Insurance that covers for-profit businesses or not-for-profit organizations against the adverse financial effects of property and liability losses.
What is Commercial Insurance
100
A required commercial property coverage part component that provides basic information about the policyholder and the insurance provided.
What is the declarations page.
100
Form that covers fire, lightning, explosion, windstorm, hail, smoke, aircraft, vehicles, riot, civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action.
What is the Causes of Loss - Basic Form
100
Form that covers buildings and business personal property of condominium associations.
What is the Condominium Association Coverage form.
100
Additional coverage that includes the cost to clean up pollution at the insureds premises caused by an insured peril.
What is Debris Removal
200
Any condition or situation that presents a possibility of loss, regadless of whether loss actually occurs.
What is a Loss Exposure
200
Coverage that suspends the Coinsurance condition if the insured carries the amount of insurance that the insurer and the insured agree to be the property's full value.
What is Agreed Value optional coverage
200
Approach that a loss is covered when caused by two or more independent, concurrent perils if only one of the perils is covered - even if the other peril or perils are clearly excluded.
What is Concurrent Causation Doctrine
200
Foundations
Fixtures and Machinery
Equipment used to service the building
Temporary structures built or assembled on site
Property intended to become part of the building
What is property covered by the Builders Risk form
200
BPP
What is Buildings and Personal Property
300
A form of business entity that provides its owners the limited liability of a corporation and the tax advantages of a partnership.
What is an LLC - Limited Liability Company
300
Condition that requires the insured to carry insurance equal to at least a specified percentage of the ACV of the property insured.
What is the Coinsurance condition
300
Loss Form that covers basic form perils plus falling objects; weight of snow, ice, or sleet; water damage; and as additional coverage) collapse caused by certain perils.
What is the Causes of Loss - Broad Form
300
The limitation in the Special Form for furs and fur trimmed garments
What is $2,500
300
Alterations or additions made to the building at the expense of an insured who does not own the building and who cannot legally remove them.
What is Improvements and Betterments
400
Policy that covers two or more lines of business by combining ISO's commercial lines coverage parts.
What is a Commercial Package Policy (CPP)
400
Form that covers the fluctuating values of business personal property by providing insurance for the insured's maximum expected values and requiring the insured to periodically report property values to the insurer.
What is the Value Reporting Form
400
Form that covers "risks of direct physical loss" subject to the forms's exclusions and limitations.
What is the Causes of Loss - Special Form
400
The cost to repair any defect that caused the loss or damage
Gradual damage over a period of 14 days or more
Discharge or leakage from and automatic sprinkler
Discharge or leakage from a sump
Discharge or leakage from roof drains, gutters, downspouts
What are the water damage exclusions
400
Tangible Property consisting of land, all structures permanently attached to the land, and whatever is growing on the land.
What is Real Property
500
Factors that are applied to the regular policy premiums for certain coverage parts of a CPP that includes both property and liability coverages, resulting in premium discounts for those coverage parts.
What are Package Modification Factors.
500
Insurance the covers either of the following with one limit of insurance: (1) one type of property in one or more separately raed buildings or (20 two or more types of property in one or more separately rated buildings.
What is Blanket Insurance
500
Form that covers buildings in the course of construction, including additions or alterations to existing buildings.
What is the Builders Risk Coverage Form
500
Anti-Concurrent Causation wording
Ordinance or law, Earth Movement, Governmental Action
Nuclear Hazard, utility services, War and military Action, Water, "Fungus" wet rot, dry rot, and bacteria
What are Basic form exclusions.
500
All tangible or intangible property that is not real property.