CAIB 2 - CHAPTER 1 Questions And Answers 100% Verified

CAIB 2 - CHAPTER 1 Questions And Answers 100% Verified Only the property specifically listed or scheduled on the policy is insured. - ANS-Scheduled coverage. Building, Stock and Equipment are insured under a single limit of insurance. - ANS-Property of Every Description (POED) coverage. All property owned by the insured is covered or "blanketed" by a single limit of insurance. (May insure property at more than one location.) - ANS-All Property (Blanket) coverage. 1) Building 2) Equipment 3) Stock. - ANS-The three classes of property insured by commercial property insurance policies. It sets the stock coverage to items that are USUAL to the insured's business. - ANS-Regarding stock coverage, why it's important to provide a proper description of the business to the insurer. - The lost or damaged property is similar to that insured by the policy; - The insured was under an obligation to insure that property; - The insured was legally liable for it. - ANS-"Similar property belonging to others" is automatically covered under the amounts of insurance for stock and equipment if... 1) Fixed structures located on the premises; 2) Additions and extensions communicating and in contact with the building; 3) Permanent fitting and fixtures attached to and forming part of the building; 4) Materials, equipment and supplies on the premises for maintenance of, and normal repairs and minor alterations to the building, or for building services; Continues...