IC Commercial Multi-line Exam With Questions & Veried Answers Latest update

IC Commercial Multi-line Exam With Questions & Veried Answers Latest update Distinguish between Covered Property and Property Not Covered under the Businessowners Coverage Form. - ANSWER>>Covered: Buildings: Includes PP of landlord (common areas, furnished) Covers Bridges, Retaining Walls, Wharves, Docks Replacement Cost BPP: Includes Property of Others (in CCC) Exterior Building Glass Replacement Cost Not Covered: Money/Securities Fences, radios, antennas, towers, signs (detached) plants Installed computers (in vehicles etc) Electronic Data Identify and describe the Additional Coverages, Coverage Extensions, and Limits Of Insurance of the Businessowners Policy. - ANSWER>>Additional Coverages: Fire Department ($2.5k) B.I.- 12 mo ALS, 72 hr Waiting period payroll 60 days covers normal operating expenses triggered by suspension (slowdown, cessation, premises is untenable) by covered loss Extra Expense- No waiting period, 12 mo. pays additional cost while operations are disrupted Civil Authority- if authority shuts you down- 4 wks 72 hr waiting (BI/EE) Money Orders & Conterfit money: $1k Forgery or Alterations Increased Cost of Construction BI from dependent properties Fire Extingushers Electronic Data Interruption of Computer Operations COVERAGE EXTENSIONS Newly acquired or construction property (30 days to tell) Personal Property Off Premises ($10k in transit, no money) Outdoor Property (2.5k plants, fence, sign FLARE Perils only) Personal Effects Valuable Papers Accts Recivables BPP in Temp storage units LIMITS of insurance attached sign- $1k Inflation Guard- AUtomatic building increase BPP Seasonal Increase (25%) Identify and describe the property Optional Coverages available in the BOP that must be activated in order for coverage to apple - ANSWER>>Outdoor Signs: $1k attached, $2.5k Detached Money & Securities: Theft, disappearance or destruction Employee Dishonesty Equipment Breakdown MUST BE ACTIVATED FOR COVERAGE TO APPLY BY X ON DEC PAGE Identify the two promises the insurer makes in the Business Liability insuring agreement and state the requirements that must be met for coverage to apply - ANSWER>>1.) Insurer agrees to pay the sums of BI/PD that the insured is legally liable to pay 2.) Insurer has the right and duty to defend the insured in the event of a loss Summarize the advantages and disadvantages of the BOP - ANSWER>>Advantages: -No Coinsurance -Replacement Cost Building + BPP -Automatic Building Increase (inflation) -Automatic Seasonal Increase BPP -BI, 12 mo ALS