CIC COMMERCIAL MULTILINE CORRECT
COMPREHENSIVE QUESTIONS AND ANSWERS SURE
A+
✔✔BAILMENT
Property NOT covered - ✔✔Aircraft
Watercraft
Contraband
Land
Water
Fur
Jewelry
Money
Securities
✔✔BAILMENT***
Common Exclusions - ✔✔Theft of property left overnight in a vehicle, unless inside a
locked building and signs of entry
Misdelivery
Voluntary parting due to trick or fraud
Processing performed bu the bailee
✔✔BAILMENT
Conditions - ✔✔Coverage territory (US, Canada, Puerto Rico)
Reporting (30 days)
Payment of losses
- Pay the value
, - Pay the cost to repair
- Can build or replace themselves
- Can take agreed value
✔✔BUILDERS RISK
Basic definition - ✔✔Provides coverage for projects under construction, renovations, or
additions
✔✔BUILDERS RISK
Challenges - ✔✔Changing/increasing values and exposures
Insurable interest can vary depending on how far along the project is (project owner,
contractor, subcontractor, architect, mortgage lender)
Property not necessarily at a permanent location (temporary and in transit)
Insuring construction is more risky than insuring completed buildings
✔✔BUILDERS RISK
Advantage/Disadvantage of having one BR policy for all insurable interests (project
owner, contractor, subcontractor, architect, engineer) - ✔✔Advantages:
- Greater efficiency
- Avoid litigation
- Fewer coverage disputes
Disadvantages:
- Claim payment must be made to all insureds
- Can bog down claim process
- An act by one party affects all
✔✔BUILDERS RISK***
Methods for writing Builders Risk (and which one should you choose) - ✔✔Commercial
Property ISO Form
- Very limited, doesn't cover property in transit or collapse
Commercial Inland Marine Policy
- NONFILED, can negotiate coverage for what you need
- Use this :)
✔✔BUILDERS RISK
Common Exposures - ✔✔Building under construction
Business Income
Temporary Structures
Property in Transit
Materials at the site, or at a temporary storage location
COMPREHENSIVE QUESTIONS AND ANSWERS SURE
A+
✔✔BAILMENT
Property NOT covered - ✔✔Aircraft
Watercraft
Contraband
Land
Water
Fur
Jewelry
Money
Securities
✔✔BAILMENT***
Common Exclusions - ✔✔Theft of property left overnight in a vehicle, unless inside a
locked building and signs of entry
Misdelivery
Voluntary parting due to trick or fraud
Processing performed bu the bailee
✔✔BAILMENT
Conditions - ✔✔Coverage territory (US, Canada, Puerto Rico)
Reporting (30 days)
Payment of losses
- Pay the value
, - Pay the cost to repair
- Can build or replace themselves
- Can take agreed value
✔✔BUILDERS RISK
Basic definition - ✔✔Provides coverage for projects under construction, renovations, or
additions
✔✔BUILDERS RISK
Challenges - ✔✔Changing/increasing values and exposures
Insurable interest can vary depending on how far along the project is (project owner,
contractor, subcontractor, architect, mortgage lender)
Property not necessarily at a permanent location (temporary and in transit)
Insuring construction is more risky than insuring completed buildings
✔✔BUILDERS RISK
Advantage/Disadvantage of having one BR policy for all insurable interests (project
owner, contractor, subcontractor, architect, engineer) - ✔✔Advantages:
- Greater efficiency
- Avoid litigation
- Fewer coverage disputes
Disadvantages:
- Claim payment must be made to all insureds
- Can bog down claim process
- An act by one party affects all
✔✔BUILDERS RISK***
Methods for writing Builders Risk (and which one should you choose) - ✔✔Commercial
Property ISO Form
- Very limited, doesn't cover property in transit or collapse
Commercial Inland Marine Policy
- NONFILED, can negotiate coverage for what you need
- Use this :)
✔✔BUILDERS RISK
Common Exposures - ✔✔Building under construction
Business Income
Temporary Structures
Property in Transit
Materials at the site, or at a temporary storage location
