CIC COMMERCIAL MULTILINE EVALUATION TEST QUESTIONS AND ANSWERS SURE A.pdf

CIC COMMERCIAL MULTILINE EVALUATION TEST
QUESTIONS AND ANSWERS SURE A+
✔✔INSTALLATION FLOATER
Property NOT Covered - ✔✔Airborne
Waterborne
Contraband
Land (trees/shrubs)
Machinery

✔✔INSTALLATION FLOATER
Perils NOT Covered - ✔✔Same as Builder's Risk!

Earth movement, flood, ordinance or law

Defects, freezing, workmanship, mechanical breakdown

✔✔INSTALLATION FLOATER***
Limitations (when does coverage begin/end) - ✔✔Same as Builders Risk!

Begins: when NI is responsible

Ends:
- policy expires or cancels
- Accepted by purchaser
- Insurable interest ceases
- Project abandoned
- Building put to intended use

✔✔INSTALLATION FLOATER
Settlement - ✔✔- Pay the value
- Pay the cost to repair

, - Replace or rebuild themselves
- Take agreed value

✔✔INSTALLATION FLOATER***
Endorsements - ✔✔- Testing (damage caused by confirming the system works)
- Equipment breakdown
- Subcontractor exclusion or inclusion....

✔✔CONTRACTOR'S EQUIPMENT
Property Covered - ✔✔NI's "scheduled equipment" can include: machinery, equipment,
tools

Contractors equipment of others in the CCC

✔✔CONTRACTORS EQUIPMENT
Property NOT Covered - ✔✔Aircraft
Watercraft
Contraband
Property rented or leased to others
Underground mining equipment
Highway vehicles
Waterborne property

✔✔CONTRACTOR'S EQUIPMENT***
Coverage Extensions - ✔✔Debris Removal (25% + $5000)

Newly Purchased Property (expires after 30 days)

Pollutant cleanup

✔✔CONTRACTOR'S EQUIPMENT
Perils NOT Covered - ✔✔Long list......

· Civil authority
· Nuclear hazard
· War
· Contamination
· Criminal acts
· Loss of use
· Mechanical breakdown
· Missing property—need evidence
· Pollutants
· Puncture/blowout
· Temperature
· Voluntary parting