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23 Cards in this Set
- Front
- Back
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Describe the vacancy condition.
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Any covered loss not excluded is reduced by 15% if the building was vacant for more than 60 consecutive days prior to a loss.Coverage for vandalism, sprinkler leakage, building glass-breakage, water damage, and theft or attempted theft are not covered if the building was vacant for more than 60-consecutive days prior to a loss.
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What is the correct policy territory for a commercial property contract?
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US, Puerto Rico & Canada
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Describe the Legal Liability Coverage Form.
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Previous forms referred to this coverage as Fire Legal-Liability.Covers the insured for negligently damaging property-owned by others.Other's property must be in the insured's care, custody or control.
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What is building ordinance coverage?
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Includes required demolition of undamaged portions of buildings.Requires 80% or higher coinsurance and replacement-cost coverage.Covers changes in building ordinances requiring newer-construction following a loss.
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What coverages are provided by the Leasehold Interest Form?
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Tenant loss of a favorable lease, Tenant loss of a favorable sublease, Loss of the remaining value of a bonus paid to acquire-lease.
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What is Florida's cancellation/non-renewal-requirement for commercial property?
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45 days including the reason for such other than for non-payment after the first 90 days,10 days notice for nonpayment,20 days including the reason for such except for non-payment within the first 90 days.
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Which of the following perils is not covered under the Basic Cause of Loss form?
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Falling objects except falling objects from an aircraft
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Under the Commercial Property policy the Special Cause of Loss form provides-coverage for direct physical loss on an 'all risk' basis unless the loss is from which-one of the following perils?
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Prolonged leakage or seepage of water,Employee dishonesty, Zoning & Planning errors.
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Describe the "Need for Adequate Insurance" clause in the builder's risk coverage form.
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Is similar to a 100% coinsurance requirement,Provides the insurer is only responsible for the proportion of any loss which the limit of insurance bears to the value at completion,Loss x Limit of insurance divided by completed value.
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Under the commercial property policy, automatic coverage is provided for 30 days for newly acquired buildings and locations subject to which maximum amount collectible?
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$250,000 Building & $100,000 Contents
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The Condominium Association Coverage form covers all the following property exposures except?
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Personal property of others located in a unit
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Which of the following is excluded on all cause of loss forms?
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Loss from utility service failure, which occurs any where outside the building.
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What property is generally excluded under the commercial property policy?
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Fences, outdoor radio or TV antennas (including satellite-dishes),Accounts, bills, currency and deeds,Property below the basement or ground.
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May a commercial property policy be transferred to another?
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Rights and duties are automatically transferred if the insured dies, first to one who has legal temporary custody of the property and then to the legal representative,No the insured may not transfer any rights or duties except with written consent of the insurer.
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What is replacement cost coverage?
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Adjusts the loss settlement value to replacement costwithout deduction for depreciation
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What is covered in the additional coverage Collapsein the causes of loss broadform?
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Loss during construction, remodeling or renovation if caused by use of defective materials or methods is covered,The loss must be caused by a specified cause of loss,Loss to outdoor and exterior property is excluded.
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The commercial property policy's replacement cost option requires a coinsurance-limit of what percentage?
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80%
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Which additional peril does the Broad Cause of Loss form not provide?
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Theft of property that is an integral part of the building.
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Business Income is defined as?
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Net profit/loss before taxes including continuing normal-operating expenses.
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Describe the mortgage holder's condition.
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The protection of the mortgage holders will not be impaired by acts or omissions of the insured,The mortgage holder will receive advance notice of cancellation or non-renewal of the policy,The mortgage holder must pay premiums and prompt submits proof of loss for any claim if the insured fails to do so.
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Describe the Condominium Association Form.
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It insures a condominium association against direct physical loss of damage to business personal property of others in the care, custody or control of the association,It insures a condominium association against direct-physical loss of damage to buildings.
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The Farm's Basic Cause of Loss form adds the additional peril of collision, but itapplies only to?
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Coverage E Scheduled Farm Personal Property
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Define the Extra Expense Coverage Form.
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A coverage, which reimburses the insured forextraordinary expenses, incurred to maintain uninterruptedoperations, during the period of restoration.
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