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CPCU 551 Chapter 11

Chapter 11 Notes

List the characteristics associated with a business owners policy? Package policy specially designed to include most property and liability for small to mid sized companies.
What coverage do most bop's include? building and personal property, business income and extra expense coverage, general liability.
What are the advantages of a bop for insurers? Reduces adverse selection, and handling costs. Eliminates individual underwriting, increases ability to compete.
What is the advantage of a bop for insureds? Convenience and economy of one policy for all coverages.
What are the criteria to qualify for bop coverage? 25k in floor space, under 3 million annual gross sales, must be certain type of business.
What is the difference between the Business Coverage Form and Business Personal Property Coverage Form relative to Covered Property? The BCF includes the named insureds personal property in rooms furnished by the insured. It also includes landlords property in common areas. The BCF covers property of others and yours in one form BPP requires two forms.
Why does an insured usually have broader coverage under the BCF? The property not covered is a lot shorter list.
Relative to the covered causes of loss the BCF uses the same approach as Causes of Loss-Special Form with a few differences what are they? Named perils can be substituted by endorsement, Through exceptions to policy exclusions provides broader coverage for electronic data.
In what three ways the the BCF Business Income and Extra Expense Coverage differ from the ISO Form. Subject to one year limit instead of dollar amounts, not subject to co-insurance, payroll limited to 60 days following the loss.
Under BCM what is the limit allowed for Money Orders and Counterfeit Money? $1000.00
What coverage is allowed for fire extinguisher recharge expense? Up to $5,000.00 per occurence if discharged.
Electronic Data coverage Has a higher aggregate limit $10k rather then $2500.00 and has broader range of perils.
Newly Acquired or Constructed Property Coverage Extension? Up to 30 days up to $250k and property up to $100k
Personal Property off Premise Coverage Extension $10k limit. BCF is broader in it includes property in transit.
Valuable Papers and Records BCF provides broader coverage up to $10k on premis and $5k off. BPP has $2500 limit.
What is the basic deductible for all BOP Coverages? $500 with exceptions to 5 coverages
What 5 coverages are not applicable to the deductible? Business Income, Extra Expense, Fire Dept. Service Charge, Civil Authority
Created by: GARYSCHILD
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