Just Cause
Progressive's combined ration is 96%. What is BOP's combined Ratio?
90%
I was building a garage for a client…when a beam fell through his Janky window. He & my employee cut themselves on glass and claims I poised him! I tried to tell him Veldspare was poison in German! Who knew the owner of paint was living nextdoor anyway!? --> Name coverages that apply
- BI (insured cut himself)
- PD (damaged insured's property)
- Voluntary Property Damage – Window
- Personal & Advertising injury – Painting company/Window Company
I’m an office supply shop with 30% of revenue from delivery work. What is my business category?
*NOT a knock out question*
Greater than 25+% premium from Off-premises delivery, installation, or service (including work performed by subcontractors) needs to be rated as CONTRACTOR
What is the policy periods offered for BOP policies?
Only 12 month terms available
Exterior walls of wood, brick veneer, stone veneer, or ironclad (pole building). Flooring / Roof also wood. Lowest cost to construct, most susceptible to fire damage (enclosed spaces). Pitched (not flat) roof
Frame Construction
This type of mailing address is absolutely UNACCEPTABLE!
PO BOX
***Bonus - Why?
“We take in $10,000 per month! You guys are only paying out $2,000 because of rent and costs of doing business!" What coverage am I bending your ear for?
$$ Business Income $$
**BONUS: What is the policy limit we payout for business income?
I’m a small business owner. I like my product a lot…but Walmart is moving out! I’m losing money now…what say you!?
– Business Income from dependent properties
**BONUS: What is the only group that CAN NOT have this coverage?
So…I’m a tenant of a strip of properties. I may have left the oven on at Babycakes Cupcakes…and a fire may have burned down my building. A couple stores may have also had some small damages. What coverage applies to the adjacent stores?
General Liability / Property Damage
Exterior walls are brick, concrete block, or stone. Flooring & roof are wood. Less susceptible to fire than frame due to noncombustible walls. Older construction method with pitched not flat roof. Frequently seen in 100 year + homes, churches, offices, retail stores.
Joisted Masonry
Newer buildings cost less to insure than older buildings. At what year does Progressive draw the line...?
(closest or within 2 years)
25 Years
> 25 Years produces a debit
< 25 Years produces a credit
= 25 Years is "0"
So, I’m flying my drone checking measurements for this lady’s driveway. Me & the guys are peeping the TV...comparing measurements...when, long behold, the insured’s bathroom window is open! So on the TV, in front of all the guys, we can see her bending … to put on her lucky SOCKS! Her feet are sacred, she sued us… (What coverage?)
Designated unmanned aircraft
I kinda destroyed $20,000 of Yeezys… I was transporting them to a buyer when they spontaneously combust … By the way, I’m also 800 feet away from my building. Do I have a coverage for this?
Personal Property off-premises Extension
***BONUS – How much of the $20,000 is covered?
So…I’m a tenant of a strip of properties. I may have left the oven on at Babycakes Cupcakes…and a fire may have burned down my building. A couple stores may have also had some small damages. What coverage applies to my store?
FIRE LEGAL BIPD
Exterior walls, floors, & roof are noncombustible or slow burning materials – typically, structural steel. Has slow burning roof decks with slow burning supports. Steel frames may bend at high temps…but tends to give firefighters a chance to save the structure. Usually seen in machine shops, manufacturing / warehouse storage facilities.
Noncombustible
What is the maximum credit / debit underwriting can adjust premium?
(Within 7%)
+ or - 52%
*** BONUS --> What is maximum credit/debit for OH?
I had a kid in my store…I was sure he & his friends were shoplifting! I called the police & got those pesky kids & the dog too! Turns out Scooby wasn’t stealing & Shaggy is going to sue. ☹ Does your policy cover bad judgement of characters? I’m a Nick at Night fan…
Personal / advertising injury
I'm the building owner of a strip of stores that I lease out for retail operations. What is my business class?
Ineligible RISK
**DOUBLE OR NOTHING**
:-D
Similar to stated amount, but accounts for inflation. Increases value, automatically, by 4% per year.
Building Limit
EX - building limit is 100K w/ 4% increase. On day 146 insured suffers total loss. Value of building is $100,000 x .04 / 365 = $1600. ($101,600)
Exterior walls supported by (not less than 4 inches thick) built with brick or concrete. Floors / Roof built with structural steel. Found in shopping centers, large retail buildings, large office buildings, & warehouses.
Masonry Noncombustible
Who is our 3rd party loss control company?
(They do our inspections of shady characters)
Muler
The dry cleaner ruined my tie!! My wife is going to kill me unless I can name a BOP coverage to sue the owner!
- BPP (care, custody, control)
Equipment breakdown, Employment Practices, Cyber Liability, & Professional liability are underwritten by…
HSB or Hartford Steam Boiler
This will automatically increase by 25% at certain intervals. Only applies when insured for at least 100% of average monthly values over past 12 months.
Business Personal Property (Seasonal Increase)
EX - Florist has 100K in BPP (average monthly values over past 12 months) & suffers a total loss $125000 in damages. This is a fully covered loss.
Exterior walls of masonry, additional protection (flame retardant) placed on top of key points (joints of building, key beams / supports) of steel to protect from burning.
Modified Fire Resistive