Caib 2 Commercial Insurance

Front 1

FIRE RESISTIVE

Back 1

Building which has met minimum standards in terms of hours it will withstand a specific, carefully controlled test fire

Front 2

NON-COMBUSTIBLE

Back 2

all structural members floors, roofs and supports constructed of steel, iron, concrete or non combustible materials, including exterior finish. Falls short of classifying as fire resistive

Front 3

COMMON HAZARD

Back 3

Conditions common to all buildings which influence their potential for loss

Front 4

DETACHMENT

Back 4

Proximity of the building insured or containing the property insured to other commercially rated buildings

Front 5

ADVERSE SELECTION

Back 5

Applicants for insurance are largely those most likely to suffer a loss

Front 6

RISK CLASSIFICATION

Back 6

Grouping or classifying risks according to established criteria mostly based on their possibility for loss

Front 7

SOFT MARKET

Back 7

Intense competition between insurers - rates tend to be low - high interest rates

Front 8

HARD MARKET

Back 8

Low profit margins force out some of the competition - harding underwriting approach - little or no rate discounts - high claim ration

Front 9

HAZARD

Back 9

A condition that may cause a peril to occur

Front 10

PHYSICAL HAZARD

Back 10

A condition relating to the use of tangible property which could cause a peril to occur