Commercial Package Policy

If the Insurer cancels the policy they must give a

30 day notice, except non-pay 10 day notice.

All of the following may be covered by basic builders risk insurance, except:

An occupied building

Which of the following is NOT one of the four components of a Commercial Package Policy?

Common Cancellation

What statement is true regarding coverage provided by a commercial general liability policy?

Coverage can be bound by written or oral agreement.

Which of the following would be considered an "insured contract" under the CGL?

Easement Contract

What is the coverage "trigger" on an occurrence form CGL policy?

If the event happened during the policy period, coverage is triggered.

Which of the following would be required to change all of the coverage parts contained in the Commercial Package Policy?

Interline endorsement

What is true regarding supplementary payments provided by a commercial general liability policy?

It covers any accrued interest on a judgment rendered against an insured.

Which of the following would not be covered by the CGL purchased by Frye's grocery store?

Pollution Liability

On the CGL which of the following will have a separate aggregate limit?

Products and Completed Operations Liability

A contractor is sued because a wall constructed several years ago collapsed and injured a child. What statement about this situation is true?

The contractor's insurer is obligated to defend any legal action arising from the injury.

In order for a "products" claim to be present, what must be satisfied?

The insured must have relinquished possession of the product to the purchaser.

A commercial general liability policy protects an insured against what situation?

a can of soup falls off a food store's shelf and injures the child of a customer

A commercial general liability policy provides coverage to an insured for contractual liability arising out of a(n)

a sidetrack or an escalator agreement.

Extra expense insurance covers the

additional cost of continuing a business after a loss.

Which is NOT a part of a commercial property coverage section?

affidavits of applicable coverage

General liability insurance does NOT cover liability arising out of

aircraft owned by the insured.

Coverage B Personal and Advertising Injury of the CGL policy will cover all of the following EXCEPT

bodily injury.

The limits of liability on a CGL policy can be stated as

both occurrence and aggregate limits.

Equipment Breakdown coverage forms cover loss to property arising from

both steam boiler and mechanical breakdown.

When crime coverage is added to the commercial package policy, what is NOT present?

cause of loss form

The premium charge for the coverage provided under the commercial package policy appears in the

common declarations page.

What is NOT a common exclusion found in inland marine insurance?

damage due to theft

The retroactive date and the expiration date of the claims made CGL policy are examples of

dates that "trigger" the start or end of coverage.

A building and personal property coverage form does NOT provide coverage for

growing crops and lawns.

Monetary damages caused by infringement of copy write, slogans, trademarks and titles is

included under coverage B Advertising Injury.

What is NOT required to have a "cause of loss" form attached to it?

inland marine coverage

Which one is NOT a key component for a CPP?

liberalization

A "building and personal property" coverage form automatically provides for what extension of coverage?

newly acquired property

While installing an air-conditioning unit in a building, an ABC Contracting Company employee drops and damages the unit. What coverage, if any, would protect the company from this loss?

none of the choices presented

A commercial general liability policy that utilizes a "claims made" form would pay what claim?

one in which the claim occurs and was reported during the policy period

An insured that may be responsible for libel would be covered under

personal injury liability.

The commercial package policy does NOT provide protection for what type of insurance?

personal liability

The "accounts receivable coverage" form

provides coverage for sums due to the insured from customers that are uncollectible due to loss, damage, or destruction of accounts receivable records.

What would NOT be considered an "insured" contract?

recall agreement

Mr. Thompson insured his convenience store and contents under a commercial property policy. In the event of a loss due to fire, what will be covered?

stock on the store shelves

Coverage against loss by some perils (vandalism, theft, etc.) under the "building and personal property" coverage form is EXCLUDED if

the insured building is vacant for more than 60 days.

The retroactive date of a claims made policy

triggers coverage under the policy.

What coverage is available to protect single shipments of merchandise?

trip transit

Under "premises burglary" coverage, loss of insured property due to burglary is NOT covered in what case?

when the property is removed without visible signs of forced entry or exit