Cic Commercial Property

CIC COMMERCIAL PROPERTY What are commercial property loss exposures - ANSWER Buildings, personal property of owner, others and off premises, business income. What are some causes of loss - ANSWER Fire, accident, weather, crime and disaster. What should be considered when determining coverage amounts - ANSWER potential for loss and probable maximum loss. Coveage form includes loss payment at Actual Cash Value or ACV, what is ACV - ANSWER The amount of loss minus depreciation. No set formula or definition for depreciation. What is included in building coverage - ANSWER Attached to land, Property used to maintain the building, cooking and ventilation, cooking, laundry equip, floor covering, installed fixtures in and out (permanently in ground), repairs in progress, outdoor property. completed additions, What is included in personal property - ANSWER located in building in open or in a vehicle w/in 100 ft. furniture, fixtures, machinery and equipment, stock, insureds bpp, labor and materials used in business, improvements and betterments (part of building and can not legally remove. leased bpp under a contract. elements of co insurance - ANSWER did/should x loss = amount paid minus deductible Replacement cost defenition - ANSWER replace with or rebuild to like kind and material, includes debri removal. When would an insured waive the rights of recovery against others. - ANSWER When entered into a contract, before a loss. After a loss to another insured, business owned, owner of their business or a tenant. Advantage of blanket limit. - ANSWER One bucket of limits to cover multiple locations and or multiple exposures (bld, bpp, pp of others). Consideration to blanket coverage - ANSWER must carry 90 - 100% coinsurance, underwriting may not accept, statement of values must be obtained. rates apply for 1 yr, all locs and covered exposures must carry same cause of loss, all owners must be listed associated with owned locations. What are the added coverages? FIPPED - ANSWER Debri removal, preservation of prop, pollution clean up, fire dept service charge, increased cost of const. edp. what is the added coverage for debri removal - ANSWER $10k over limit or 25% of total loss up to limit. what is the limit for the added coverage "preservation of prop" - ANSWER 30 day to move and protect property up to the limit of ins. "All Perils" What is the limit for the additional coverage "fire dept service charge" - ANSWER $1000, can be increased. What is the limit for the added coverage "polluption clean up" - ANSWER $10,000 at the described prem after covered cause of loss. What is the limit for the added coverage "increased cost of construction" - ANSWER $10,000 if replacement cost is selected. Not associated with building ord. What is the limit for the added coverage "edp" - ANSWER $2500 Name and describe the coverage extensions of Bld an