Phys Dam
How does an aggregate deductible work? 5K in/out with 100K agg for example.
50K loss - 5K deductible = 45K applied to 100K agg which brings it down to 55K. If they have another loss for 70K then less the 5K deductible, 65K would be applied to the remainer of the agg. Since there is 10K more (65K-55K) then the insurance carrier would pick up that remaining 10. Agg now depleted it goes to a standard 5K deductible.
How much coverage do I get for cigarettes with C&B's standard template with Travelers?
50K
What is the coinsurance equation?
(Did have / should have) * loss = coverage limit and then subtract deductible.
Symbol 64 is?
Owned Auto's
How does a 50/50/50 profit share work? 100K premium with 10K in losses.
50% of the 100K is 50K of premium. Minus the 10K in losses if 40K. 50% of that 40K is 20K in which the insured would be eligible to get if they renewed the policy.
Travelers doesn't use a terminal limit, the use a _____ limit. What is the blank?
Facility Limit
What is ordinance and law coverage?
Insurance that helps cover the costs associated with bringing a property up to current building codes or local ordinances after a loss. This coverage is often included in
What is the best limit to have for contingent liability coverage that would be paired with an OCAC policy?
Statutory
What is diminished value? - Daily Double
refers to the loss in market value a vehicle experiences after being involved in an accident, even if it has been fully repaired. This value loss occurs because potential buyers may perceive an accident history as a red flag, leading to a lower resale value compared to similar vehicles without such history.
Can a trailer itself be covered cargo?
Yes, exclusions typically read
Intermodal containers, tractors, trailers, semi-trailers or any other cargo carrying conveyance, except if considered commodities or cargo under the terms of a Written Agreement, other than an equipment interchange agreement or lease.
What does a cosmetic damage exclusion on my roof do?
If the damage is only cosmetic and not cause actual issues with the roof the claim would be denied. Think of hail marks on a metal roof. Looks bad but doesn't affect its performance.
Who can be excluded from WC?
Directors & Officers
Can we certificate comp & collision with Allianz
Not there base policy, we must get our endorsement on their before we can certificate comp & collision with Allianz.
If Travelers is removing the CM U5 36 and replacing it with the CM T5 79, what coverage am I losing?
Theft by independent contractor.
What is a margin clause?
Caps the pay out to a specific percentage of the listed value from the SOV.
What does the unladen endorsement do on NTL?
Broaden's coverage to pick up not trucking liability claims as long as they are not hauling cargo.
If I hop into a truck to drive away to deliver it to a dealership from the manufacturing plant and get into an accident, why would my phy dam carrier deny the claim?
The truck itself is cargo that I am delivering. I would look for coverage under my cargo policy.
If I go to unload and the seal is broken but the load is still in good condition and rejected, why would my policy not respond? Looking for specific policy verbiage. (assume policy doesn't have broken seal coverage)
Their has to by physical damage for coverage to apply. If the seal is just broken but no damage to the cargo it would be excluded.
What is equipment breakdown coverage?
Equipment breakdown coverage helps protect businesses from financial losses caused by mechanical, electrical or pressure system failures. It covers the cost of repairs, equipment replacement and sometimes even lost income if your operations are interrupted.
What two forms do we see excess carriers write on? What is the main difference between them?
Follow Form and Retained Limits. Retained limits will not drop down.