Commercial Package Policy (CPP)
The 2 ways a Commercial Package Policy is written
The main commercial package form used to cover building, business personal property, and prperty of others
Commercial property can be written with one of these 3 causes of loss forms
What is Basic, Broad, and Special?
A prepackaged policy designed for the needs of small-medium businesses
What is Businessowners Policy?
Currency, coins, bank notes, and checks
What is Money?
General liability, Inland Marine, Crime, and Farm are all examples of
What are the Coverage Parts?
Covers business personal property located in or on the building and structure or in the open within 100 ft of the premises
What is Business Personal Property Coverage (BPP)
Becky was advised that her roof will need to be replaced due to black mold. Under the basic form will this be covered?
No, since the damage is due to black mold
Under a BOP, which of the following can NOT be covered?
Office building with 7 stories and 100,000 sqft
Convenience store with 45% of sales coming from gasoline
Fast-food restaurants w/ 25% coming from beer/liquor
Office building w/ 7 stories because we only cover up to 6 stories and 100000 sqft
Fire, lightening, explosion, windstorm or hail, smoke, aircraft or vehicles, riot or civil commotion, vandalism, leakage from fire-extinguishing equip., sinkhole collapse, volcanic action, falling objects, weight of snow, ice, or sleet, and water damage
What is Specified Causes of Loss?
The insurer cis granted the right to audit books and records up to 3 yrs after the policy ends
What is Examination of Books & Records?
Under the business and personal property coverage form, how much will we pay up to for the fire dept. service charge?
$1000
Fatima is getting a skylight installed in the house. Overnight a rainstorm unexpecatly comes thru and damages the inside of the house where the hole for the skylight is. Under Broad Form will we cover this?
No, since the damage was initially caused by the construction to the house.
Which of the following of is NOT eligible for the BOP?
Places of amusement
Retail Store
Apartment
Places of amusement
Any solid, liquid, gaseous, or thermal irritant or contaminant
What is Pollutants
Endorsements that apply or could apply to more than one coverage
What is Interline Endorsements?
The buidlers risk coverage form is most often written on a ... but may be written on a ... basis.
What is a Completed Value Form and Reporting Form
Davion's sandwich shop is needing repairs due to a rats nest found in his ceiling. Under the special form, will we cover this loss?
No, since it was due to nesting of rodents
A steam boiler blows up due to a malfunction in the fuel line. Will we cover this?
No, since the loss was due to a explosion of gases or fuel
Business income coverage begins 72 hrs after direct loss or immediately for extra expense
What is Period of Restoration?
An insurer doesn't warrant that the conditions are safe and comply with laws, regulations, standards, or codes
What is Inspections and Surveys?
A satellite dish is damaged while laid against the house wall during a remodel. Under the Builders Risk Form, will this be covered?
No, becuase the satellite isnt attached to the buidling
... is the limit of liability for theft of jewelry, watches, semi/precious stones, bullion, gold, silver, and other precious metals under the special form
What is $2,500?
This coverage provides 30 days of coverage for property temporarily removed to protect it from damage
What is Preservation of Property?
Inscribed, printed or written docs, manuscripts, and records
What is Valuable Papers & Records?