Bpp building coverage Study guides, Class notes & Summaries

1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in materials and workmanship for a specified period of five years after completion of the work. The type of bond used by Clarence is a Maintenance bond. 2) Which one of the following statements is correct with respect to ocean marine loss exposures? For cargo owners, the posibility of loss to the cargo exists either on board a vessel or on land between the vessel and the cargo's point of ...

BPP building coverage - ANSWER insures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, permanently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. HO limits of property at other residences - ANSWER the larger of $1000 or 10% Coverage C. Limit does not apply if property is moved because the residence premise is being repaired or rebuilt. When property is mo...

AINS 103 Exam Review Questions with Verified Solutions In property insurance, the term "property in transit" refers to which one of the following? C. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption. Which one of the following is an example of an extra expense? B. Cost to rent temporary office space Rad...

Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. CORRECT ANSWER-Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (detached) plants Installed computers (in vehicles etc) Electronic...

AINS 103 Test Questions and Answers Rated A+ Workers compensation benefits include which one of the following? Rehabilitation benefits 3 multiple choice options When a clothing manufacturer decides to expand the sale of its clothing line by offering internet purchases, it creates new exposures not otherwise covered, or not fully covered, by a traditional policy. These include Loss or damage caused by computer viruses. 3 multiple choice options Which one of the following supply chai...

In property insurance, the term "property in transit" refers to which one of the following? C. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption. Which one of the following is an example of an extra expense? B. Cost to rent temporary office space Radley Contracting Company is installing new signage on the front of...

Which one of the following lists the covered causes of loss (basic, broad, or special); the deductible amount; and any optional coverages? a. Commercial property conditions b. Commercial property declarations c. Causes of loss forms d. Commercial property coverage forms - Answer-b. Commercial property declarations Which one of the following is covered under the Building and Personal Property Coverage form (BPP) as business personal property? a. Completed additions to a building b. Perma...

Assignment - ANSWER The transfer of a policy to another party. Often done when commercial property is sold to a new owner. Building & Personal Property (BPP) - ANSWER The commercial property policy for larger businesses. Business Income Policy - ANSWER A commercial policy covering the indirect loss of income following a loss. Cancellation - ANSWER Termination of a policy during the policy period. Casualty Insurance - ANSWER A broad term which includes all of the policy types that may...

CIC Commercial Multi-line Exam Prep Questions Answers Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. - Answer ️️ Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (detached) plants Install...

An insured who owns a large business has been comparing the different types of commercial insurance policies. The insured would likely choose a Commercial Package Policy (CPP) because it will provide - The option to add lines of insurance for most coverages that are needed. (It will provide the option to add lines of insurance for most coverages that are needed.) The risk manager of a midsize manufacturing company would like several specific property coverage enhancements and a seamless app...