TB - Commercial Property Insurance Flashcards
The special Cause of Loss form excludes all of the following, except:
Loss of market
Loss due to artificially generated electric current
Agricultural Smudging
None of these are exclusions
None of these are exclusions
Extra Expense insurance covers the cost of:
Relocation
Temporary location
Research costs to replace lost information
All of the above
All of the above
Earth movement is covered under which of the following Cause of Loss forms?
None
Basic
Broad only
Basic and Broad
None!!!
Volcanic action is covered under which of the following Cause of Loss forms?
None
Basic
Broad only
Both Basic and Broad
Both Basic and Broad
Sprinkler leakage is covered under which of the following Cause of Loss forms?
Basic
Broad
Special
All of the Above
All of the Above!!!
All of the following provide an additional amount of insurance under the commercial Building and Personal Property form, except:
Lottery Tickets
Newly acquired property
Property off-premisses
Outdoor Property
Lottery Tickets!
LOL!!!
Which of the following forms covers a flood and earthquake damage?
Building and personal property form
Special form
Broad form
None of the above
None of the above
The Earthquake and Volcanic Eruption endorsement provides coverage:
Against earthquake from volcanic eruption
For commercial buildings and other covered property when used in conjunction with another Cause of Loss forms
For damage caused by shocks that occur within 168 - hours after policy expiration of the shocks began during the policy period
All of the above
All of the above
The commercial Building and Personal Property Coverage form excludes all of the following types of property, except:
Securities
Property and others in the insured care custody and control
Land
Patios or other paced surfaces
Property and others in the insured care custody and control
Under the Commercial Building and Personal Property form, coverage for the “building” includes:
Additions and extensions to the building
Property used to service the building
A Heating System
All of the above
All of the above
Under the Commercial Building and Personal Property form, coverage for “business personal property” includes:
Furniture
Machinery
Stock
All of the above
All of the above
Sinkhole collapse is covered under which of the following cause of loss forms?
Basic
Broad
Special
All of the above
All of the above
A building valued at $100,000 was insured for $80,000 with a policy containing 80% Coinsurance clause. Disregarding any deductibles, what would the company pay on a $20,000 loss?
$75,000
$5,000
$15,000
$20,000
$20,000
The insured has complied with the 80% Coinsurance clause. Therefore the partial loss of $20,000 will be paid in full
All of the following are excluded under the commercial building and personal property form, except:
Furniture and Fixtures
Petty Cash and IOU’s
A Watch dog
The insured’s panel truck
Furniture and Fixtures
Which of the following is not covered property under a Commercial Property form?
Accounts, bills, and currency
Animals not held for sale
Cost of foundations
All of the above
All of the above
The insured has transported a portion of his property to an exhibit trade show. It is destroyed by a fire. What coverage would apply?
Property off the premise see is not covered
Fire is not covered for this exposure
A limit of $10,000 would apply to cover the loss
Special coverage would have to be purchased to cover property off the premises
A limit of $10,000 would apply to cover the loss
The deductible under the revised Commercial Property firms is:
$500
$1000
$250
$750
$500
The insured has suffered a loss as the result of a cracked steam boiler. What coverage would apply under the Commercial Property Cause of Loss forms?
The loss would be covered
The loss is not covered
Only part of the loss is covered
Covers only the extra expense in replacing the boiler.
The loss is not covered
Before legal action may be taken against an insurer, an insured must have complied with all terms of the policy. Any legal action must begin within ________ following a loss.
6 months
5 years
2 years
12 months
2 years
If the civil authority blocks access to the insured’s premises because of a covered peril that has damaged a building down the street, what period of time will the Business Income forms pay the insured for loss of income at his/her premises?
One Week
Two Consecutive weeks
Four consecutive weeks
Three consecutive weeks
Four consecutive weeks
Under the Condominium Association form, coverage is based on:
The Commercial Property form
The association agreement and bylaws
The special Cause of Loss form
State and Local ordinances
The association agreement and bylaws
What is generally excluded on the condominium Commercial Unit-Owners form?
The improvements and better mends of the unit-owner
Hostile fire damage
Building coverage
Inside appliances and fixtures
Building Coverage
If both the Condominium Association form and the Condominium Unit-Owner form cover the same property, how will the loss be handled?
Each policy will pay pro-rata
The association policy will be excess over the Unit-Owners
Each policy will share equally in the loss
The unit-Owners policy will be excess over the Association policy
The Unit-Owners policy will be excess over the Association policy
Which of the following losses to perishable stock would be covered by the Spoilage Endorsement?
Power outage
Mechanical breakdown or contamination
Changes in temperature, humidity, or contamination resulting from a power outage on or off the premises
All of the above
All of the above
With Commercial Property insurance, how would the insured receive replacement cost loss settlement on damage (as a result of a covered peril) to the Personal Property of Others left in the insured’s care custody and control?
Request a separate replacement cost endorsement on the Personal Property of Others coverage on the policy
Request the replacement cost endorsement on Business Personal Property
Insure the Property of Others for at least 100% of the cost to replace it
Send in periodic reports to the insurer on the value of the property of others left in the insured’s care custody and control
Request a separate replacement cost endorsement on the Personal Property of Others coverage on the policy
