Commercial Property
In a commercial property policy, business income coverage form provides identification for a loss during which time frame?
From 72 hrs after the initial damage until business is up and running
Cynthia slips at Sam Levitz , she injures her back and has $90k in covered medical expenses. If Sam Levitz carries a CGL policy with an aggregate of $400k and a per occurrence limit of $100k, how much will Sam Levitz pay out of pocket?
$90k
In what type of commercial policy are Inflation guard for building and structures found?
BOP
When goods are in someone's care
Bailment
_____Changes one coverage form in a commercial package policy
Monoline endorsement
In a commercial property policy, building risk coverage is sold based on which values?
The value of the completed building.
In a CGL policy the premises liability applies claims arising from occurrence from what premise and by who?
The premise owned or rented by the insured
If Neymar has a BOP for his store with a per occurrence limit of 200k for BI and PD What will his aggregate and product complete operation limit be?
$400k
What coverage does one need when you have someone's else's goods like an auto?
Baliee coverage
According to the employee retirement income security act (erisa)an individual or corporation who exercises discretionary authority or control over management is called?
fiduciary
In Commercial property policy, an insured building is considered vacant when
60 days, building is closed or has 31% of available squared footage occupied
What is the purpose of a CGL policy?
to protect the company against lawsuit they are liable for.
What's the purpose of a BOP?
a commercial insurance package designed to give small to mid-sized businesses comprehensive protection in one policy. Its main purpose is to bundle essential coverages — property, liability, and business income — into a single, cost‑effective solution
Which of the following is not an auto according to the BAP?
A) Cherry picker truck
B) Owners' car
C) Forklifts
D) Minivan used for a shuttle
C) Forklifts
Errors and omissions insurance would protect the insured from financial consequences of?
Fraudulent acts by their employees
In the business and personal property form of commercial property policy, coverage b-Business personal property coverages applies to all except?
A) Office furniture
B) Commercial Flooring
C) Leased office equipment
D) Business stock/inventory
Commercial flooring
Jerome was shopping at ABC imports when a light fixture fell from the ceiling and hit him on the head. Jerome's injuries resulted in an extended hospital stay, so he used ABC imports and was awarded $400k. Assuming ABC imports carries a CGL with an aggregative limit of $750K and a per occurance limit of $250k, How much will ABC pay out of pocket?
150k
What requirements must a wholesaler and distributor meet in order to be eligible for a BOP
25% or less of floor space is available to public, less than 25% of gross income may come from retail sales
If my relatives, roommate, or myself get injured in an accident what this coverage would be called in commercial auto?
Medical payments/PIP
What individuals is not considered a "custodian" in a commercial crime insurance
Customer
Vernocia needs to extend her pottery buiness and add an extra building to her property for the sole purpose of kiln firing her pottery. She adds builders risk coverage to her commercial property policy to cover the new structure that is not completed yet and she finds out she must carry how much for coinsurance?
100% coinsurance
Carlos was shopping at Geico warehouse when a light fixture fell from the ceiling and hit him on the head. Carlos injuries resulted in an extended hospital stay, so he sued Geico warehouse and was awarded $850k. Assuming Geico warehouse carries a CGL with an aggregative limit of $750K and a per occurance limit of $250k, How much will ABC pay out of pocket?
600k
Would a Convenience store that operates a car wash be eligible for a BOP?
NO
What endorments need to be added to a Policy if someone uses their car for both business and personal errands.
Individual named insured
city has a government crime discovery form with Employee theft coverage of $50k per occurrence. One day two of M's employees, Micheal and Jackson steal $90k from m and leave town. M will revive how much its insurer.
50k