Commercial Coverage Part 3 - Section 13

When a claim is settled on an ACV basis, B & M equipment must be repaired or replaced within how many months?

18 months

Which of the following would be used to cover property of others left in a camera shop for repair?

A Camera & Musical Instrument Dealers/Commercial Articles coverage form

A carrier of cargo is NOT liable for damage in all of the following situations, EXCEPT:

A collision due to a mechanical malfunction

Which of the following would purchase the Motor Truck Cargo form?

A grocery store that owns trucks and ships its own goods to its various owned locations.

The courts do not recognize the carrier as liable for a loss to another`s property by any of the following acts except:

Acts of faulty construction

Which are excluded under the BPP but covered under the EDP?

All of these Dropping the computer Change in temperature Electrical surges

Which of the following is issued under the Motor Truck Cargo Form?

All of these Trucker's form Shipper's Form Owner's form

Which of the following applies to Commercial Inland Marine Coverage Part?

All of these are true Filed forms Open Perils Class rated

The Commercial Articles Coverage Form is provided on an:

All-risk basis

The Signs Coverage form is necessary when:

An insured has more than a $1000 value in signs or has any detached signs.

The two types of transit coverage are:

Annual and Trip Transit coverage

The commercial inland marine "signs" form would not insure:

Billboards

What coverage form has the sole purpose of insuring most types of industrial risks for direct damage by an accident?

Boiler and Machinery Coverage Form

Non-filed commercial inland marine forms are also known as:

Both uncontrolled and unregulated

Which of the following is NOT a common exclusion on the Boiler & Machinery policy?

Breakdown of refrigeration units

A policy designed to fill in the gaps of a property policy would be?

Difference in Conditions

What form would be used to cover a business that owns several laptop computers used by employees off premises?

Electronic Data Processing Equipment Coverage form

Boiler and Machinery is now known as:

Equipment Breakdown

If a boiler in a church building were to blow up and cause property damage and injury, which coverage would be necessary to cover this loss?

Equipment Breakdown (Boiler & Machinery) coverage

With Boiler and Machinery, insurance carriers place great emphasis on:

Loss control and inspections

Which of the following is a filed commercial inland marine form?

Mail coverage form

A Bailee is defined in the insurance industry as:

One who is entrusted with the property of others.

Medical books in a Doctors library at home would be best insured under:

Physician & Surgeons

All of the following are excluded on an equipment breakdown form, except:

Steam boilers

A Released Bill of Lading assures:

That the carrier of goods will not be responsible for any more than the stated value on the contract.

Mayberry Construction has a Business Auto policy covering a 1995 pickup truck for liability and physical damage coverage. At the time of an accident, the driver of the pickup truck was pulling a trailer carrying a bulldozer. If the bulldozer slips off and causes bodily injury to another party, there is coverage under which of the following policies?

The Business Auto Policy

The 2 types of Inland Marine policy forms are Filed and Non-filed. All of the following are true about the advantages of a Filed form, EXCEPT:

The rates are cheaper than non-filed forms.

The valuation clause on an Inland Marine forms states all of the following except:

The values will be established base on the higher of the above

Coverage that can be provided for goods shipped by several different carriers during a transport until they reach their ultimate destination is called ___________.

Trip Transit Coverage

The definition of _________ for the Boiler and Machinery form is sudden and accidental (not intentional) breakdown of an object.

accident