NC Property Insurance: Commercial- Questions and Answers

NC Property Insurance: Commercial-
Questions and Answers
Inland Marine Insurance Correct Ans-Designed to cover business personal property while
being transported over water.



2 types of Inland Marine Insurance Correct Ans-Filed forms: filed w/ State Regulators, may
be included in package or mono-line policies



Non-filed: are not regulated.

* Bailee customers policy covers losses while property is in the care, custody and control of the
Bailee



*Contractors equipment coverage covers tools and machinery on a job site



*Motor truck cargo covers property while in company trucks



*Installation Floaters/builders risk covers building materials, heat and air systems, elevators and
refrigeration systems.



7 commercial coverages Correct Ans-*Commercial Property coverage

*Commercial Crime coverage

*Commercial B & M coverage

, *Commercial Gen. Liability coverage

*Commercial Auto coverage

*Commercial Inland marine coverage

*Farm Coverage



Every policy includes Correct Ans-* Common policy declarations

* Common policy definations

* Interline endorsements

* One or more Commercial Property coverage



Common Policy Declarations Page will include: Correct Ans-* Policy number

* Name of insurer and insured

* Policy period

* Name and address of named insured

* Descriptions of Insured business

* Schedule of coverage parts and premiums

* List of all forms included

* Total policy premium

* Countersignature and date of signature



Common policy conditions Correct Ans-* Cancellation

* Changes