CRIS Course 4 Question and answers 100% correct Gencon Contracting operates out of a building that it owns. The building contains Gencon's office contents. If Gencon should suffer a fire loss to this building and its contents, the loss would be covered under Gencon's: - correct answer commercia...
CRIS Course 4 - Commercial Property
Gencon Contracting operates out of a building that it owns. The building
contains Gencon's office contents. If Gencon should suffer a fire loss to this
building and its contents, the loss would be covered under Gencon's: - correct
answer ✔commercial property insurance policy
(A commercial property insurance policy is designed to provide insurance on
existing buildings and their contents.)
Trade Builders is housed in a small office building which it owns. One Friday,
when workers expected to be paid for the week's work in cash, Trade's
bookkeeper absconded with the payroll and fled from the country. This loss is
covered under Trade Builders': - correct answer ✔Commercial crime policy
with employee theft/dishonesty coverage.
Barton Construction's personal crime policy includes most of the crime
coverages that are available. Which is not one of the available coverages? -
correct answer ✔Burglar alarm coverage
(these would be covered: computer fraud coverage, forgery coverage, and
coverage on property other than money and securities)
Commercial property policies are written on all of the following kinds of forms
except: - correct answer ✔General liability
(it is written on: manuscript, individual insurer, or standard)
Edison Electrical Contractors will install a very expensive, state-of-the-art
scoreboard and video system in a new sports arena. Since there is no broad
, builders risk policy that includes Edison and other subcontractors, Edison
should arrange for: - correct answer ✔an installation floater
(An installation floater is written to cover a specific type of property, not
otherwise covered by a builders risk policy, during its installation.)
Tory Builders purchases a commercial property insurance policy. This policy
will cover all of the following except: - correct answer ✔Damage to the
foundations of Tory Builders' own buildings.
(These would be covered:
-Leased photocopy machine that Tory Builders is contractually obligated to
insure.
-Loss of furniture and fixtures in Tory Builders' office.
-Damage to most of Tory Builders' business personal property on the
premises)
Which of the following illustrates the additional coverage for increased cost of
construction? - correct answer ✔A building damaged by a covered cause of
loss is being repaired, but the repair expenses increase because the repairs
must comply with current building codes.
Which of the following kinds of property is not excluded by the commercial
property policy, but rather is subject to limitations? - correct answer ✔Trees,
shrubs, and plants
(Although trees, shrubs, and plants are listed under "Property Not Covered,"
limited coverage is provided in a coverage extension.)
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