Commercial Property
Coverage A, B & C on the Commercial Property Policy?
Coverage A - Buildings and Structures
Coverage B - Business Personal Property
Coverage C - Personal Property of Others
What are the CGL policy coverages?
1. Coverage A – Bodily Injury and Property Damage
2. Coverage B – Personal and Advertising Injury
3. Coverage C – Medical Payments to Others
4. Damage to Premises Rented By You
This endorsement changes one part of the policy
Monoline Endorsement
This BAP endorsement covers the cost to rent a replacement vehicle while a covered auto is being repaired
Rental Reimbursement
What coverage pays for loss or damage because the insured made a mistake or unintentionally omitted information required by the insurer?
Errors and Omissions coverage
The period of time when business income coverage indemnifies the policyholder for loss of income
Period of Restoration
Coverage that protects the insured when a third party suffers damages as the result of the insured advertising their goods and/or services in a public arena
Advertising Injury
This is a type of CPP that bundles property, liability, and income protection in a single package on an open peril basis. Often referred to as a "homeowner's policy" for small-to-medium sized businesses.
Business Owners Policy (BOP)
This insurance offers protection for those in the business of selling, servicing, repairing, parking, and storing automobiles
Garage Insurance
Taken with violence or the threat of violence
Robbery
Name an additional coverage on a Commercial Property policy
Debris Removal ● Pollution Clean-Up and Removal ● Preservation of Property ● Fire Department Service Charge ● Increased Construction Costs ● Electronic Data
Products Liability is _______ , as long as the product was made or sold in ___________________.
worldwide
US, Puerto Rico or Canada
Automatically increases the amount of building coverage annually
Inflation Guard
Includes continuous or repeated exposure to the same condition that results in bodily injury or property damage
Accident
This Commercial Crime endorsement covers threats of bodily harm including kidnapping threats
Extortion Endorsement
The four sections of the Commercial Property Policy
1. Declarations Page
2. Conditions
3. Coverage Forms
4. Causes of Loss Forms
Sally's CGL policy had a bodily injury claim arising from the sale of alcohol from her business. What endorsement would cover Sally?
Liquor Liability Coverage Form
This endorsement can provide coverage for small businesses that rely on boilers, steamers, refrigeration systems, or any other type of mechanical or electrical machinery
Equipment Breakdown Endorsement
Sneaky Susie enters a dealership to test drive a vehicle but actually stole the vehicle. This type of loss would be covered under what endorsement?
False Pretense Coverage
The party that becomes legally liable for debt, failure, or default of another party
Surety
What are the three causes of loss forms?
Basic
Broad
Special
How much time does an insured have for claims to be made on Basic Extended Reporting Period, mini tail, midi tail, and maxi tail provide?
Basic: 60 extra days to report incidents
Mini: 60 extra days on non reported incidents
Midi: 5 extra years on reported incidents
Maxi: Forever on reported incidents
Name 3 businesses that are eligible for a BOP
● Wholesalers and distributors
● Processing and service businesses
● Limited cooking and fast food restaurants
● Convenience stores with or without gasoline
● Self storage facilities
● Specialty contractors
● Motels
● Apartment houses & condominium association buildings
● Office buildings
What are the 4 types of Business Auto Policy (BAP)
● Basic Business Auto Policy (BAP)
● Garage Policy and Garage-keepers
● Trucker’s Policy
● Motor Carrier Policy
Aunt Millie is appointed as the guardian of her nephew. Which bond is required when one party is appointed to take financial responsibility for another’s assets?
Fiduciary Bond