Commercial Insurance - Test 1
Lines of Commercial Insurance - Answer-Property, Business income, Crime, Equip Breakdown (B&M),
Inland & ocean marine, CGL, Auto, Businessowners, Farm, Workers Comp, Employers liability, Excess
and Umbrella, Professional Liability, Management Liability, Aircraft, Environmental, Surety Bonds
Commercial Property Insurance - Answer-insurance covering commercial buildings and their contents
against loss caused by fire, windstorm, and many other causes of loss, or perils
Crime-related perils not included
Does not cover while in transit (away from insured location)
Business Income Insurance - Answer-provides organizations with protection against "indirect losses"
such as loss of income or the increased expenses needed to continue operations after a loss
Crime Insurance - Answer-covers property and perils not covered by most commercial property policies
1) covers money and securities against a wide range of perils
2) covers property other that money and securities against various crime perils (employee theft,
burglary, robbery, theft, and extortion)
Equipment Breakdown Insurance (B&M) - Answer-covers damage to property resulting from mechanical
breakdown, electrical injury, and steam boiler explosions, as well as resulting business income losses
, Inland & Ocean Marine Insurance - Answer-covers property in domestic transit, mobile equipment,
buildings in the course of construction, property essential to transportation or communication, and
others that involve an element of transportation
CGL Insurance - Answer-covers an organization afainst liability for BI/PD arising from its premises and
operations, its products, or its completed work
also covers personal and advertising injury (libel, slander, false arrest, and invasion of privacy)
Commercial Auto Insurance - Answer-covers commercial vehicles for PD and liability
PIP/Med Pay and UM/UIM can be added as endorsements
Businessowners Insurance - Answer-covers most of the property and liability losses (other than auto and
workers comp) needed by small/medium businesses
Farm Insurance - Answer-Covers liability arising out of either personal or farming activities
Personal aspect covers home and household property
Commercial aspect covers property used in farming operations (livestock, mobile equip/machinery), and
farm structures (barns, outbuildings)
Workers Comp / Employer's Liability Insurance - Answer-provides coverage for benefits the insured
employer is obligated to pay under WC laws and coverage for employee injury claims made against the
insured employer that are not covered by WC laws
Excess & Umbrella Liability Insurance - Answer-1) provides additional coverage limits
Lines of Commercial Insurance - Answer-Property, Business income, Crime, Equip Breakdown (B&M),
Inland & ocean marine, CGL, Auto, Businessowners, Farm, Workers Comp, Employers liability, Excess
and Umbrella, Professional Liability, Management Liability, Aircraft, Environmental, Surety Bonds
Commercial Property Insurance - Answer-insurance covering commercial buildings and their contents
against loss caused by fire, windstorm, and many other causes of loss, or perils
Crime-related perils not included
Does not cover while in transit (away from insured location)
Business Income Insurance - Answer-provides organizations with protection against "indirect losses"
such as loss of income or the increased expenses needed to continue operations after a loss
Crime Insurance - Answer-covers property and perils not covered by most commercial property policies
1) covers money and securities against a wide range of perils
2) covers property other that money and securities against various crime perils (employee theft,
burglary, robbery, theft, and extortion)
Equipment Breakdown Insurance (B&M) - Answer-covers damage to property resulting from mechanical
breakdown, electrical injury, and steam boiler explosions, as well as resulting business income losses
, Inland & Ocean Marine Insurance - Answer-covers property in domestic transit, mobile equipment,
buildings in the course of construction, property essential to transportation or communication, and
others that involve an element of transportation
CGL Insurance - Answer-covers an organization afainst liability for BI/PD arising from its premises and
operations, its products, or its completed work
also covers personal and advertising injury (libel, slander, false arrest, and invasion of privacy)
Commercial Auto Insurance - Answer-covers commercial vehicles for PD and liability
PIP/Med Pay and UM/UIM can be added as endorsements
Businessowners Insurance - Answer-covers most of the property and liability losses (other than auto and
workers comp) needed by small/medium businesses
Farm Insurance - Answer-Covers liability arising out of either personal or farming activities
Personal aspect covers home and household property
Commercial aspect covers property used in farming operations (livestock, mobile equip/machinery), and
farm structures (barns, outbuildings)
Workers Comp / Employer's Liability Insurance - Answer-provides coverage for benefits the insured
employer is obligated to pay under WC laws and coverage for employee injury claims made against the
insured employer that are not covered by WC laws
Excess & Umbrella Liability Insurance - Answer-1) provides additional coverage limits
