*TB - Commercial Package & The Businessowners Policy Flashcards Preview

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Flashcards in *TB - Commercial Package & The Businessowners Policy Deck (15)
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The BOP is designed to cover all of the following, except:


Gas Stations

Small Apartment Houses

Medium size clothing stores

An office complex with 7,500 square feet in total floor area

Gas Stations

1

All of the following are exclusions under the standard BOP form, except:


Governmental Action

Building Ordinance

Earth Movement

Transportation

Transportation

2

The Now Company carries a special BoP policy with a liability limit of $500,000. The company is involved in an occurrence causing $200,000 bodily injury damage and $200,000 property damage. The total amount payable as damages under the policy is:


$100,000

$200,000

$400,000

$500,000

$400,000

3

The BOP policy form does not cover:


Personal Property of the Insured

Debris Removal

Cracking of a steam boiler

Personal property of others

Cracking of a steam boiler

4

Business owners policies provide "Preservation of Property" coverage when property is removed from the premises to protect it from a covered cause of loss. The coverage will apply at other locations for up to:


10 days

30 days

20 days

60 days

30 days

5

An apartment Building may be covered by Business Policy (BOP) if it does not have more than:


15,000 square feet

10,000 square feet

35,000 square feet

30,000 square feet

$35,000 square feet

6

Under the BOP, how much is paid for pollution clean-up and Remival in case of a covered loss?


$10,000

Any amount that does not exceed the limit of the policy

25% of the loss

Not covered

$10,000

7

Under the BOP, up to how many years can the insurer request the insured's books and records?


Four years

Two years

Three Years

Five Years

Three Years

8

Under the BOP, what does the hired and non -owned auto liability endorsement cover?


Hired and Non-Owned auto coverage of the insured is not covered by a commercial auto policy

Owned autos that are excluded by a commercial auto policy

Primary coverage for an employee using their car on company business

Excess premises liability coverage for mobile equipment

Hired and Non-Owned auto coverage of the insured is not covered by a commercial auto policy

9

An insured is covered under a BOP policy and has a piece of equipment insured separately under a floater policy. In case of a loss, what coverage will apply under the BOP policy?


It policy will pay its fair percentage of loss

The BOP will be excess over the floater policy

The loss is completely covered under the BOP

The loss is not covered under the BOP because it is desperately insured



The BOP will be excess over the floater policy

10

Under the BOP, which type of business would not normally be eligible for coverage?


A shoe store

A hair salon

A small manufacturer

A doctors office

A small manufacturer

11

The insured is covered under a BOP and sustains a direct loss to his building and contents. What is the period of time the policy provides loss of income and extra expense coverage?


The policy pays for up to 12 months

The policy pays for up to 6 months

The policy pays for up to 9 months

The policy pays for up to 14 months

The policy pays for up to 12 months

12

The BOP contains liability coverage for the insured's business. On what basis is the coverage written?


Claims made form

Occurrence form

Modified claims made form

No aggregate limit basis

Occurrence form

13

The insured carries the "open peril" BOP policy. On a weekend thieves enter the building and steal all of the merchandise in the store. What coverages would apply?


The loss cause by the burglary would not be covered

The loss by burglary and loss of income would apply

The loss of income would not apply

My he entire loss would be denied by the insurer

The loss by burglary and loss of income would apply

14

The insured's building is protected by a sprinkler system. The system develops a problem and is inoperative. When does the insured have to report to the company the fact that the system does not work?


Immediately

After 24 hours

After 48 hours

After 60 hours

After 48 hours