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114 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Commercial Liability Exposures?
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7
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1-7
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condition of premises;business operations;medical payments;tenants liability;products liability;completed operations;personal injury liabilities
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Professionals?
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Health-care;advice and counselling
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Garage Liability Sec A & E?
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TPL;Legal Liability for damage to non owned Auto while in care. custody. control
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Commercial Prop Stat Conditions 15?
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yes
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1?
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Misrepresentation
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2?
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Prop of others not insd
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3?
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Change of Interest
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4?
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Material Change
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5?
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Termination
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6?
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Requirements after loss
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7?
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Fraud
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8?
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Who may give notice
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9?
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Salvage
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10?
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Entry control abandonment
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11?
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Appraisal
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12?
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When loss payable?60 days after POL
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13?
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Replacement if so must give intention 30 days from POL and start repair within 45 days POL
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14?
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Action - can take action within 1 year against insurer DOL
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15?
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Notice
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2 forms?
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Named Perils Forms and Broad Forms
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IBC 4036?
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Named Perils Form
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17 conditions?
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Yes
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1?
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Indemnity Agreement - value of prop(clause 15);interest;amount of insurance
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2?
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Insd Prop-bldg;equip;stock;contents;all property(bldg equip stock)
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3?
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Deductible-if 2 policies the highest deductible applies |
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4?
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Co-Insurance-when loss exceeds lesser of 2% of amount of insurance or 5k.did/should x loss
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5?
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Insd Peirls(7) 1
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Fire or Lightning
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-2?
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Explosion
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-3?
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Impact by aircraft or land vehicle
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-4?
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riot vandalism
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-5?
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smoke
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-6?
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Leakage from 'fire protective equip'
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-7?
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Wind or Hail
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6?
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Exclusions.prop;perils;pollution;data;terrorism;fungi&spores
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7?
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Extensions-removal;debris;windstorm debris;personal prop of employees;plants and trees outside bldg
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8?
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Permission |
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9?
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Breach of Condition-non compliance;worsen damage;
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10?
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Reinstatement - does not reduce insurance
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11?
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Subrogation
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12?
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Prop Protection Systems-sprinklers;fire detection;intrusion!!
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13?
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Premium Adjustment-app form;stock on dec page
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14?
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Verification of Values-insr'r has right up to 1 year to inspect
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15?
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Basis of Valuation-unsold stock-sold stock-prop of others-tenants improve-ACV
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16?
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Prop of others
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17?
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Definitions
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"all property?"
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means bldg;stock;equip
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bldg means?
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fixed structures;permanent
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Contents means?
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equip and stock
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Broad Form?
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Analysis
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Named vs Broad?
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Only listed is covered vs any peril not excluded its covered
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Broad Add't Coverages?
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Vehicle impact to bldg even if insd or employee
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continued?
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extended smoke cover
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Broad has how many agreements?
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18
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1?
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Indemnity Agreement
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2?
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insd prop-A)bldg;stock;equip;contents;all property
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B)?
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temp locations;bldg newly location;contents at new location;prop in transit;sales rep;
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3?
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Deductible
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4?
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Co-insurance
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5?
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Insd Perils - All risk except otherwise provided;direct physical loss or damage
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6?
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Exclusions-Sewer;30 days vacant;money;equip stock worked on
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Continued?
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Excluded Peril;pollution;data exclusion;terrorism;fungi;cost of making good faulty work
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Excluded Prop?
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sewer;animals fish birds;fur garments;marine are waterborne;loaned or sold;in custody of sales rep;pressure vessel;exterior glass
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Excluded Perils?
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wear & tear;cost of making good;mysterious disappearance;
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7?
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Extensions-Removal up to 7 days;debris;personal prop;bldg damage;plants and trees;
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8?
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Permission
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9?
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Breach of condition
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10?
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reinstatement 11 subrogation
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12?
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prop protection systems
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13?
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premium adjustment
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14?
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verification of values
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15?
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basis of valuation
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16?
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Prop of others
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17?
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Locked vehicle warranty - not liable if locked-property
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18?
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Definitions
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Co-Insurance?
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Waiver = loss must be greater then lesser of 2% or 5k to use co-insurance
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Continued?
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Partial Losses;applies separately
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Pays Least of?
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Co-insurance formula;limit of insurance;amount of loss
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formula?
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did/should x loss=settlement
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Determining Insurance Premiums?
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ok
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Construction Details?
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Masonry vs wood;exterior coatings(stuck or wood/side and roof)
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Protection?
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systems;fire hydrant;fire station;fire alarm;intruder alarm;smoke alarm;sprinkler
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Occupancy?
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activities (bar vs book store);risk of nearby activity;what is stored?flamable;contents;traffic
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Location?
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from other buildings;construction and occupancy of other buildings
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Claims History?
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5 years;similar businesses;
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Other Coverages Commercial Prop?
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SWEET
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Prop away from premises is available?
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Yes-property in transit(locked vehicle warranty);temporary locations(not owned or rented)
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Glass Insurance?
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yes EQ;thief;exclusions?Fire;war;nuclear energy
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Valuable Papers & records?
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written or printed docs;books;films;manuscripts;not money or securities-cost to reproduce
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Crime Insurance?
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Burglary;visible signs of entry exit;Safe burglary(entire safe removed);robbery insurance (taken by force)
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Theft?
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on broad IBC 4037 covers money & securities via end't;
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Boiler & Machinery?
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Boilers over 15 psi;mechanical breakdown;property owners; (steam systems);
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Builders Risk?
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(COC) IBC 4042 builder gets insurance or contractor may have it in agreement to buy their own insurance;
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Prop Insd?
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material entering and forming part of building not tools;equip
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Property Excluded?
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faulty work
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IBC 4042 (COC)Policy Period?
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when building finished and occupied;left for 30 days
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limit of insurance?
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completed value of project(rates show gradual increase as building goes up)
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COC Floaters?
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Contractor's equip floater(road construction;generators;big tools);installation floater(in transit;awaiting installation)
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HVAC Example when covered?
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covered in transit;awaiting installation;until completed and accepted by owner;once excepted or interest of insured ceases
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Business Interruption Insurance?
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YES!!!!!
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Why get business interruption?
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not direct damage;loss of income;closed;partial operations;new location;
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What's covered?
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contract of indemnity!;expenses;salaries;covers same perils as comm prop
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Shut down due to nearby authorities (fire ex.)?
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Smoke and water damage COVERED;continues 12 months after event;expenses to protect further loss
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Types of Business Int?
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Earnings Form (starts at loss and until rebuilt;repaired;replaced);Profits(starts at loss and stops when income restored it was prior to)
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IBC 4027 Extra Expense?
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Continuing normal operations after loss over and above;rent temp premises;equip;network installed;overtime salaries;bonuses
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CGL Personal Liab Coverages?
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personal actions for occupation;occasional rental to others;roomers;rent for space;rental of 3 or less car spaces;part-time business pursuits under 21;
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Liability Policies?
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Cant;D&O;E&O;Fiduciary:professional:pollution
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Continued?
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Employers;Worker Comp;Municipal;Aviation:watercraft:CGL
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Liability Hazards?
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Premises Liab;operations liar;products liar;completed ops;personal injury;advertising injury
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5 parts of CGL?
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DICED
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DICED?
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Declarations;Insuring Agreements;Conditions;Exclusions;Definitions
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SPF 4?
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Excluded owned Auto(reduce premium);Open Lot Pilferage(Increases Premium)
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Add't Insureds Broad End't?
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spouses and family;personal use;specifically named persons
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Physical Damage Cover for Specified Auto?
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Reduces Cover and Premium(high value vehicles)
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