Caib 2 / Ch 3 / Sec 3 / Study Guide
Questions And Answers With Verified
Solutions Already Passed (GRADED A+)
IBC 4037 - 09.06 - Is it safe to assume that "all risks" means *lost however
caused? - ANSWER✔✔NO
IBC 4037 - 09.06 - In the event of a claim, what determines whether coverage is
afforded under the Broad Form - ANSWER✔✔It is the exclusions that determine
whether coverage is afforded. If the loss isn't excluded, it's covered
IBC 4037 - 09.06 - Why are the exclusions so lengthy in a Broad Form -
ANSWER✔✔To remove coverage for property losses when there are more
specialized forms available; To remove coverage losses which are uninsurable (ex.
War)
IBC 4037 - 09.06 - Identify the property items generally excluded or limited in the
scope of coverage provided in the Broad Form wording - ANSWER✔✔a) Sewers,
drains or watermains located beyond the outside bearing walls or foundations of
the building; b) Property at locations which to the knowledge of the Insured are
vacant or unoccupied for more than 30 consecutive days; c) Electrical devices,
appliances or wiring; d) Growing plants, trees, shrubs or flowers outside the
building; e) Animals, fish or birds; f) Money, cash cards, bullion; g) Automobiles,
watercraft, aircraft, spacecraft, trailers; h) Furs, fur garments, jewels, jewellery; i)
Property insured under the terms of any Marine insurance; j) Property from the
time of leaving the Insured's custody if it is loaned, rented or leased by others, or
sold by the insured; k) Property in the custody of a sales representative outside the
premises; l) Property illegally acquired, kept, stored or transported; m) Pressure
vessels, boilers; n) Roadways, walkways, parking lots or other exterior paved
surfaces; o) Equipment or stock while actually being worked upon; p) Exterior
glass or vitrolite and its lettering or ornamentation
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