Eligible Risks
What is the maximum sales done by a business that would still qualify for BusinessOwners Form
$6 Million
What does Section 1 of a BOP cover
Property
Section 2 provides what type of coverage?
Liability Coverage
What does section 3 cover in a BOP
Common policy conditions
This endorsement changes the coverage from open coverage to only cover 12 perils.
Named Perils Endorsement
What is the Maximum square footage allowed in a Businessowners coverage form?
35,000 Sq Ft
How much are furs and jewelry covered in the case of loss due to theft.
$2,500
Medical expenses and Bodily injury limits of insurance are written on a per ___ limit
Occurrence
How many days of notification is required for an insurer to cancel a BOP for non Payment
10 Days
In the Earthquake Endorsement if the earthquake starts before the policy expiration. How long will the coverage extend for?
168 hours (7 days)
How many stories can a motel be to still be eligible for a Businessowners Coverage form
3 Stories
How much is a newly acquired building covered to?
$250,000
This aggregate limit includes all losses except those that fall within the products-completed operations hazard.
General Aggregate
How many days of notification is required if the building has been vacated for more than 60 days
5
With the Protective Safeguard Endorsement the insured must notify the insurer if the protective system will be off for more than ___ Hours
48
What percent of Gross Annual Sales must be done through retail for a Wholesaler to be eligible for a Businessowners Coverage form
25%
What is the Standard deductible for section 1 of a BOP policy
$500
Who is considered an insured for a LLC? (do not include those not listed in the declarations)
NI, Members and managers
How many years can the insurer examine the books of a business after the policy has concluded
3 years
This endorsement adds Commercial auto coverage for vehicles that are not owned by the NI but used within the business?
Hired Auto and Non-Owned Auto Liability endorsement
Must include both hired and non-owned to get credit
What is the maximum size for an Apartment Building to still be eligible for a BOP
There is no maximum size
A BOP includes a insurance-to-value provision. How much of the property must be insured to avoid a penalty in the case of a partial loss?
80%
Name 1 of the definitions that fall under "your products" that is not the product itself.
1)Warranties and representations relating to the fitness of your product
2)Warnings and instructions for safe use of the product
3)Containers for the product
If the repairs for a loss have been paid out, but the repairs have not been contracted within ___ days the insurer may cancel the policy with only 5 days of notice.
30
This endorsement adds coverage for an business income or extra expenses resulting from the interruption of water, power or communication services from a covered peril.
The Utility Services- Time Element Endorsement