Commercial Property Coverage Part (CPC)
This document provides a description of the insured property and the types and amounts of coverage provided.
What is the Commercial Property Declarations page?
This coverage form covers both business income and extra expense losses even if the extra expenses don't reduce the business income loss.
What is the Business Income (and Extra Expense) Coverage form?
This type of valuation provides coverage for most types of property on a replacement cost basis.
What is Replacement Cost?
This form insures on an open perils basis, covering anything the policy doesn't specifically exclude.
What is the Special form?
This type of policy combines multiple coverage parts, such as property and liability, into one package for businesses.
What is a Commercial Package Policy (CPP)?
This component of the CPC outlines the obligations of the insured and various provisions.
What is the Commercial Property Conditions form?
This coverage form covers business income loss, but only extra expenses that reduce the business income loss.
What is the Business Income Without Extra Expense Coverage form?
This type of valuation provides coverage for property on an actual cash value basis.
What is Actual Cash Value (ACV)?
This form covers fire, lightning, explosion, windstorm or hail, smoke, and sprinkler leakage.
What is the Basic form?
This term refers to a policy that covers only one line of business.
What is a Monoline Policy?
This type of coverage insures both buildings and business personal property
What is the Building and Personal Property Coverage (BPP) form?
This provision determines the maximum amount an insurer will pay for a loss in any one occurrence.
What is the Limit of Insurance provision?
This type of limit applies one amount of insurance to property covered by the policy.
What is a Blanket Limit?
This form covers all perils in the Basic form plus falling objects, weight of ice, snow or sleet, and water damage.
What is the Broad form?
This component of a CPP provides coverage for buildings and business personal property.
What is the Commercial Property Coverage Part?
This form allows the insured to select the underwriter to offer a range of covered perils.
What is the Cause of Loss form?
This clause encourages the insured to carry insurance to a stipulated percentage of the business income value at risk.
What is the Coinsurance condition?
his type of limit states separate limits of insurance for each covered building and personal property.
What is a Specific Limit?
This form may apply to buildings and business personal property while another may apply to the business income.
What is the Cause of Loss form?
his form within the Commercial Property Coverage Part outlines the conditions applicable to all coverage forms unless stated otherwise.
What is the Commercial Property Conditions Form?
This type of coverage applies only if at least 80% coinsurance or a value reporting period symbol is shown in the declarations.
What are BPP Coverage Extensions?
This method requires the insured to carry insurance equal to a specified percentage of the business income value at risk.
What is the Coinsurance method?
This is the amount an insurer is obligated to pay for a loss covered by the building/personal property coverage form.
What is the Limit of Insurance?
This coverage annually increases the limit of insurance by a percentage of the annual increase shown in the declarations to account for inflation.
What is Inflation Guard?
his form within the Commercial Property Coverage Part provides a description of the insured property, coverage types, and amounts
What is the Commercial Property Declarations Page?