Property Basics
This type of property includes the building and permanently installed fixtures.
What is Building Property?
Always a covered cause of loss under standard property forms unless specifically excluded.
What is Fire?
The first thing an insured should do after discovering a loss.
What is Report the Claim?
A system designed to automatically suppress fires.
What is a Sprinkler System?
This type of property includes furniture, inventory, and equipment.
What is Business Personal Property (BPP)?
Wind and hail are examples of these.
What are Natural Perils?
This document details damaged property and estimated repair costs.
What is an Estimate?
These inspections help identify hazards before losses occur.
What are Risk Inspections?
This policy form provides the broadest property coverage.
What is Special Form Coverage?
This peril often causes extensive business interruption following severe storms.
What is Power Outage?
Insurers often use this professional to determine the cause and extent of damage.
What is an Adjuster?
The process of identifying, evaluating, and controlling exposures.
What is Risk Management?
This valuation method pays the cost to replace damaged property without depreciation.
What is Replacement Cost?
A policy exclusion commonly applicable to rising water from rivers or storm surge.
What is Flood?
The policyholder's financial participation in a covered loss.
What is a Deductible?
This plan helps an organization resume operations following a major loss.
What is a Business Continuity Plan?
This term refers to the maximum amount an insurer will pay for a covered loss.
What is the Policy Limit?
This man-made peril is often covered but may have sublimits or special underwriting requirements.
What is Theft?
This process helps determine whether a loss is covered under the policy.
What is a Coverage Investigation?
Failure to maintain protective safeguards could result in this policy consequence.
What is Coverage Restriction or Denial?