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28 Cards in this Set
- Front
- Back
Three components of commercial property loss exposure |
Types of property /causes of loss to property /financialconsequences of property loss |
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Property |
Any item with value |
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Two types of property |
Real and Personal |
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Real property |
Tangible Property consisting of land, all stracture permanently attached to the land and whatever is growing on the land |
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Personal property |
All tangible and intangible property that is not real property |
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Four types of commercial Personal property |
ContentProperty in transit Property in possession of othersFloating property |
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Content |
Content of building (in Or out) business personal property of others |
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Floating property |
tools equipment etc not always at a fixed site. Specialized inland marine insurancecalled floaters |
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Commencial property Coverage part |
Commercial package policy coverage component that provides coverage for middle market or larger firms to insure buildings and business personal property |
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5 components of Commercial property Coverage part |
-Declaration-One or more Commercial property coverage forms- One or more causes of loss forms- Commercial property conditions- applicable endorcements |
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Commercial package policy (CPP) |
policy that covers two or more lines of business |
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Monoline Policy |
policy that covers only one line of business |
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Typical contents of commercial Property Coverage form |
- Insuring agreement- Delineation of properly covered and not covered .- additional coverage and coverage extension- Provisions and definition |
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BPP (Building and personal property coverage form) |
Commonly used commercial property Coverage. Covers building, personal property, and property of others in insured's custody. |
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3 types of causes of loss form |
Basic, broad and special |
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Endorsements |
Adds specialised coverage or eliminates exposures that are not covered. |
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Six additional coverage in BPP |
1. Debris removal2. Preservation of property3. Fire department service charge4. Pollutant cleanup and removal5. Increased cost of construction6. Electronic Data |
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6 BPP Coverage extension |
1. Newly aquired or constructed property 2. Personal effects and property of others3. Valuable papers and records (excluding electronic data)4. Property 0ff premises5. Outdoor property6. Non-owned detachment trailers* Business personal property temporarily in storage units. |
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Basic form# (causes of loss) |
CP 10 10 |
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Broad form#(causes of loss) |
CP 10 20 |
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Special form#( causes of loss) |
CP 10 30 |
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3 Sections of basic and broad from |
- Covered causes of loss - Exclusions- Additional coverages |
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3 additional causes of 'loss on broad form vs. basic |
- Falling objects- Weight of ice , snow, or sleet- Water damage |
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Exclusions on basic and broad forms |
-Ordinance or law- Earth movement-Government action- Nuclear hazard- Utility services-war and military action-water- Fungus, wet rot, dry rot or bacteria |
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Exclusions unique to Special form |
-wear and tear- Rust, corrosion, decay , deterioration, or hidden or latent defect-smog- Settling, cracking, shrinking , or expansion- Infestation on waste products of insects , birds rodents or other animals- Mechanical breakdown- Dampness or dryness of atmosphere, changes or extremes in temperatures , or marring or scratching |
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Four optional coverage in BPP (optional averages section |
-Agreed value /- Inflation Guard /-Replacement cost /-Extension of replacement cost to personal property of others |
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Agreed value optional coverage |
optional coverage that suspend the coinsurance condition if the insuredcarries the amount of insuranceagreed to by the insurer and the insured. |
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Loss payment in agreed value when limit of insurance is less than agreed value |
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