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Commercial Property Insurance

Under the Commercial Property Conditions, if the insured intentionally conceals or misrepresents a material fact, then the insurance company will deny coverage
Under the Commercial Property Policy, an insured may bring legal action against the insurance company within 2 years
A commercial building valued at $500,000 is insured under two Commercial Property policies. The first policy is for $300,000 and the second policy is for $200,000. If a covered loss of $100,000 occurs, the second company will pay: $40,000
A tenants equipment which is bolted to the floor of the building is NOT covered under the Building and Personal Property property coverage form
Which of the following types of property would not be excluded from coverage under a Commercial Property Policy? Animals that are for sale to the public
Under the Commercial Property policy- Automobile Liability is Not a policy addition or extension
Under the Commercial Property policy- the maximum value that the insurance company will pay for any one tree, shrub, or plant is $250
Assume that a retail store is insured under a CPP for it's full replacement cost of $100,000. Further, assume that the store is totally destroyed by fire. There was a $2,000 fire department service charge. The CPP would pay the owner of the store: $101,000
Appraisals are made by two appraisers and one umpire; Each party pays the cost of their appraiser and splits the cost of the umpire; A decision agreed to by a majority of the appraisers/umpire will be binding- these are regarding what? Appraisal under the Commercial Property Policy
You own a building valued at $100,000 and have it insured under a CPP with an 80% coinsurance percentage and a $500 deductible. You have the building insured for $90,000 and suffer a $20,000 fire loss. How much should you collect from your insurance co? $19,500
Joe intentionally set his warehouse with a CPP on fire trying to collect. A bank holds a mortgage on the warehouse. Which of the following actions would the bank not have to take in order to protect its rights to receive lost payment under the policy? Cancel the mortgage if the insurance company requests in writing that it do so.
Under the Commercial Property Policy, _______ is not an optional coverage? Fair Market Value
Under the CPP, which of the following losses would not be covered under the peril of fire? Removal of debris from the damage site
Which of the following perils would NOT be covered under the Basic Cause of Loss form? Earthquake
Which of the following is NOT an exclusion under the Basic Cause of Loss Form? Volcanic Action
Which of the following perils is covered under the Broad Form Causes of Loss but is not covered under the Basic Form? Weight of Ice, Snow, and Sleet
Under the Business Income coverage form, the definition of "business income" is Net income, plus continuing normal operating expenses, including payroll
Under the Property Form of the CPP, the vacancy condition will not pay for loss as a result due to vandalism, water damage, theft, or attempted theft. What is the number of days property must be vacant before this takes effect? 60 consecutive days
Business Income Coverage Forms pay for loss of income that the insured sustains due to a direct physical loss from a peril insured against. This is sometimes called? Time Element Coverage Form
Under the Commercial Property form, all Earthquake shocks or volcanic eruptions that occur within a specified time period constitute a single Earthquake or volcanic eruption. The time period specified is 168 hours
The Commercial Property Increased Cost of Construction additional coverage covers the additional costs required to comply with which of the following: Building codes when a building is damaged by a covered cause of loss
The Commercial Property Increased Cost of Construction additional coverage is only available for buildings insured on which of the following value bases? Replacement Cost
Under the Builders Risk coverage form, coverage is written for one year, but ceases, whenever which of the following occur? 90 days have elapsed since construction was completed; the building is occupied or put to its intended use; the insured's interest in the property ceases
The Business Income coverage forms pay for loss of income that forces the insured to suspend operations during the period of restoration. "Suspension" is defined as which of the following? A slowdown of cessation of the insured's business activities
Created by: BGeisert
Popular Insurance sets




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