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Commercial Property Insurance questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating
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Commercial Property Insurance questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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  • August 5, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • commercial property insurance questions and correc

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  • Commercial Construction
  • Commercial Construction

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Commercial Property Insurance
$200 for gold, money, plantinum, silver: $1,500 for watercraft. trailers, $2500 for business
property on premise, $500 off premise,..... - ANS-Farming - Coverage C : Household Personal
Property

$25,000 - ANS-expediting expenses can not exceed

1. Domestic ships and transportation risk
2. Bridges, tunnels, and other instrumentalities of transportation and communication
3.Commercial property floater risks
4. Personal property floater risks - ANS-4 General classes of risks subject of Inland Marine
Coverage

120 days the limits of insurance applicable and its contents are reduce by 50% - ANS-In farm
coverage policy if a building or structure is vacant for

a form that may require an insurer to file for rate and form of approval, usually written on an
open peril basis. - ANS-filed coverages

a legal contract that defines responsibility for goods while they are in transit - ANS-bill of lading

a liability policy that covers all claims arising out of incidents occurring during the policy period,
regardless of whether or not the policy is still in effect at the time of the claim - ANS-Occurrence
Policy Form

A period of time allowed for making claims after the expiration of a "claims-made" liability policy.
Also known as a "tail". - ANS-Extended Reporting Period

A policy that covers mobile equipment or tools while located anywhere in the coverage territory.
- ANS-Contractors equipment floater

a share of the loss - ANS-When other insurance is written on the same basis as commercial
property policy, what is the insurer obligated to cover?

additional living expenses is primary premise becomes inhabitable, covered fair rental value. -
ANS-Farming-Coverage D: Loss of Use

adds policy condition requiring the insured to maintain protective safeguards. Ex fire alarms,
automatic sprinkler system while business is closed - ANS-Protective Safeguards

, all accidents at a single location, at the same time, by the same cause - ANS-What would be
considered a single accident in equipment breakdown coverage ?

all farm animals except for poultry - ANS-Livestock includes

An Inland Marine form which provides all risk coverage for mobile agricultural and construction
equipment owned by or in the care of an equipment dealer.
Exlcusions include water, flood, unexplained disappearance, damage caused by work on
property. - ANS-Equipment Dealers Coverage Form

An Inland Marine transportation policy, similar to the Annual Transit policy, but designed to cover
a specific shipment. - ANS-Trip Transit Policy

any act of stealing - ANS-Theft

any solid, liquid, gas, or thermal irritant or contaminant including smoke, vapor, soot, fumes.... -
ANS-Pollutants

any type of property that is portable on land as well as means of transportation and
communication - ANS-What type of property can be covered under inland marine insurance ?

begins with the date of direct physical loss of damage and ends with either when property
repaired, or resumed at new permanent location - ANS-Period of restoration

Business activities occurring at the described premise - ANS-Operations

CGL policy that provides property and liability insurance to farmers for both their personal and
business exposures. - ANS-Farm Coverage

Commercial property, general liability, crime, equipment breakdown, auto, inland marine, and
farm - ANS-Coverage parts that may be includes in a commercial package policy (CPP)

condition that policy does not cover property if the risk has been made materially increased by
changes in the premises unless agreed to in writing by insurer - ANS-titled changes in premise

contract between the carrier and the shipper detailing the carrier's responsibilities and duties -
ANS-a bill of lading

cover domestic shipments and losses carrier cargo not responsible for - ANS-Transportation
Coverages

Coverage A- Bodily injury and property damage, Coverage B- Personal Injury and Advertising
Injury, Coverage C- Medical Payments - ANS-What are the three coverages in commercial
general liability policy ?

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