| A | B |
|---|
| Commercial property types of coverage # 1 | 1. Building and personal property |
| Commercial property type os coverage # 2 | 2. Business income |
| Comm. property type of coverage # 3 | 3.Extra expense |
| Comm. property type of coverage # 4 | 4. Builders Risk |
| Comm. property type of coverage # 5 | 5. Condo Association |
| Comm prop type of coverage # 6 | 6. Condo commercial unit owners |
| Comm prop type of coverage # 7 | 7. Legal Liability |
| comm prop type of coverage #8 | 8. Leashold interest |
| comm prop type of coverage # 9 | 9. glass |
| Comm prop. type ofr coverage # 10 | 10. mortgage holders |
| Comm prop type of coverage # 11 | 11. Tobacco Sales Warehouse |
| Comm prop coverage 1-11 | Building and personal property; business income;extra expense; buuilders risk;condo association; condo commercial unit owners; legal liability; leashold interest; glass; mortgage holders; tabacco sales warehouses |
| Building personal Property- Cover A refers to what 3 items? | Insured's building, business personal property, personal property of others |
| Building and personal property Cover A includes what 5 items? | completed additions, outdoor fixtures ($2500); alteration material w/n 100 ft, signs not attahed up to 2500 if damaged by covered claims; personal properto to service building ( fire hose, etc.) |
| Building and personal property Cover B id located where and rerfers to what? | Locaterd in the building within 100 feet; Refers to personal property of other's insured's care custody anad control. |
| Re: Building and Personal property Cover B-what 8 items are excluded? | Bills, Money contracts, sidewalks, land, airborne property, pets and fences. |
| Re: B and P property, what are the 4 additional coverages? | 1. Debris Removal (not exceed 25% for damaged property);2. preservation of property, 3. Fire Dep.Services ($1K); 4. pollutant cleanup |
| What will occur if a new building is being built? (3 points) | Covderage will extend tonew building, will end when policy expires or 30 days after insured acquires new building. |
| What is the coverage for outdoor shrubs/ trees/ plants? | must be insured to value, only $250 |
| After the property has been vacant for 60+ days, what is not covered? (6 items) | vandalism, sprinkler damage, inernal water damage, theft overall coverage for covered perils declines 15%; there is the ability to add back sprinkler and vandalism coverage |
| if an insured is a building owner, what is the requirement fo insurance? | the building must be 31% occupied or used for business operations |
| Insurance carried/required * loss = | amount paid to insured (- applicable deductions) |
| Basic Causes of loss (3); no what? | fire lightening vandalism - no sleet water ice damage |
| Broad causes of loss: (4) | Basice + water, glass, falling objects, internal water damage |
| Special causes of loss: (9) | open peril, earth movement, flood, sewer backup, drain, power failure ordinance and law |
| What about earthquakes? | There is an earthquake form which provides coverage - any event occuring in a 168 hour period is considered ONE EVENT. |
| What is the minimum deduction for earthquakes? | 250 |
| Endorsements available (4) | 1.peak season - Increased liability for seasonality 2. Ordinance - any increased cost of construction, demolition, loss of undamaged part of structure 3. Inventory spoilage 4. value based limit - inventory/activity may increase during the year, so premium paid at end of the year |
| Elaborate again on Ordinance | any increased cost of construction, demolition, loss of undamaged part of structure |
| elaborate again on value based limit | inventory/activity may increase dring the year, so premium paid at thend of the year |
| Business Income form (3 items) | 1. business income 2. loss of gross income 3. can be provided with and w/o exgtra expense cocverage ( time deduct = 72 hours) |
| Elaborate on business income | net income and continuiong expenses of business |
| elaborate on loss of gross income | earnings sustained from covered loss |
| Additionao coverages (3) | 1. expenses gto reduce the amount loss 2. alerations and new buildings- $100K max 3. civil authority - 3 weeks |
| Elaborate on indemnity | there is a monthly limit of inemnith, agreed upon value amounts |
| Other types (4) | 1. Builders risk 2. Legal liability 3. glass 4. Leasehold interest |
| Elaborate on builder's risk (5 items) | damages to structure while being built. 2. Termination after building is occupied after 60 days 3.property is accepted by purchaser; 4. abandonment 5. non payments |
| Elaborate on legal liabilityq | liability associated with damage to property of another while in your care |
| elaborate on glass | damage to large show pieces |
| elaborate on leasehold interest | loss experienced by commercial tenant when a lease written under favorable conditions is terminated before normal date b/c of covered peril |
