With respect to the Valuable Papers and Records policy, what are 2 factors that
influence the premiums charged?
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1. Availability of duplicates
2. Quality of described receptacle they will be stored in.
Condition: Parts
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Insurer is not liable for more than the insured value of the part actually lost
or damaged.
,Part of a survey could contain a Commercial Property Checklist. Identify 3 reasons
why this is used.
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1. Prevent E&O
2. Makes sure coverage required is not missed.
3. Alerts broker to possible loss exposure.
Replacement cost will only be provided after the insured fulfills certain obligations
under the policy. Identify 3 things the insured must do to qualify for settlement of a
building claim on a Replacement Cost basis
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1. Building must be repaired with due diligence and dispatch.
2. Building must be replaced on sale or adjacent site.
3. Building replacement must actually be affected by insured not
exceeding amount necessary to replace building.
Provide 4 causes of mechanical and electrical breakdown insured by Electronic Data
policies
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1. Extremes in temperature
2. Corrosion or rust
3. Processing and short circuit
4. Blowouts or other electronic disturbances
,Identify 3 moral hazards and provide an example for each
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1. Financial condition (declining profits in sluggish economy)
2. Associates (doing business with known felons)
3. Moral character (questionable business ethics or run ins with police)
Outline 3 advantages to the use of commercial package policies
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1. Simplified application forms
2. Costs of insurance to customer are determined on the spot.
3. Provides adequate coverage for most small businesses
Identify 3 examples of expenses incurred that would be insured by all Business
Interruption policies
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1. Overtime to contractors to expedite repairs.
2. Advertisement to consumers to make sure they're aware of new
temporary location.
3. Expediting fees in shipping to get necessary equipment faster.
In what 3 ways may property be valued?
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ACV, RC and Book value.
How much coverage will be provided to records off premises under Valuable Papers
and Records?
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Lesser of $5,000 or 10% of amount of insurance.
Common Clause: Breach of Conditions
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Breach must have impacted loss to deny coverage.
Identify 3 types of Bailees and provide an example for each
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1. Repair or performance of work (Electronics repair shop)
2. Safekeeping or Storage (Public storage warehouse)
3. Delivery to others (Courier Services)
influence the premiums charged?
Give this one a try later!
1. Availability of duplicates
2. Quality of described receptacle they will be stored in.
Condition: Parts
Give this one a try later!
Insurer is not liable for more than the insured value of the part actually lost
or damaged.
,Part of a survey could contain a Commercial Property Checklist. Identify 3 reasons
why this is used.
Give this one a try later!
1. Prevent E&O
2. Makes sure coverage required is not missed.
3. Alerts broker to possible loss exposure.
Replacement cost will only be provided after the insured fulfills certain obligations
under the policy. Identify 3 things the insured must do to qualify for settlement of a
building claim on a Replacement Cost basis
Give this one a try later!
1. Building must be repaired with due diligence and dispatch.
2. Building must be replaced on sale or adjacent site.
3. Building replacement must actually be affected by insured not
exceeding amount necessary to replace building.
Provide 4 causes of mechanical and electrical breakdown insured by Electronic Data
policies
Give this one a try later!
1. Extremes in temperature
2. Corrosion or rust
3. Processing and short circuit
4. Blowouts or other electronic disturbances
,Identify 3 moral hazards and provide an example for each
Give this one a try later!
1. Financial condition (declining profits in sluggish economy)
2. Associates (doing business with known felons)
3. Moral character (questionable business ethics or run ins with police)
Outline 3 advantages to the use of commercial package policies
Give this one a try later!
1. Simplified application forms
2. Costs of insurance to customer are determined on the spot.
3. Provides adequate coverage for most small businesses
Identify 3 examples of expenses incurred that would be insured by all Business
Interruption policies
Give this one a try later!
1. Overtime to contractors to expedite repairs.
2. Advertisement to consumers to make sure they're aware of new
temporary location.
3. Expediting fees in shipping to get necessary equipment faster.
In what 3 ways may property be valued?
, Give this one a try later!
ACV, RC and Book value.
How much coverage will be provided to records off premises under Valuable Papers
and Records?
Give this one a try later!
Lesser of $5,000 or 10% of amount of insurance.
Common Clause: Breach of Conditions
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Breach must have impacted loss to deny coverage.
Identify 3 types of Bailees and provide an example for each
Give this one a try later!
1. Repair or performance of work (Electronics repair shop)
2. Safekeeping or Storage (Public storage warehouse)
3. Delivery to others (Courier Services)
