4 Categories of Commercial Loss Exposures - ✔✔1. Property Loss
- Tangible (real estate, personal property)
- Intangible (patent, copyright)
2. Personnel Loss
- Death, disability, retirement, injury of employees
3. Liability Loss
- Your responsibility for bodily injury, property damage, or financial loss to
someone else
4. Net Income Loss
- Reduction in income due to direct loss
Real Property vs. Personal Property - ✔✔- Real Property
o Land and buildings
,o All property permanently attached to buildings
o Driveways, sidewalks, underground piping, etc.
o Plumbing, wiring, HVAC (within the walls)
- Personal Property
o All property that is not real property
§ Furniture, tools, cash, clothing, etc.
Personal Property Classifications - ✔✔- Contents
o Business Personal Property (BPP)
o Property of others in the insured's care, custody, and control
§ Gym with luggage
§ Airports have people's luggage
§ Dry Cleaner's
· Some coverage
- Property in Transit
o
· Little to no coverage
- Property in the Possession of Others
o UGA gives professors a laptop
,o Repair shop
· Little to no coverage
- "Floating" Property
o Don't stay fixed at any location
§ Work trailer
§ Tent and chair rental business
§ Excavators
which is not covered property in the BPP (on test)
-Automobiles
-Stock (inventory)
-Furniture
-Machinery - ✔✔Automobiles
**never covers the vehicle itself only the damage by the vehicles maybe In
covered causes of loss
Coverage extension: limits for newly acquired constructed property what
are the limits? - ✔✔$250,000 building, $100,000 contents
which is NOT INCLUDED the BPP BUILDING coverage
, structure
outdoor fixtures
stock
completed additions - ✔✔stock (this is covered in your PP and often
referred to as contents- stuff inside building)
there a building, your PP and PP of others, know what is covered in each
section
where does BPP coverage apply? - ✔✔Specifically described premises (
on declarations page) +100 ft
have to be specific it gives you 100 ft coverage in each direction box
around 123 Main Street vs 123 Main Street suite d example
which is true about cleaning supplies - ✔✔Personal property covered under
BPP building or personal property
it depends could be covered in either because if cleaning supplies are sold
by you its always your BPP or if you use it its under there
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