Property
What is the co insurance calculation?
(Did / Should ) * loss - deductible
What does blanket coverage do?
Gives one bucket of money to pay losses out of. No coinsurance penalties.
What does a margin clause do?
Caps the payout to a specific percentage of the listed value.
What does a cosmetic damage exclusion do?
Will not pay for damage that doesn't physically present issues. i.e. hail damage on a metal roof still sheds water.
What is Business Personal Property
Furniture and fixtures;Machinery and equipment (including "electronic data processing equipment");"Stock"; All other personal property owned by you and used in your busines s; Labor, materials or services furnished or arranged by you on personal property of others; etc.
What are the different valuation types?
ACV, RP, agreed value
What is the purpose of business income and extra expense coverage?
Daily double - why do our trucking risk typically have low limits here?
To cover the cost of loss of income due to a loss of the property and the extra cost to get back up and running during repairs.
Typically it is easier to get into another building or office space. Dispatchers can work from home. Not like manufacturing where specialty equipment is typically used in the property.
What does COPE stand for?
Construction refers to the materials and methods used to build the property.
Occupancy describes how the property is used (e.g., residential, commercial).
Protection involves the safety measures in place (e.g., fire alarms, sprinklers).
Exposure considers external risks that could affect the property (e.g., location, nearby hazards).
What is ordinance or law coverage
Ordinance or law coverage insurance protects property owners from the costs associated with bringing their buildings up to current building codes after a covered loss.
What is the typical time limit for a property to be vacant before exclusions start applying to specific coverages?
30 to 60 days. Travelers is 60 days.