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CPCU 551 Chapter 2

Chapter 2

Real Property (defined) Land, all structures permanently attached and whatever is growing on the land.
Building Definition and Details Generally each insured building is included in the declarations it can be any structure. It is to include fixtures and permanently installed equipment and machinery.
Types of Personal Property Covered under the Bulding Definition? Property used to maintain the building.
Your Business Personal Property (list the types) Property owned by the insured (4 categories), Labor and Materials unfinished property of others, Improvements and Betterments, Trade Fixtures.
Types of Property Owned by the Insured (4) Stock (merchandise), furniture and fixtures, machinery and equipment, all other property used in the business owned by the insured.
Labor, Materials or Services Furnished (define) It applies only to insureds own costs, no coverage for anticipated profit lost.
Leased Personal Property Covered only if lease requires coverage by the leasee.
Trade Fixtures Characterized as such when the tenant has the right to remove them. They are valued at acv.
Personal Property of Others Automatically insured for up to $2500.00. Must be in the building or within a 100 feet of premises. Pays regardless of liability of insured.
Name two possible coverage extensions available? The Property Off Premise (up to $10,000.00), The Newly Acquired or Constructed Property.
List Buildings and Other Real Property Exclusions? Land, Water, Bridges, Roadways, Docks, Foundations below the lowest basement, Plants and outdoor property.
List the Other Personal Property Exclusions? Money and securities, Electronic Data, Vehicles, Watercraft, and Airplanes, Animals
List the types of supplemental coverages available? Debris removal, Property being moved, Fire Department Charges, Pollution Cleanup, Increased Cost of Construction, Electronic Data.
Debris Removal Details? Covers cost of debris removal following a covered loss. The most that can be paid is 25% of the sum of the direct loss payment less the deductible. An additional $10k exists per location if cost exceeds the limit of insurance.
Fire Department Service Charge what is the max amount? $1,000.00
Pollution Cleanup Up to $10k per location each 12 month period must give 180 days notice.
Electronic Data Max is $2500.00 per year.
Coverage Extensions (defined) There are six types, they apply only if at least an 80% coinsurance is shown. They are not subject to the coverage limits listed in the declarations.
List the 6 types of coverage extensions? Newly acquired property or constructed property, Personal Property of Others, Valuable Papers and Records, Property Off Premise, Outdoor Property, Non Owned Detached Trailers
Outdoor Property Limitations Only covered by (FLARE) Fire, Lightning, Aircraft, Riot, Explosion.
Non Owned Detached Trailer Details Must be in the insureds care, the must be liable to pay for it if lossed, not covered if attached to vehicle.
Limits of Insurance (Details) Paid once per occurrence, insureds usually benefits from this term given the vague interpretation of occurrence.
Deductibles Usually $500.00 for business personal property. If two or more items are lossed in an occurance the insured usually suffers in that a deductible is taken for each item despite just the one occurrence.
Blanket Coverage Used to cover numerous items so only one deductible needs to be paid per occurrence.
Valuation of Small Building Losses If coinsurance is met and the cost to repair or replace the damage is less then $2500.00 there is no deductible.
Valuation of Stock Sold But not Delivered Valued at selling price
Valuation of Glass The added cost of replacing with safety glass is covered by the insured.
Valuation of Tenants Improvements If tenant promptly repairs pays the acv. If not promptly done the insurer pays pro rata portion of the original cost, if others pay insured pays nothing.
List the 4 types of optional coverages? 1) Agreed Value 2) Inflation Guard 3) Replacement Cost 4) Extension of Replacement Cost to personal property of others.
Agreed Value Suspends the coinsurance condition if agreed value is listed in declarations. If limit of insurance is less then agreed value the payment is calculates as (limit/agreed value x loss) - deductible
Created by: GARYSCHILD
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