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30 Cards in this Set
- Front
- Back
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What are causes a Fire loss |
Failure or malfunction of mechanical or electrical equipment. Arson suspected arson and other set fires. Miss use of source ignition |
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What information must be on the policy declaration pages |
Names of parties to the contract, policy period, Loss otherwise payable to; also known as a loss payable, Summary of insurance coverageWhat three basic coverages are on a fire policy and the amounts which the insurer must be liable, rates and premium charged, a description of the subject matter of insurance. |
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What three basic coverages are on a fire policy |
Fire, lightning and explosion of natural, coal or manufacture gas |
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What extensions of coverage does the basic fire policy have |
Removal of insured property, debris removal. |
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What are the provisions of the removal Clause |
Coverage is provided for property which is at a location not indicated on the policy provided the insured is able to show that such property was necessarily removed to prevent further loss. In the event of lost the property at an unnamed location the amounts to be paid by the insurer is limited to the amount of insurance remaining after the payments of any losses at the location insured by the policy. Coverage at an unnamed location is limited to the lesser of seven days or until the expiry dates of the policy |
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Debris removal |
The insurer will indemnify the insured for expenses incurred in the removal from the premises of debris of the property insured. Also includes removal of wind storms debris; the insurer will indemnify the insured for expenses incurred in the removal of debris or other property which is not insured by this policy but which has been blown by the wind storm upon the location specified in the policy |
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Pearls excluded from a basic Fire policy |
Loss or damage to electrical devices, appliances, or Wiring caused by artificially generated Electrical currents. Excludes loss or damage to goods occasions During the application Of heat. Excludes loss or damage caused by war, invasion, active for an enemy, hostilities. Excludes loss or damage caused directly or indirectly by any nuclear incidents, contamination by radioactive materials |
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Property excluded from the fire policy |
Money, automobiles watercraft amphibious or air cushion vehicles aircraft spacecraft trailers motors or other accessories attached to or mounted on such property. This exclusion shall not apply to you watercraft and amphibious or air-conditioned vehicles etc. held for sale nor to unlicensed automobiles or unlicensed trailers use in the business of the insured when on the premises of the insured. Property at locations which to the knowledge of the insured are vacant and occupied or shut down for more than 30 consecutive days. Los directly or indirectly arising in consequence or contributed to you by the enforcement of any byelaw |
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What is the definition of vacant |
When the normal occupants is absence and the contents have been removed |
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What is the definition of unoccupied |
Where the premises are complete with its contents, except that such person who normally occupies the premises is temporarily away |
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What are three changes that are frequently required to be incorporated into building construction after a serious loss |
Use of improved construction materials. Installation of an automatic fire extinguishing system. Installation of wheelchair ramps and improved accessibility features for the handicapped |
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Perils insured under in names perils form |
Fire, smoke, wind storm or hail, impact the aircraft spacecraft or land vehicles, lightning, leakage from fire protective equipment, explosion, riots and vandalism or malicious ask |
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Explosion exclusions |
While under the operation or control of the insured or owned by the insured there is no coverage for all boilers, piping, other vessels provided their maximum normal internal working pressure exceeds 15 pounds per square inch |
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Explosion exclusions |
While owns operated or controlled by the insured all boilers, piping and other vessels Exceeding 15 psi are excluded. Except for the explosion of manually portable gas cylinders |
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Is damage caused by stones being thrown up by tires of an automobile covered under impact |
No |
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Three coverage exclusions to riot vandalism or malicious acts |
Due to cessation of work, due to flood or release of water in pounded by exam, due to theft or terms of theft |
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Definition -smoke |
Limits loss from smoke to damage caused exclusively from a sudden unusual and faulty operation of any stationary furnace |
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Conditions of wind storm or he’ll coverage |
There shall be no liability for loss or damage to the interior of the building or their contents unless damage occurs concurrently with and results from an opening caused by wind storm or hail in the building |
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What does the commercial building, equipment in stock broad form policy cover |
Insures against all risk of direct physical loss of or damage to the insured property |
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What are names perils |
Fire, smoke, wind storm and hail, impact by aircraft spacecraft land vehicles, lightning, leakage from fire protection services, explosion, riots |
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Our sewer drains or water mains covered by Broad form |
No unless cause directly by a names peril |
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Our street clocks or exterior science covered under a broad form |
No unless damage would’ve been caused by A Named peril |
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Are exterior communication towers and Antenna covered by a broad form policy |
No unless the Peril is covered by a name is Peril |
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Is money bullion other precious metals securities stamps tickets tokens or evidence of debt covered by a broad form policy |
No |
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Are furs , furs garments, jewels, jewelry, etc. covered by A broad perils policy |
No.However there is a small limit for the first thousand dollars of any loss. As well as damage caused directly by a names peril is insured |
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Does a broad form policy cover property That you moan rent or lease to others or property that you sold under an installment plan or deferred payment plan |
No |
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What is centrifugal force |
Refers to the inertia of a body that tends to move away from the centre around which it revolves like a fan |
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What for coverages are generally included with an commercial insurance package policy |
Property insurance, business insurance, liability insurance, crime insurance |
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What are for benefits to writing a package policy for commercial insurance |
Simplicity of the application form, cost of insurance is determines on the spots, coverage is provide adequate protection for most small businesses, broad coverage provided eliminates many of the claims problems common two more limited policy forms |
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What are two disadvantages to package policies for commercial businesses |
One size does not fit all, there is no standard package policy forms |
