Construction
If a building has Floors made of wood, Roof support made of steel and walls made of Stucco on wood. What is the construction type?
Frame
(Basic UG > Property coverages > Frame)
Who decides the coverage amount on a policy?
The Customer
How do you find the Secretary of State Listing to search for businesses in AL? (share your screen)
Google Search
or
BURC Home page > CMP/CLUP > Resources > Secretary of State Listing
How can an agent add an additional isnured/loss payee?
Using the Additional Insured Request Form
(BLRC > Business Fire FAQ > Additional Insured Link > Additional Insured Request)
True or False - Medical Expense can be increased for the Office BPC?
True
(Rate manual > policy coverage summaries > Office BPC)
Why does the construction of a building have a significant impact on the premium?
The way a building is constructed (construction type) is used to determine the construction factor for calculating the premium.
Name the different foundation shapes found in the 360Value or Xactware tool.
Simple Rectangle, L Shape, T Shape, U Shape, Z Shape and Irregular
(launch 360Value tool > 4th page Structure options > General Tab > click question mark on foundation type)
True or False?
The following is a corporation entity type?
Usnavi Coffee and Soda Inc
True
What is the CMP-4870?
Additional Insured - Primary and Non-contributory
What is the minimum premium of inland marine coverage endorsed to another type of policy?
If the Inland Marine coverage is endorsed to another type of policy, that policy's minimum applies, there is no inland marine minimum.
(IM Rate manual > Rules > Minimum Premium)
Name the seven types of construction classifications.
Double points if you find 8 construction classifications!
Frame, Masonry veneer, Masonry, Masonry noncombustible, Noncombustible, Fire resistive, and Log
(Rate Manual > Basic Premium > Table 1 > Construction Factors)
Mixed construction and Non-conventional Construction
(BUG > Property Coverages > Part A)
Name the 9 Roof types found in the 360Value or Xactware tool.
Double Points if you share your screen!
Arched/Barrel, Clerestory, Complex/Custom, Dome (commercial), Flat, Gable, Gambrel, Hip and Mansard
(launch 360Value tool > 4th page Structure options > Structural Tab > click question mark on roof type)
How can you find the Legal Entity Chart?
Double points if you can find it through the BURC!
BURC Home page > CMP/CLUP Job Aids > Legal Entity Chart
What is the scope and purpose of Certificate of Insurance
The purpose of a Certificate of Insurance is to provide evidence that the party named in the certificate carries the type(s) of insurance specified and for the limits shown on the certificate as of the date it is issued.
(BURC > Operation Guides > 400-04 > Scope)
A Policy has a premium of $5,000 each year. It has one $2,000 loss in the past 3 years.
What is the loss ratio?
13% (2000/15000)
(Rate Manual > Special rating plans > CERP > B)
What is the construction factor and age premium adjustment of an Apartment BPC. The building is a fire resistive building in AL built in 2018
.65 factor and -24%
(Rate Manual > Basic Premium >Table 1 >construction factors)
(Rate Manual > Discounts and Charges > Age of building)
What are the three ways to estimate replacement cost of a building.
1. 360Value tool (Xactware)
2. Contractor's Estimate (recently constructed)
3. Appraisal (for unique features not in 360Value tool)
(Basic UG> Insurance to Value > A > 3 > parts a, b and c)
Using the Secretary of State site determine the formation date and the status for named insured.
Dreamz Bar And Lounge INC (in state of AL)
formed 05/06/2022, status exists
(Search from secretary of state site found on BURC Resource)
What are the important differences between an additional insured and a certificate of insurance?
What is the dollar threshold to be eligible for both CHR and CERP?
$5,000 or more for CERP
Less than $5,000 for CHR
(Rate Manual > Special Rating plans > CHR/CERP > A1)
What is the construction type of 1006 E 15th st Plano, TX, 75074. Determine based on looking up the address and estimate the building was built in the 1800s.
Masonry
Quote RCV in the 360Value (Xactware) tool with following info. (share your screen)
3661 N Plano #2502, Richardson, TX 75082
Building Description: Convenience Store 1000 sq ft
Yr. built: 2010 1 floor, Wall: Masonry Concrete Block
Foundation: Concrete Slab with Footings, square shape
Exterior Wall Finish: Stucco (hard coat)
Roof Type: Flat, Structure: Light Gage Steel Frame
Roof Material: Rolled Membrane
$283,000.00
Is the following Named Insured a partnership? If not, why is it incorrect?
Crossroads Church Ministries
Religious Organization Policies, the entity would either be a Religious Organization or Corporation based on if they were filed with the state non-profit or for profit.
Which additional insured endorsement number would you add Joe’s Property Management LLC under?
CMP-4788 Manager or Lessors of Premises
(BLRC > Business Fire FAQ > Additional Insured > Additional insured link word doc)
How is the rate for Hired Auto calculated?
The initial premium charged is based on the estimated exposure and shall not be subject to audit at the expiration of the policy term.
(Rate Manual > Optional coverages Liability > Hired Auto)