Commercial Package Policy Flashcards
Does the CPP cover ocean marine?
No it covers everything except for ocean marine, aviation, and work comp
What are the fifteen items workers CPP can include?
Commercial property coverage commercial general liablility coverage commercial auto coverage commercial crime coverage commercial inland marine coverage commercial inland marine coverage professional liability coverage employment proactices liability coverage farm coverage liquor liability coverage pollution liability coverage capital assest program
What are three coverage not eligible under the CPP?
businessowners policy
risk eligible for the homeowners program
coverages excluded by state regulation
What does CPP consist of ?
Common policy declarations
common policy conditions
two or more coverage parts
What two forms are always included in the CPP?
common policy declarations
common policy conditions
What part of the CPP varies based on the lines of coverage included?
The coverage
In a CPP what is in the common policy declarations?
Insures info , policy period , a description of the covered business , the coverage parts purchased and their premiums , A list of forms applicable to all coverage parts
Under a standard CPP contract how many days notice of cancellation is required when the policy is cancelled for nonpayment of premium?
10 Days
Under a standard CPP contract how many days notice of cancellation is required when the policy is cancelled foranother reason permitted by the policy?
30 dyas
What is the examination of books and records in CPP?
The insurer can check the insureds book anytime during the policy
what is the change condtion?
Only the first named insured is authorized to make chages inthe terms of the policy with the consent of the insured by the insuer that is made a part of the policy
What is the inspections and surveys condition?
this gives the company the right to make inspections
What is the premium condition?
The first named insured is responsible for the payment of all premiums and will receive any return premiums
What is the transfer of your rights and duties condition?
The insureds rights and duties under the policy cannot be trasferred without the written consent of the insurance company except in the case of death
What are the three seperate cause of loss forms in a CPP?
basic, broad, special
What is the control of property condition?
The act of neglect of person beyond the insureds direction or control will not affect the insurance
What is the legal action against us condition?
Basically gives the insured the ablitity to not collect from the insurance company for at least two years as the long as the insured follow all the necessary conditions.
what is the other insurance conditon in a CPP property policy?
If there is other insurance written on the same basis then coverage is covered pro rata. But if a different plan covers it then this policy is consider excess insurance
In a CPP property policy what does the transfer of rightrs of recovery against others to us condition mean?
Basically gives the insurer subrogation rights
What is the concealment or fraud condition?
The policy is not valid if the insured is purposely dishonest to the insurer
What is the no benefit to bailee condition?
This prohibits the Bailee from being reimbursed by the insureds
What is the Liberalization condition?
Any revisions that broadens coverage without requiring additional premium will automaticallly apply to the coverage part if the revision is adopted by the insurer during th epolicy period or with 45 days of the policies effective date.
Is business personal property covered while it is in the building as long it is 150 ft from the premise?
No it is it not. It can be no more than a hundred feet from the building.
In the CPP property policy what does Debris removal cover?
Pays the expense of debris removal for about 25% of the amount paid for direct loss to cover property.
How much does fire department service charge as an additional coverage for a CPP?
$1000 (No deductible applies)
What is the additional coverage for a CPP does preservation of property pay?
It is for when property is removed from a location to protect it from possible perils and risk
In additional coverages for CPP what does pollutant cleanup and removal cover?
the cost to take pollutants out of water this is limited to $10,000 per policy period
What is the increased cost of construction additional coverage for a CPP?
This covers the cost to keep buildings up to date with code when a building has been damaged.
What is the extension newly acquired or constructed property under CPP?
This is coverage under A and B with $250,000 for buildings that are new and have been recently added to the policy. they are covered for up to 30 days
In a CPP what covers the loss of personal effects of the named insured partners and employees?
The extension personal effects and property of others which provides 2,500 of coverage
How much will the CPP extension valuable papers and records-other than electronic data pay?
Up to 2500
In extented coverage for the CPP how much is covered for the property off premises?
10,000 dollars
In the CPP policy when is property off premise coverage provided?
When the property is: at a location the insured does not own lease or operate, in storage at a location the insured leases, or at a fair trade show or exhibition
In the CPP what does the the outdoor property extension do?
This protects things that are outside likesatellite dishes, signs, plants, trees, and shrubs
Under the CPP outdoor extension is a 300 dollar tree covered?
No because there is a limit of only $250 a tree and a max payable of $1000
What is contractual Liability/
This when one party agrees under a contract to assume the liability of another party.
In a CPP what does the following statement describe?
“Coverage for events that have happened after the retroactive date but which were not discovered by the insured and reported to the insurer within 60 days of policy expiration?”
The extended reporting period.
In a CPP the medical payments coverage are for what party?
The third party.
In a CPP under Coverage C (medical payments) covers reasonable medical expense inccured within how many years of the accident?
1 year mothafucka
If something falls at the entrance to a business (like a sign) what would that loss be covered under in a CPP?
Premises operations
In a CPP what does a claims made policy cover?
Things reported during the policy period provided that the policy occurred after the retroactive date (if any) stated in the policy?
Under a CGL form what is an insured contract?
An insured contract specifically excludes certian parts of contracts that might otherwise be insured. Like architects, engineers, or surveyors for any injury.
