CRIS Question and answers 100% correct
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...
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
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
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.
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,
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