CIC COMMERCIAL PROPERTY REVIEW EXAMS
TIPS QUESTIONS AND ANSWERS SURE A+
✔✔when does Electronic Data additional coverage not apply - ✔✔does not apply to
your "stock" of prepackaged software or to electronic data which is integrated in and
operates or controls the buildings elevator, lighting, heating, ventilation, air conditioning,
or security system.
✔✔endorsement available for electronic data? - ✔✔Higher limits endrosement to
increase coverage amount, another way to address this issue is through Electronic data
protection (EDP) Policies
✔✔What are the seven coverage extentions - ✔✔1. Newly Acquired or Constructed
Property
2. Personal effects and property of others
3. valuable papers and record (other than electronic data)
4. property off premises
5. outdoor property
6. non-owned detached trailers
7. business personal property temporarily portable storage units
,✔✔difference between coverage extensions and additional coverages? - ✔✔coverage
extensions has a requirement that you MUST have at least 80% Coinsurance or a value
reporting form
✔✔where do coverage extenstions apply? - ✔✔apply to property located in or on the
building described in the dec or in the open (or in a vehicle) within 100 ft of the
described premises
✔✔Coverage Extensions- Newly Aquired or constructed property - ✔✔3 key parts
1. buildings
2. Your business personal property
3. Period of Coverage
✔✔CE- Newly aquired or constructed property (buildings) - ✔✔if policy covers building
you may extend the insurance to apply to
a. your new buildings while being built on the described premises
b. buildingd you acquire at locations other than the ones on the dec intended for:
-similar use as the building described on dec or as a warehouse
most paid on this extension is $250,000 per building
✔✔CE- Newly acquired buildings (2 personal property) - ✔✔cover extends to
newly acquired locations (with exceptions) or for newly constructed or acquired
buildings at described location on dec
-NOT at fairs, tradeshows or exhibitions
-NOT more than $100,000
-NOT property of others in temporary possession
✔✔CE- Newly Acquired property (period of coverage3) - ✔✔coverage for newly
acquired property will end when any of the following first occurs:
a. This policy expires
b. 30 days after you acquired or started the construction
c. you report values to us
✔✔Coverage Extenstions- Personal Effects and property of others - ✔✔you may extend
insurance that applies to yourBPP to apply to:
1. personal effects owned by you, your officers, your partners, or members, managers,
employees. this does NOT include loss or damage by theft
2. personal property of others in your CCC
NOT more than $2,500
✔✔Coverage extenstions- Valuable Papers and records - ✔✔cost to replace or restore
if duplicates do not exist
-NOT if electronic data
-Named perils coverage only
NOT more than $2,500
, Such amount is additional insurance
✔✔any endorsmeents for CE-Valuable papers and records? - ✔✔The higher limits
endorsement or get an inland marine coverage form
✔✔Coverage extensions- Property off Premises - ✔✔Coverage for
-Temporarily at a location but NOT at location owned/leased/operated
-storage at a leased location, if the lease began after the beginning of the current policy
term
-at any fair trade shows or exhibition
This extension does not apply
-in or on a vehicle
-in the CCC of your salesperson unless at a fair , tradeshow, or exhibit
The most paid under this extension is $10,000
endorsement available: Specified Business Personal Property temporarily away from
premises
✔✔CE-Outdoor Property - ✔✔limited property limited perils (FLARE)
Not more than $1,000 total ($250 for any one tree, shrub or plant)
Coverages include debris removal expense
✔✔what is FLARE? - ✔✔named perils:
Fire
Lightning
Aircraft
Riot or Civil Commotion
Explosion
✔✔Endorsments available to Outdoor Property - ✔✔1. Additional covered property
-used to insure fences
-definition of covered property includes fences
-subject to the causes of loss form selected (basic, broad, special)
2. Radio or television antennas
3. Trees, Shrubs plants
(loss caused by vehicles can be excluded)
✔✔CE-Non-Owned Detached Trailers - ✔✔does not need to be owned by you
1. used in business/in CCC/ Contractual Responsiblity for loss or damage
2. NOT attached to any vehicle
3. NOT during hitching/unhitching/accidentally unhitched
4. NOT more than $5,000 of coverage
EXCESS COVERAGE
TIPS QUESTIONS AND ANSWERS SURE A+
✔✔when does Electronic Data additional coverage not apply - ✔✔does not apply to
your "stock" of prepackaged software or to electronic data which is integrated in and
operates or controls the buildings elevator, lighting, heating, ventilation, air conditioning,
or security system.
✔✔endorsement available for electronic data? - ✔✔Higher limits endrosement to
increase coverage amount, another way to address this issue is through Electronic data
protection (EDP) Policies
✔✔What are the seven coverage extentions - ✔✔1. Newly Acquired or Constructed
Property
2. Personal effects and property of others
3. valuable papers and record (other than electronic data)
4. property off premises
5. outdoor property
6. non-owned detached trailers
7. business personal property temporarily portable storage units
,✔✔difference between coverage extensions and additional coverages? - ✔✔coverage
extensions has a requirement that you MUST have at least 80% Coinsurance or a value
reporting form
✔✔where do coverage extenstions apply? - ✔✔apply to property located in or on the
building described in the dec or in the open (or in a vehicle) within 100 ft of the
described premises
✔✔Coverage Extensions- Newly Aquired or constructed property - ✔✔3 key parts
1. buildings
2. Your business personal property
3. Period of Coverage
✔✔CE- Newly aquired or constructed property (buildings) - ✔✔if policy covers building
you may extend the insurance to apply to
a. your new buildings while being built on the described premises
b. buildingd you acquire at locations other than the ones on the dec intended for:
-similar use as the building described on dec or as a warehouse
most paid on this extension is $250,000 per building
✔✔CE- Newly acquired buildings (2 personal property) - ✔✔cover extends to
newly acquired locations (with exceptions) or for newly constructed or acquired
buildings at described location on dec
-NOT at fairs, tradeshows or exhibitions
-NOT more than $100,000
-NOT property of others in temporary possession
✔✔CE- Newly Acquired property (period of coverage3) - ✔✔coverage for newly
acquired property will end when any of the following first occurs:
a. This policy expires
b. 30 days after you acquired or started the construction
c. you report values to us
✔✔Coverage Extenstions- Personal Effects and property of others - ✔✔you may extend
insurance that applies to yourBPP to apply to:
1. personal effects owned by you, your officers, your partners, or members, managers,
employees. this does NOT include loss or damage by theft
2. personal property of others in your CCC
NOT more than $2,500
✔✔Coverage extenstions- Valuable Papers and records - ✔✔cost to replace or restore
if duplicates do not exist
-NOT if electronic data
-Named perils coverage only
NOT more than $2,500
, Such amount is additional insurance
✔✔any endorsmeents for CE-Valuable papers and records? - ✔✔The higher limits
endorsement or get an inland marine coverage form
✔✔Coverage extensions- Property off Premises - ✔✔Coverage for
-Temporarily at a location but NOT at location owned/leased/operated
-storage at a leased location, if the lease began after the beginning of the current policy
term
-at any fair trade shows or exhibition
This extension does not apply
-in or on a vehicle
-in the CCC of your salesperson unless at a fair , tradeshow, or exhibit
The most paid under this extension is $10,000
endorsement available: Specified Business Personal Property temporarily away from
premises
✔✔CE-Outdoor Property - ✔✔limited property limited perils (FLARE)
Not more than $1,000 total ($250 for any one tree, shrub or plant)
Coverages include debris removal expense
✔✔what is FLARE? - ✔✔named perils:
Fire
Lightning
Aircraft
Riot or Civil Commotion
Explosion
✔✔Endorsments available to Outdoor Property - ✔✔1. Additional covered property
-used to insure fences
-definition of covered property includes fences
-subject to the causes of loss form selected (basic, broad, special)
2. Radio or television antennas
3. Trees, Shrubs plants
(loss caused by vehicles can be excluded)
✔✔CE-Non-Owned Detached Trailers - ✔✔does not need to be owned by you
1. used in business/in CCC/ Contractual Responsiblity for loss or damage
2. NOT attached to any vehicle
3. NOT during hitching/unhitching/accidentally unhitched
4. NOT more than $5,000 of coverage
EXCESS COVERAGE
