What are 2 examples of temporary locations where property maybe located and insured by temporary location coverage? - ANSWER-1) When at customers premises on a pre-sale trial basis
2) When at warehouse awaiting pickup by client
What are 3 coverages found in EDP Policies? - ANSWER-1) Loss to dat...
What are 2 examples of temporary locations where property maybe located and insured
by temporary location coverage? - ANSWER-1) When at customers premises on a pre-
sale trial basis
2) When at warehouse awaiting pickup by client
What are 3 coverages found in EDP Policies? - ANSWER-1) Loss to data processing
systems and components (hardware)
2) Loss to data processing media and programs (software)
3) Extra Expenses
What are 2 key coverage advantages provided by section I of EDP Policies? -
ANSWER-1) Broad water losses
2) Mechanical & Electrical breakdown
List 5 causes of mechanical and electrical breakdown insured by EDP Policies? -
ANSWER-1) Error in machine programing
2) Processing
3) Short Circuit
4) Dampness or dryness or atmosphere
5) Extremes of temperature
What limit of coverage is available to insure Valuable Papers & Records while off
premises? - ANSWER-10% of amount of insurance or $5000, whichever is less
What type of electrical disturbance is insured by Valuable Papers & Records while off
premises? - ANSWER-when it is caused by lightning
What 2 factors influence premiums to be charged on both Accounts Receivable and
Valuable Papers & Records coverage - ANSWER-1) Availability of duplicates
2) Quality of described receptacle
When can coverages be extended to insure Valuable Papers & Records while off
premises (2) - ANSWER-1) When being transported outside premises
2) When at other premises on a temporary basis
What are 4 coverages provided by accounts receivable form and provide an example of
each - ANSWER-1) Amounts which cannot be collected due to loss of accounts
receivable records (Ex: client doesn't remember entire list of customers who owe)
2) Interest on loans your client needs to pay current liabilities (Ex: supplier must be paid
prior to settlement)
, 3) Extra costs in collection of accounts receivable (Ex: paying a collection agencies or
overtime to staff trying to collect accounts)
4) Expenses incurred in the reconstruction of records (Ex: hiring an accountant to
reconstruct AR list)
What are 4 coverages automatically included in commercial package policies -
ANSWER-1) Property Insurance
2) Business Interruption
3) Liability Insurance
4) Crime Insurance
What are 5 considerations that may result in lower premiums - ANSWER-1) Building
constructed after 1945
2) Sprinklered
3) Alarmed
4) Sole Occupant
5) Increased deductible
List 3 provisions found in the extension for personal property of officers and employees
- ANSWER-1) Only applicable when the employee (The owner) does not have the
property insured or when the client is liable
2) coverage is limited to $250/employee or director
3)coverage applies at described location or any newly acquired location
Identify 2 crime coverages provided by building damage by theft extension - ANSWER-
1) Theft or attempt thereat
2) Vandalism or malicious acts happening during same occurrence
What Perils are insured by commercial Broad form policies - ANSWER-All risk of direct
physical loss or damage subject to policy conditions and exclusions
Identify 6 advantages of the broad form - ANSWER-1) theft losses to stock & equipment
is insured
2) water damage from rupture of overhead water lines
3) impact of vehicles operated by insured or employees is covered
4) many types of collapse
5) all other losses not specifically excluded
What source of smoke is insured by Fire & Extended Coverage Policies? - ANSWER-
Smoke due to sudden, unusual and faulty operation of any stationary furnace
What is insured by leakage from fire protective equipment peril - ANSWER-Damage
caused when product within fire protective equipment leaks (water or foam)
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