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CPCU 551 assgn 4

Study notes

QuestionAnswer
Manufacturer's selling price ( finished stock only) endorsement Values stock at the price the manufacturer would have received for it, weather it has been sold when destroyed or not.
Functional building valuation endorsement This endorsement allows the insurer to replace the building with one that performs the same function, however, may not be of the same construction. The building of equal function mist meet current codes, and coinsurance is waived if endorsement is applied
Functional Personal property Valuation (Other than stock) Endorsement Replaces destroyed/damaged personal property that does the same thing as the destroyed proeprty, but isn't necessarily the same property.
Operation of Blanket Insurance Used when there are multiple locations to be covered under one policy or when one limit is to apply to more than one type of property.
Advantage of Blanket insurance over specific Insurance Insureds pay less for insurance because one occurrence is unlikely to take out ALL insured locations at once.
Blanket Insurance Coinsurance conditions 90% coinsurance based on the total insurable value is required. 100% is encouraged.
Peak Season Limit of Insurance endorsement Used when an insured has changing levels of inventory at different seasons.
Value Reporting Form A Form completed at different intervals (often monthly) and which charges premium based on the amounts the insured has on hand.
What is an advantage of a Value Reporting form? the insured is not paying for insurance they are not using.
Business Personal Property - Limited International Coverage Covers property used in the insured's business that is temporarily in an area specified in the schedule and is in the custody of the insured.
Limitations of "Limited International Coverage" There is a time limit and valuation is based on what it costs in the insured's home country, not what it costs in the country where the damage occurs
Property in Process of Manufacture by Others - Limited International Coverage Covers property that's been sent overseas or across a border for processing that is being made elsewhere but belongs to the U.S. Insured.
Additional Covered Property endorsement Can be used to cover property that would normally be exluded, such as: foundations, excavations, and underground pipes.
Manufacturer's Consequential Loss Assumption endorsement Covers loss of value to something that is undamaged but needs to be sold in conjunction with something that is damaged.
Brands and Labels endorsement Protection agains the insured's goods/products being perceived as damaged.
Increased Cost of Loss and Related Expenses for Green Upgrades This allows the insured to consider the effect on the planet when rebuilding after a loss.
Green Upgrades part 1: Cost of replacing damaged property with more enviornmentally sound materials
Green Upgrades part 2: Cost of expenses related to Green updates, such as certification fees and engineering fees
Green Upgrades part 3: Cost of extra time to comply with enviornmental initiatives.
Ordinance of Law Coverage endorsement - A Covers reduction in value of the undamaged portion of the building that must be demolished to comply with ordinance. (Can be ACV though Replacement cost is HIGHLY recommended)
Ordinance of Law Coverage endorsement - B Covers demolition and removal of the undamaged portion of the building: the insurer pays for the bulldozing and hauling away of debris.
Ordinance of Law Coverage endorsement - C Covers increased cost to repair or reconstruct damaged property: and finally the insurer must pay to rebuilt to current code.
Utility Services - Direct Damage Endorsement Buys back some aspects of the Utility Service Exclusion, covering damage by a covered peril to a utility supplier (water, communication, or power)
Spoilage Coverage Endorsement Covers not only damage to the services by an insured peril but also mechanical breakdown or failure of the insured's premises.(no cover for negligence)
Radioactive Contamination Endorsement Covers radioactive contamination for insureds that have incidental radioactive material exposure. (On premises)
Created by: Lmartin7