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13 Cards in this Set
- Front
- Back
______________ combines one or more monoline policy into one contract. These packages help to eliminate coverage gaps and coverage overlaps, and can result in reduced premiums. |
Commercial Package Policy |
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_________________ is a Commercial Package Policy containing property and liability coverage designed specifically to meet the insurance needs of a small and medium sized businesses. It automatically includes business income and extra expense coverage for up to 12 months |
Business Owners Policy |
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General Eligibility Criteria for a BOP Unless otherwise indicated, 1. _____________ square feet is the largest area the risk can occupy and its gross annual sales cannot exceed 2. __________________ |
1. 35,000 2. $6,000,000 |
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The Following Risks cannot be covered under the BOP |
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Businessowners Coverages |
Section I - Property Coverages Coverage B- Business personal property Covers replacement cost of the business personal property (unless the insured chooses ACV) owned by the insured, usual to the occupancy of the insured, at the premises described in the Declarations or within 100 feet of the premises, such as: - property owned by the insured and used in the business -property of others in the insured's care, custody and control -Tenant's improvements and betterments |
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Vacancy Clause |
If the premises has been vacant for more than 60 consecutive days, prior to a loss, coverage for certain perils are automatically suspended or limited. Examples are: vandalism, sprinkler leakage, building glass breakage, water damage, theft or attempted theft, Payment for loss caused by all other perils is 15% |
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Deductible on Property Claims |
$500 is the standard deductible for property losses |
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BOP come with a minimum of WHAT coverage per occurrence? |
$300,000 |
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What liability provides coverage for any auto that is not owned, borrowed, or hired by the insured? |
Non-owned auto liability |
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what coverage is for autos leased, hired, or owned by the insured? |
Hired auto liability |
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What covers loss or damage to property caused by an interruption in water, communication, or power supply service? |
Utility Services Direct Damage Coverage endorsement |
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Covers loss of business income and extra expense that occurs due to an interruption in utility service. |
Utility Services Time element coverage endorsement |
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What is the endorsement that requires the insured to maintain the protective devices or services listed on the endorsement on specified property as a condition of the policy? |
The Protective Safeguards Endorsement |