13 COMMERCIAL PACKAGE POLICIES Flashcards
ON COMMERCIAL POLICIES WHAT 3 EXPOSURES MUST BE WRITTEN AS SEPARATE POLICIES
WORKERS COMP,
OCEAN MARINE,
AVIATION RISK
WHAT ARE THE 2 PACKAGED POLICIES FOR BUSINESS
COMMERCIAL-VERY FLEXIBLE; FEW ELIGIBILITY RESTRICTION
BUSINESS OWNERS-PREPACKAGED; COMBINES PROPERTY AND LIABILITY; FOR SMALL TO MEDIUM SIZE BUSINESSES
WHAT ARE THE FOUR MAJOR CATEGORIES OF BUSINESSES ELIBIBLE FOR THE BUSINESS OWNERS POLICY (OARS)
OFFICES (INS, LAWYER, CPA)
APARTMENT AND CONDO
RETAIL (HARDWARD, DRESS SHOP, LIQUOR STORE, BAKERY)
SERVICE OR PROCESSING (BARBER, SHOE REPAIR, TAILOR)
BUSINESSES NOT ELIGIBLE TO DO SIZE AND HAZARDS:
AUTO REPAIR SHOPS, BARS, MANUFACTURING, AMUSEMENT PARKS, BANKS
WHAT DO PROPERTY COVERAGE FORMS LIST
BUILDING COVERAGE AND BUSINESS PERSONAL PROPERTY COVERAGE
PERMANENTLY INSTALLED FIXTURES, MACHINERY AND EQUIP; PERSONAL PERSONAL PROPERTY USED TO MAINTAIN THE BLDG AND PROPERTY ARE LIST ON WHAT?
BUILDING COVERAGE
EXTERIOR BUILDING GLASS, AND TENANTS IMPROVEMENTS (WITHIN 100FT OF THE PREMISES) AND BETTERMENTS ARE LISTED WHERE?
BUSINESS PERSONAL PROPERTY COVERAGE
MOST BUSINESS OWNER POLICIES ARE WRITTEN ON A OPEN PERILS BASIS, BUT EXCLUDE:
FLOOD
EARTH MOVEMENT
ORDINANCE AND LAW
WHAT IS INCLUDED AT NO ADDITIONAL PREMIUM?
DEBRIS REMOVAL
BUSINESS INCOME AND EXTRA EXPENSES COVERAGE
PRESERVATION OF PROPERTY REMOVAL (30DAYS)
OUTDOOR SIGNS THAT ARE ATTACHED AUTOMATICALLY COVERED FOR HOW MUCH?
$1000.00
SECTION II – LIABILITY: IS WHAT TYPE OF COVERAGE
THIRD PARTY
WHAT IS THE MINIMUM COVERAGE AMOUNT?
$300,000 BUT CAN BE INCREASED
EXPLAIN THE GENERAL AGGREGATE
THIS WILL NOT BE SHOWN ON THE DEC PAGE, BUT IT WILL BE AUTOMATICALLY 2 TIMES THE OCCURRENCE LIMIT
WHAT ENDORSEMENTS CAN BE ADDED TO THE BUSINESS OWNERS POLICY?
HIRED AUTO AND NON-OWNED AUTO LIABILITY
PROTECTIVE SAFEGUARDS
UTILITY SERVICES-DIRECT DAMAGE COVERAGE
UTILITY SERVICES-TIME ELEMENT COVERAGE (CITY BLACK OUT)
TEXAS CHANGES-TO BRING IN LINE WITH TEXAS POLICIES
