CIC - Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Extended Business Income
Answer:
This Additional Coverage extends Business Income and/or
"Rental Value" for a period of
time beyond the end of the "period of restoration." The reason for this coverage is
that many businesses will not return to normal immediately upon reopening.
Q: 60 consecutive days after the
Answer:
date property (except "finished
stock") is actually repaired, rebuilt, or replaced and "operations" are resumed.
Q: Interruption of Computer Operations
Answer:
When the Causes Of Loss - Special Form applies,
coverage is provided
, CIC - Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: $2,500 annual aggregate
Answer:
Q: Limits of Insurance
Answer:
There is one Limit of Insurance for Business Income and Extra Expense.
The insurer does not
intend to pay more for a loss than the Limit of Insurance. The limits apply per
occurrence,
with full Limits of Insurance available for each separate occurrence.
Q: Loss Conditions
Answer:
1. Appraisal
2. Duties In The Event Of Loss
3. Loss Determination
4. Loss Payment
, CIC - Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Appraisal -TE
Answer:
Appraisal can be requested under this coverage form by
Q: either the Named Insured or the insurer. Each party selects an appraiser and the
appraisers
Answer:
then select an umpire. Each party pays the cost of their appraiser and shares the cost
of the
umpire as well as any related appraisal costs. A decision by any two will be
binding.
Q: Duties In The Event Of Loss - TE
Answer:
if the Named Insured intends to continue their business,
they must resume some or all of their "operations" as quickly as possible.
, CIC - Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Loss Determination - TE
Answer:
The amount of Business Income loss is
determined based on the following:
Net Income before the direct physical loss or damage occurred;
The likely Net Income if no loss or damage occurred
Operating expenses, including
payroll, that are necessary to resume "operations" with the same quality of service
that existed
just before the
direct physical loss or damage;
Other relevant sources of information, including the Named Insured's financial
records,
accounting
procedures, and other records.
Solutions | Latest 2026 Update
Q: Extended Business Income
Answer:
This Additional Coverage extends Business Income and/or
"Rental Value" for a period of
time beyond the end of the "period of restoration." The reason for this coverage is
that many businesses will not return to normal immediately upon reopening.
Q: 60 consecutive days after the
Answer:
date property (except "finished
stock") is actually repaired, rebuilt, or replaced and "operations" are resumed.
Q: Interruption of Computer Operations
Answer:
When the Causes Of Loss - Special Form applies,
coverage is provided
, CIC - Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: $2,500 annual aggregate
Answer:
Q: Limits of Insurance
Answer:
There is one Limit of Insurance for Business Income and Extra Expense.
The insurer does not
intend to pay more for a loss than the Limit of Insurance. The limits apply per
occurrence,
with full Limits of Insurance available for each separate occurrence.
Q: Loss Conditions
Answer:
1. Appraisal
2. Duties In The Event Of Loss
3. Loss Determination
4. Loss Payment
, CIC - Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Appraisal -TE
Answer:
Appraisal can be requested under this coverage form by
Q: either the Named Insured or the insurer. Each party selects an appraiser and the
appraisers
Answer:
then select an umpire. Each party pays the cost of their appraiser and shares the cost
of the
umpire as well as any related appraisal costs. A decision by any two will be
binding.
Q: Duties In The Event Of Loss - TE
Answer:
if the Named Insured intends to continue their business,
they must resume some or all of their "operations" as quickly as possible.
, CIC - Commercial Property Questions and Answers with Verified
Solutions | Latest 2026 Update
Q: Loss Determination - TE
Answer:
The amount of Business Income loss is
determined based on the following:
Net Income before the direct physical loss or damage occurred;
The likely Net Income if no loss or damage occurred
Operating expenses, including
payroll, that are necessary to resume "operations" with the same quality of service
that existed
just before the
direct physical loss or damage;
Other relevant sources of information, including the Named Insured's financial
records,
accounting
procedures, and other records.
