RMIN 5100S Exam 2 Study Guide 2024 With Complete Solution
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Brown RMIN
Institution
Brown RMIN
RMIN 5100S exam 2 study guide 2024 with complete solution
categories of commercial loss exposures
property, personnel, liability, net income loss
property loss
- tangible: personal property, real estate
-intangible: patent, copyright
personnel loss
death, disability, injury, retirement
...
rmin 5100s exam 2 study guide 2024 with complete s
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RMIN 5100S exam 2 study guide 2024 with complete
solution
categories of commercial loss exposures
property, personnel, liability, net income loss
property loss
- tangible: personal property, real estate
-intangible: patent, copyright
personnel loss
death, disability, injury, retirement
liability loss
your responsibility to someone else for property damage, bodily injury, or net income
loss
net income loss
reduction in income due to a direct loss
commercial property loss exposures
- types of property
- COL to property
- financial consequences of property losses
types of property
- real: building and land, anything permanently attached to the building; HVAC,
wiring and plumbing; underground pipes, driveways, sidewalks
- personal: contents (BPP, property of others), floating property, property in transit,
property of others
financial consequences of property loss
- cost to repair/replace damaged property
- loss of business income while property being repaired/replaces
- extra expenses to resume operations
CPP
common declarations, common conditions, 2 or more coverage parts
coverage part
commercial property declarations, commercial property coverage forms, COL forms,
endorsements, commercial property conditions
commercial property declarations
info specific to the property being insured
- location of property/description of the property
- list of mortgagees
- list of endorsements/coverage forms
- coinsurance %
- deductibles
- property coverages and limits of insurance
- any optional coverages
- covered COL's
commercial property coverage forms
- ISO's CPP has several different commercial property coverage forms
- this form tells you what property is covered
- insuring agreement
- definitions
, - property covered
- property not covered
- additional coverages/coverage extensions
COL forms
basic, broad, special
named perils
coverage for perils only listed in the policy
open perils
coverage for all perils unless specifically excluded in the policy
basic
11 perils covered
broad
11 perils plus 3 more
special
contains open perils
BPP
(building and personal property form)
- can cover any of the 3 categories of property:
building, BPP, and personal property of others
BPP- building
covers:
- buildings/structures listed in the declarations
- completed additions to covered property
- permanently installed fixtures, machinery, equipment
- personal property of insured used to service and maintain the premises
- additions, alterations, repairs in progress including materials, supplies in connection
with work
BPP- BPP
covers:
- furnitures and fixtures
- machinery and equipment
- stock
- leased property of the insured that they have a contractual right to insure
- improvements and betterments
- personal property owned by you and used in your business
- labor, materials, or services furnished or arranged by you on the personal property
of others
BPP- personal property of others
- must be in insureds care, custody, control
- must be within 100 feet of building, structure, premises
- payment made to the property owner not the insured
- payment not based on legal liability
BPP- property not covered
- accounts, bills, currency
- animals
- automobiles for sale
- electronic data
- cost to replace/restore data or info
- bridges, walkways, patios, paved surfaces
- cost of excavations, grading
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