Louisiana Property and Casualty Correct Questions and Answers!

Surety Bond - ANSWER aka performance bonds. contract bond- guarantee that contractors perform according to contract court bond- required by court to enforce certain behavior license & permit bond- required by municipalities as a condition for granting a license to engage in activity Fidelity Bonds - ANSWER aka Honesty Bonds- cover employer from direct loss due to fraudulent & dishonest acts of employees Individual Bond- bond single employee None Schedule Bond- bond several employees Position Schedule Bond- bond single position Blanket Bond- covers all employees Commercial Basic Form --causes of loss - ANSWER Covered- Fire, lightning, windstorm, smoke, aircraft, riot, sprinkler leak sinkhole, volcanic action excludes- ordnance of law, earth quake, government action, nuclear hazard, utility services, war, fungus, rot additional coverage available for fungus rot and bacteria $15,000 Commercial Broad Form-- causes of loss - ANSWER covers all basic +3 falling objects, weight of ice, snow, and sleet, water damage by accidental discharge Same exclusions as basin+1 additional coverage available for collapse Commercial Special Form--causes of loss - ANSWER provides coverage for risk of direct physical loss unless excluded (OPEN PERIL) exclusions- damage to steam boiler, interior by rain, none of inventory, nor for fragile articles limits $2500-furs $2500 jewelry $2500 Patterns $250 Stamps Commercial Building & Personal Property Coverage - ANSWER Covers: building and business personal property excludes: Debt, animals, autos, canoes li