Commercial Property Module C

25%; 25,000

Additional Coverage: Debris Removal- policy provides up to __% of the amount of the direct physical loss or damage. If the coverage limit is exhausted by the payment of claims or debris removal expenses, the policy will pay an additional $ _________K for removal of debris. Removal for debris of others will pay up to $5,000.

30

Additional Coverage: Preservation of property- if the insured removes covered property from the premises when endangered by an insured peril the property is covered while it is being moved/ temporarily stored elsewhere for ___ days

perils insured against

All of the following sections are included on the business and personal property coverage form EXCEPT: A.coverage extensions B.perils insured against C.optional coverages

A bandsaw affixed to the floor

Kyle owns a woodworking shop where he makes and sells custom furniture. One night, Kyle's shop is destroyed by a fire, and he files a claim with his insurance company. Which of the following items would be covered under Coverage A- Buildings of the Building and Personal Property Coverage form of Kyle's Commercial Property policy? A.Kyle's personal laptop he left in the shop overnight B.A bandsaw affixed to the floor C.a hand-held circular saw

Frequently; Building; Personal; Property

The Building and Personal Property Coverage Form: - this form is the most __________ purchased commercial property form. It provides 3 main coverages: 1. Coverage A: ____________ 2. Coverage B: Business ___________ property 3. Coverage C: Personal ___________ of others *there is also a section that describes property NOT covered

30 days after the property is first moved

the commercial building & personal property coverage form includes an additional coverage for property removed from the premises b/c of being endangered by an insured peril. The coverage applies for: A.30 days after the property is first moved B.5 days after the property is first moved C.15 days after the property is first moved

2,500

Additional Coverage: Electronic Data- covers up to $________ for cost to replace electronic data that has been destroyed by a covered loss

1,000; deductible

Additional Coverage: Fire dept service charge- when the fire dept is dispatched to save property from insured peril, the policy will pay up to $__________. No __________ applies to this coverage

replacement cost;

Additional Coverage: Increase cost of construction- this coverage applies ONLY if the building has been insured on a _______ _______ basis. The max amount payable under this coverage is $10,000 or 5% of limit of insurance whichever is less

180; $10,000

Additional Coverage: Pollution clean up and removal- expenses must be reported to the insurance co with in ____ days of DOL. Policy will pay up to $__________

the insured will pay $10,000 for the increased cost of construction, plus $20,000 for the cost of all other covered damages

a 40 year old commercial building is insured with a limit of the building of $300,000 and has suffered a partial loss as a result of a hot water heater explosion. It will cost 17,000 for the increases cost of construction to comply with the bldg codes and $20,000 for all other covered damage. The bldg is covered under a standardized building and personal property coverage form, with the special cause of loss form attached. the insured submits the proof of loss for all of the repairs, including the increased costs to comply with the new building codes. which of following describes how this claim will be paid? A.the insured will pay $10,000 for the increased cost of construction, plus $20,000 for the cost of all other covered damages B.the insured will pay only $20,000 under the "replacement cost" provision and deny the increased cost of construction cost C.the insurer will pay $15,000 for the increased cost of construction, plus $20,000 for the cost of all other covered damages

5,000

the additional coverage for debris removal under the building & personal property coverage form of a CPP, will pay to clean up debris of others on the insured premises even if the insured has no damage to their own property. The max payable to remove this debris of others is: A.10,000 B.25,000 C.5,000

increased cost of construction

which of the following additional coverages provided by the building and personal property coverage form applies only to building to which the replacement cost optional coverage applies? A.electronic data B.increased cost of construction C.preservation of property

Coverage is provided while the property is located within a covered vehicle at any location as long as the vehicle is owned by the insd business

which of the following is NOT TRUE of coverage for business personal property and personal property of others in a commercial property policy? A.Coverage is provided while the property is located within a covered vehicle at any location as long as the vehicle is owned by the insd business B.Coverage is provide while the property is in any vehicle as long as it was located within 100 feet of the insd premises when the loss occured C.Coverage is provided while the property is located in the insured premises