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Maryland Property & Casualty 2019 ExamFx.
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Maryland Property & Casualty 2019ExamFx
Which dwelling policy coverage will provide protection for contents damaged by fire
in an insured dwelling? -
Coverage C-Personal Property
Under what conditions can broad theft coverage be added to a dwelling policy? -
if the insured is the owner-occupant of the dwelling.
Under Coverage C- Personal Property in the dwelling policy, when will a guest's
property be covered? -
Only when the property is at the insured location.
What is the difference between a Claims Made and Occurence policy? -
In a Claims-Made policy the claim will be paid only if the claim is made BEFORE the
policy expires; in Occurence the claim will be paid even if submitted after the policy
expiration.
What is burglary in a CCP? -
Crime of forced entry of another person, committed with felonious intent.
What is robbery in a CCP? -
Taking property from another person by means of threatening bodily harm or
committing an unlawful act.
What is theft in a CCP? -
The act of stealing; encompasses both burglary & robbery.
What is safe burglary in a CCP? -
Forced entry resulting in the theft of contents from a safe or the safe itself.
Commercial Crime Employee Theft coverage -
current employees, temporary employees hired from contractors, former employees
performing duties as consultants & terminated employees covered for 30 days;
property, money, securities & other covered.
Commercial Crime Inside-Theft of Money or Securities -
Loss of money & securities from the premises
Commercial Crime Forgery or Alteration -
Worldwide coverage for loss of money
Commercial Crime Outside-Theft, disappearance or destruction -
Loss outside the premises
Commercial Crime Inside-Robbery or State Burglary of Others Property -
,Loss or damage to property inside the premises
Commercial Crime Computer Fraud -
Worldwide coverage for the loss of money, securities & other property
Commercial Crime Fund Transfer Fraud -
Loss from fraudulent instructions received by a financial institution
Loss Sustained -
reported during the policy period or before the retroactive date; must be discovered
within one year
Discovery Form -
Commercial crime form that covers losses that are sustained at any time and
discovered either during the policy period or up to 60 days after the policy expires.
BOP SECTION II- LIABILITY -
Covers: BI, PD, Personal Injury & Advertising Injury. Features: Occurence coverage
trigger, limits of liability, supplemental payment paid in addition to limit of insurance,
duty to defend ends when limits are exhausted.
BOP - Selected Endorsements -
Hired & Nonowned Auto (Liability for use of hired or nonowned autos), Utility
Services-Direct Damage(Direct damage caused by service disruption from a covered
peril), Protective Safeguards (requires safeguards as condition for coverage; allows
48 hours to restore), Utility Services-Time Element(Loss of business income or extra
expense)
BOP Extensions- Newly Acquired/Constructed Property -
Up to $250,000 for building/Up to $100,000 for business personal property;
coverage applies for 30 days after insured acquires property or end of policy-
whichever comes first.
BOP Extensions- Personal Property Off Premises -
Up to $10,000 for business personal property during transit or temporarily at the
premises that the insured does not own, lease etc. (not for money/securities)
BOP Extensions- Outdoor Property -
Outdoor radios, tv antennas, detached signs & plants-damage must result from fire
lightning, explosion, riot, civil commotion, aircraft; up to $2,500 but not more than
$1,000 per plant
BOP Extensions-Personal Effects -
Up to $2,500 for each described premises; for personal effects owned by insured,
officers, partners, or members of the insured & employees
BOP Extensions-Valuable Papers & Records -
Up to $10,000 for research, replacement, restoration of lost info; up to $5,000 for
valuable papers & records not at the described location-valued at the cost of
restoration or replacement
,BOP Extensions-Accounts Receivable -
Applies to amounts due from insured's customers, interest loans, collections
expenses & other reasonable expenses
Vacancy on a BOP -
Unoccupied for more than 60 consecutive days, 65% or more rental units or floor
area unoccupied. NOT COVERED PERILS: Vandalism, sprinkler leakage, building
glass breakage, water damage & theft- COVERED PERILS- covered for 15% less
than normal
BOP Optional Coverages- Outdoor Signs -
Open Peril basis. Exclusions: wear & tear, hidden latent defects, rust, corrosion,
mechanical breakdown- Up to $1,000 per sign attached to the building
BOP Optional Coverages- Employee Dishonesty -
Loss to business, business personal property, or money & securities; includes
anyone currently employed or in the past 30 days. Acts committed by the insured or
partners are EXCLUDED
BOP Optional Coverages- Money & Securities -
Loss resulting from theft, disappearance & destruction. Verification of loss/damage
is dependent on records. Money & securities must have been at the insured's
premises, financial institution, home, or in transit.
BOP Optional Coverages- Equipment Breakdown Protection -
Covers direct loss or damage to property resulting from: mechanical breakdown,
electrical failure to pressure, mechanical or electrical machinery/equipment
Dwelling Policy Structure -
Agreement, Definitions, Deductibles, Coverages & Other Coverages, Perils Insured
Against, General Exclusions, Conditions
Exclusions found in all 3 Dwelling Forms -
earth movement, water damage, power failure, neglect, war, nuclear hazard,
intentional loss, freezing of plumbing, ordinance or law & government action
Section I of a BOP -
Property- Direct physical loss to covered property; business owner chooses to
insure either: Buildings, Business Personal Property, or both.
Eligible for BOP -
Office Buildings
Eligible for BOP -
Apartments & Condos
Eligible for BOP -
Mercantile & Service Establishments
, Eligible for BOP -
Some Contractors- electricians, plumbers, painters etc
Eligible for BOP -
Fast food restaurants
Eligible for BOP -
Convenience Stores
Not eligible for BOP -
Auto sales & servicing operations
Not eligible for BOP -
Manufacturing Operations
Not eligible for BOP -
Places of amusement
Not eligible for BOP -
Bars & Grills
Not eligible for BOP -
Financial Institutions
Characteristics of a BOP -
Prepackaged policy (property & liability coverage), small-med sized businesses,
single premium for property & liability
Commercial General Liability Coverage A -
bodily injury and property damage
Commercial General Liability Coverage B -
Personal injury and advertising injury
Commercial General Liability Coverage C -
Medical Payments
Commercial General Liability Coverage A Exclusions -
Expected or intentional injury, contractual liability, liquor liability, pollution, war,
damage to property, worker's compensation, electronic data
Commercial General Liability Coverage B Exclusions -
Knowingly publishing false material, criminal acts, breach or contract, copyright
infringement, media & internet type businesses, violation of communication laws
What would be considered mobile equipment? -
bulldozers, farm machinery, forklifts, vehicles on crawler treads, vehicles that
provide mobility to cranes, shovels, loaders or road construction equipment, vehicles
that aren't self-propelles that provide mobility to compressors, pumps, spraying or
welding equipment or cherry pickers
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