Exam (elaborations)
Adjusterpro 5 Questions And Answers With Verified Solutions Rated A+ Latest Updated 2024
- Course
- Institution
Adjusterpro 5 Questions And Answers With Verified Solutions Rated A+ Latest Updated 2024
[Show more]
Content preview
Adjusterpro 5 Questions And AnswersWith Verified Solutions Rated A+ Latest
Updated 2024
Commercial Property Insurance - ANSWER✔✔ - covers direct and indirect losses
related to business property
- does not include farms and 1-4 family dwellings
- insures on an ACV basis
- RC is available as an endorsement if the insured meets the coinsurance minimum
What are the 4 sections of a commercial property policy? - ANSWER✔✔ dec
page, conditions, coverage forms, and causes of loss forms
Commercial Property: Dec Page - ANSWER✔✔ name and address of the insured,
property covered, deductible, limits, term, exp. date, coverage forms, endorsements
Commercial Policy Conditions: Control of Property - ANSWER✔✔ -protects
property from damage caused by negligent acts of persons other than the named
insured
*A breach in policy conditions only affects the property where the actual breach
occurred
Commercial Policy Conditions: No Benefit to Bailee - ANSWER✔✔ *bailee: a
Business that holds the property of others for the purpose of storage, repair, or
servicing
- coverage does not apply to a company's property when it is being held or used by
a third party
Specific Commercial Policy Condition: Cancellation/Non-Renewal -
ANSWER✔✔ - insurer must inform insured 45 days before cancellation
,- insurer must offer 30 more days coverage if 45 day notice is not given
Specific Commercial Property Condition: Legal Action Against Insurer -
ANSWER✔✔ - insured has 2 years from the date of loss to file a lawsuit
- insured must comply with all policy obligations
In a commercial property policy, an insured building is considered vacant when? -
ANSWER✔✔ for 60 days, the building is either closed or has less than 31% of its
available square footage occupied
Coverage Forms: Building & Personal Property - ANSWER✔✔ - the basis of all
Commercial Property Policies
• coverage A- buildings and structures
• coverage B- business personal property
• coverage C- personal property of others
Coverage A: buildings and structures - ANSWER✔✔ - covers buildings and
structures listed on the dec page
Also Included:
• additions
• additions under construction
• any construction equipment within 100ft of insured property
• permanent machinery & equipment inside the building
• maintenance property
Coverage B: Business Personal Property - ANSWER✔✔ - covers property of the
business that is not affixed to the structure such as:
• labor, services, and materials furnished on the personal property of others
, • inventory or products held for sale
• leased business personal property
• property within 100ft of the business premises
Coverage C: Personal Property of Others - ANSWER✔✔ - applies to property
owned by another party when it is in the care of the insured business
• commonly $2500 of coverage
• only applies to the locations listed on the dec page
Commercial Property-Additional Coverages: Debris Removal - ANSWER✔✔ -
pays to clean up debris of covered property damaged by a covered peril
• limit: 25% of total claim for property damage
• additional $25,000 of coverage is available if:
- property damage plus debris removal exceeds policy limit
- debris removal expense exceeds 25% limit
Commercial Property-Additional Coverages: Pollution Clean- Up and Removal -
ANSWER✔✔ - pays up to $10,000 for pollution damages caused by a covered
peril
- insured must report the loss within 180 days
Commercial Property-Additional Coverages: Preservation of Property (Removal
Coverage) - ANSWER✔✔ - applies when the insured removes property to protect
it from a covered peril
Commercial Property-Additional Coverages: Fire Dept. Service Charge -
ANSWER✔✔ - covers the cost of emergency services when insured is trying to
protect covered property
- limit applies to each premises
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78252 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now