within 9 months and 200 feet from the original site

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14
Q

How many months worth of the Rental Value Endorsement should be insured?

A

12 months

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15
Q

What form would be used to cover stock where the stock values are fairly consistent?

A

Premium Adjustment Clause

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16
Q

What form would be best used to cover stock where sales vary substantially from month to month?

A

Peak Season Endorsement

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17
Q

What coverage does the Consequential Loss Assumption Clause provide?

A

Covers losses due to failure of a cold storage unit

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18
Q

What does the Gross Earnings Form cover in the event of a loss?

A

Loss of earnings from the date of loss to the date the business reopens

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19
Q

What does the Profits Form cover?

A

Loss of earnings from the date of loss to the date the profits return to what they were prior to the loss

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20
Q

What does Extra Expense cover?

A

Costs associated with keeping business open at another location

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21
Q

What is the major difference between the Gross Earnings Form and the Profits Form?

A

Period of indemnity

22
Q

What does the Contractors Equipment Floater cover?

A

Moveable equipment from site to site

23
Q

What does a Tool Floater cover?

A

Moveable tools from site to site

24
Q

What does the Boiler and Machinery Policy cover?

A

Explosion and rupture of boilers and breakdown of machinery

25
What does the term Floater mean?
A type of insurance that covers property that is easily moveable
26
What does the Supplementary Payments section of the CGL cover?
Defense costs, post-judgement interest, and other litigation expenses
27
What is included in Theft?
Burglary and Robbery
28
Does Burglary and Robbery include Theft?
No
29
What does the 3D Policy cover?
Employee dishonesty, disappearance, and destruction of property
30
Does the 3D Policy cover safe burglary and robbery on the premises?
Yes
31
What kind of losses does the Co-insurance Clause concern itself with?
Partial losses
32
Who are the three parties to a bond contract?
Principal, Surety, and Obligee
33
What do Fidelity Bonds cover?
Dishonesty of employess
34
What does Products Liability cover?
Lawsuits resulting from goods that cause injury or damage to the purchaser like defective or dangerous products
35
What does Garage Liability pay for?
Garage Liability covers lawsuits resulting from the premises
36
What does Stated Amount Co-Insurance Clause base the amount of insurance required on?
Appraisal of the property's rebuilding cost
37
What is the Co-Insurance Clause formula?
DID over (should x %) x loss
38
What are the criteria set out in the 2% Waiver of Co-Insurance?
Loss must be less than $5,000 and less than 2% of the DID
39
Why would Contingent Employers Liability be required?
When the employees are not covered by workers compensation
40
Why would Owner and Contractors Protective Liability be required?
Protects against a lawsuit resulting from the negligent work of sub-contractors
41
Why would Blanket Contractual Liability required?
When your business assumes the liability of others in a contract
42
What coverage does By-Law Endorsement provide?
It removes the exclusion and allows the insurer to pay the increased cost to rebuild made necessary due to by-laws
43
How does States Amount Co-Insurance Clause differ from the traditional Co-Insurance Clause?
Based on appraisal and a specified value as opposed to percentage of rebuild
44
What does Completed Operations Liability cover?
Liability arising from faulty workmanship
45
What is a Manuscript Policy?
Policy written to cover a unique risk?
46
What is a Subscription Policy?
Policy where more than one insurer provides coverage?
47
What does Burglary require?
Forcible entry
48
What does the care, custody and control exclusion of the CGL policy not cover?
Damage to property the insured is in the care, custody, and control of, see Tenants Legal Liability
49
When does the Self-Insured Retention (liability deductible) come into play under an Umbrella Liability Policy?
When the policy covers something the underlying policy does not
50
What is the territorial limit of the Umbrella Liability Policy?
Worldwide

RIBO (5 decks)

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