CRIS - Property - Ch. 9 - Contractors
Equipment: Covered Locations, Covered
Property, and Additional Coverages
Section 9. 1 - Overview - correct answer ✔...
The large items of mobile equipment that are used by contractors in
construction projects, and sometimes by other types of organizations as well,
are generally referred to as _____________________. - correct answer
✔contractors' equipment.
Builders risk policies almost always exclude contractors' equipment. Why? -
correct answer ✔it is not destined to become part of the structure
Section 9. 2 - Covered Contractors Equipment - correct answer ✔...
Contractors equipment policies are ___________________ policies that are
designed to address the mobile nature of this property and the unique hazards
to which it is exposed. - correct answer ✔inland marine
Is contractors equipment coverage a standard or non-standard line of
coverage? - correct answer ✔There is no such thing as a standard
contractors equipment policy
Section 9. 3 - Covered Locations - correct answer ✔...
Since the insured property is mobile in nature, contractors equipment policies
do not tie coverage to locations. The covered property is insured regardless of
, its location, provided that it is within the ____________________________. -
correct answer ✔policy territory.
The most common policy territory in a contractors equipment policy is the
United States and Canada.
Section 9. 4 - Covered Property - correct answer ✔...
Contractors equipment policies can be written on a scheduled basis, a blanket
basis, or some combination of the two.
1) In scheduled policies....?
2) In blanket policies... ? - correct answer ✔1) In scheduled policies, only the
items listed in the policy's schedule of covered equipment are covered.
2) In blanket policies, coverage applies to all qualifying equipment; there is no
schedule of covered equipment in the policy (although the insured usually is
required to submit a schedule for purposes of premium calculation).
Definition of Contractors Equipment:
Scheduled contractors equipment policies really do not need a definition of
covered property, why? - correct answer ✔the coverage grant clearly
establishes that coverage applies only to the items that are listed in the policy
schedule.
Definition of Contractors Equipment:
In blanket contractors equipment policies, the definition of covered property is
important. Why? - correct answer ✔Some forms include a very broad,
Equipment: Covered Locations, Covered
Property, and Additional Coverages
Section 9. 1 - Overview - correct answer ✔...
The large items of mobile equipment that are used by contractors in
construction projects, and sometimes by other types of organizations as well,
are generally referred to as _____________________. - correct answer
✔contractors' equipment.
Builders risk policies almost always exclude contractors' equipment. Why? -
correct answer ✔it is not destined to become part of the structure
Section 9. 2 - Covered Contractors Equipment - correct answer ✔...
Contractors equipment policies are ___________________ policies that are
designed to address the mobile nature of this property and the unique hazards
to which it is exposed. - correct answer ✔inland marine
Is contractors equipment coverage a standard or non-standard line of
coverage? - correct answer ✔There is no such thing as a standard
contractors equipment policy
Section 9. 3 - Covered Locations - correct answer ✔...
Since the insured property is mobile in nature, contractors equipment policies
do not tie coverage to locations. The covered property is insured regardless of
, its location, provided that it is within the ____________________________. -
correct answer ✔policy territory.
The most common policy territory in a contractors equipment policy is the
United States and Canada.
Section 9. 4 - Covered Property - correct answer ✔...
Contractors equipment policies can be written on a scheduled basis, a blanket
basis, or some combination of the two.
1) In scheduled policies....?
2) In blanket policies... ? - correct answer ✔1) In scheduled policies, only the
items listed in the policy's schedule of covered equipment are covered.
2) In blanket policies, coverage applies to all qualifying equipment; there is no
schedule of covered equipment in the policy (although the insured usually is
required to submit a schedule for purposes of premium calculation).
Definition of Contractors Equipment:
Scheduled contractors equipment policies really do not need a definition of
covered property, why? - correct answer ✔the coverage grant clearly
establishes that coverage applies only to the items that are listed in the policy
schedule.
Definition of Contractors Equipment:
In blanket contractors equipment policies, the definition of covered property is
important. Why? - correct answer ✔Some forms include a very broad,
