Exam (elaborations)
CIC COMMERCIAL PROPERTY.
- Institution
- Crimes Against Property - SCCJA.
CIC COMMERCIAL PROPERTY.
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CIC COMMERCIAL PROPERTYAdvantage of blanket limit. - ANS-One bucket of limits to cover multiple locations and or
multiple exposures (bld, bpp, pp of others).
Consideration to blanket coverage - ANS-must carry 90 - 100% coinsurance,
underwriting may not accept, statement of values must be obtained. rates apply for 1 yr,
all locs and covered exposures must carry same cause of loss, all owners must be
listed associated with owned locations.
Coveage form includes loss payment at Actual Cash Value or ACV, what is ACV> -
ANS-The amount of loss minus depreciation. No set formula or definition for
depreciation.
elements of co insurance - ANS-did/should x loss = amount paid minus deductible
Explain the Loss Payment Options - ANS-Company has 30 days to give notice of
intension. Limited to financial interest. pays value, pays to repair or replace, take prop at
agreed or appraised value or repairs, or rebuild with like kind quality.
How does agreed value option affect the coinsurance provision? - ANS-Suspends, and
expires on anniversary date.
Name and describe the coverage extensions of Bld and BPP coverage form? VONPON
- ANS-Valuable Papers, Out door property, Non-owned trailers, Personal Effects of
others, Off Prem PP and Newly acquired BLD & BPP.
Replacement cost defenition - ANS-replace with or rebuild to like kind and material,
includes debri removal.
What are commercial property loss exposures - ANS-Buildings, personal property of
owner, others and off premises, business income.
What are some causes of loss - ANS-Fire, accident, weather, crime and disaster.
What are the added coverages? FIPPED - ANS-Debri removal, preservation of prop,
pollution clean up, fire dept service charge, increased cost of const. edp.
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