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29 Cards in this Set
- Front
- Back
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boiler |
a fired pressure vessel constructed of cast iron or steel in which water is heated to produce steam or hot water |
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fire pressure vessel |
a closed container that is heated by the direct fire of burning fuel and can withstand internal pressure |
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Example of fire pressure vessels |
boiler and economizer |
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example of unfired pressure vessels |
compressed air tanks and liquefied gas tanks |
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example of electrical equipment |
power transformers and circuit breakers |
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example of mechanical equipment |
compressors and pumps |
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example of air conditioning and refrigeration equipment |
coils and fans |
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example of office equipment |
copiers and computers |
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4 common types of breakdown losses |
1. explosion 2. overheating 3. cracking 4. bulging |
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why isn't combustion explosion covered |
bc specifically covered under commercial property policy |
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causes of loss for office equpment |
* electrical surges * deterioration of insulation * electrical overload * excessive moisture * operator error or abuse |
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unfired pressure vessel |
a closed vessel that can withstand internal pressure or vacuum but is not heated by the direct fire of burning fuel |
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expediting expenses |
expenses incurred to speed up the repair or replacement of covered property |
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types of property that are "covered property" under eb |
property owned by insd and prop in care of insd. |
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effects of defense condition |
gives insurer the right, but not the duty, to defend the insd against suits |
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spoilage damage insuring agreement |
covers spoilage damage to raw materials, property in process or finished products in storage or being in the course of being manufactured. |
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3 ISO insuring agreements for time element coverage |
* business income and extra expense * utility interruption * contingent business income and extra expense |
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period of restoration ends |
5 days after damaged property is repaired |
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newly acquired premises |
extends coverage to newly acquired premises insd buys or leases |
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ordinance or law |
covers loss and cost such as demolishing parts of building or increasing cost of construction to bring up to date. |
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errors and ommisions |
commits insurer to pay for loss or damage not otherwise coverd by the coverage form due to: * error in description of insd prop * failure through error to include premise * error by insure that results in cancellation |
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brands and labels |
covers reasonable costs of stamping merchandise salvaged or removing brands and labels |
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suspension condition |
condition that allos the insure to immediatly suspend equipment breakdown insurance on an item of equipment that the insurer determines to be in a dangerous condition |
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joint or disputed loss agreement |
condition that addresses claim situations in which the insured's equipment breakdown insurer and the insured's commercial property insurer disagree on which insurer covers a loss; each insurer pays half the loss to quickly indemnify the insured; insurers then resolve the differences |
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jurisdictional inspection condition |
condition in equipment breakdown policies that provides that the insurer will perform required inspections of boilers and other equipment on the insured's behalf |
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exclusions similar to commercial property exclusions |
ordinance or law, earth movement, water, nuclear hazard, war, wear and tear, neglect, fungus |
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exclusions that eliminate coverage for perils usually insured in other policies |
fire that results in breakdown; water of extinguishing fire; breakdown caused by aircraft, vehicle, freezing, lightning, wind, hail |
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limit of insurance that may apply to equipment breakdown |
- one overall limit for loss - seperate limits for applicable insuring agreement - sublimits applicable to certain exposures |
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3 types of deductibles |
1. time deductible 2. multiple of daily value deductible 3. percentage of loss deductible |
