What would tenants require Glass Riders?
Tenants may require glass coverage when tenants have assumed responsibility for damage to glass in a lease
What type of information is required by underwriters when insuring glass on a scheduled basis?
i) Type, size and number of glass units
ii) Location of glass
iii) Information of any lettering, tape, foil or ornamentation
ii) Location of glass
iii) Information of any lettering, tape, foil or ornamentation
What are two factors, relating to location, which may influence Glass Rider premiums?
i) Interior or exterior
ii) Level located on building (ie. first floor or second floor)
ii) Level located on building (ie. first floor or second floor)
List three examples of losses insured by Glass Riders
i) Employee breaks glass while carrying lumber into store
ii) Customer breaks glass with floor lamp they just purchased, while leaving the store
iii) Glass breaks as a result of settling of bulding's foundation
ii) Customer breaks glass with floor lamp they just purchased, while leaving the store
iii) Glass breaks as a result of settling of bulding's foundation
Glass damage when building is vacant, unoccupied or shut down for more than 30 consecutive days
Covered or not Covered?
Not Covered
What are four coverages provided by the Accounts Receivable Form
i) Amount which cannot be collected due to loss of accounts receivable records
ii) Interest on loans or lines of credit your client needs to utilize to pay current liabilities
iii) Extra costs in the collection of accounts receivable
iv) Expenses incurred in the reconstruction of records
ii) Interest on loans or lines of credit your client needs to utilize to pay current liabilities
iii) Extra costs in the collection of accounts receivable
iv) Expenses incurred in the reconstruction of records
What is the requirement of insurers when accounts receivable records are not in use and the premises are closed?
When records are not in use or when premises is closed, accounts receivable records must be stored in described receptacle
What are two factors which will influence premiums to be charged on Accounts Receivable Coverage?
i) Availibility of duplicates
ii) Quality of described receptacle
ii) Quality of described receptacle
What are two factors which influence premiums to be charged on Valuable Papers and Records coverage?
i) Availablity of duplicates
ii) Quality of described receptacle
ii) Quality of described receptacle
When can coverage be extended to insure Valuable Papers and Records while off premises?
i) When being transported outside premises
ii) When at other premises on a temporary basis
ii) When at other premises on a temporary basis
What limit of coverage is available to insure Valuable Papers and Records while off premises?
10% of amount of insurance or $5,000 whichever is less
What type of electrical disturbance is insured by Valuable Papers and Records Insurance?
When electrical disturbance caused by lightning damages valuable papers, coverage is provided
What are three coverages sections found in EDP Policies?
i) Loss to data processing system and component parts (HARDWARE)
ii) Loss to data processing media and programs (SOFTWARE)
iii) Extra expense
ii) Loss to data processing media and programs (SOFTWARE)
iii) Extra expense
What are two key coverage advantages provided by Section 1 of EDP Policies?
Broad Water Losses
Mechanical and electrical breakdown
Mechanical and electrical breakdown
List five causes of mechanical and electrical breakdown insured by EDP Policies?
i) Errors in machine programming
ii) Processing
iii) Short circuit
iv) Dampness or dryness of atmosphere
v) Extremes of temperature
ii) Processing
iii) Short circuit
iv) Dampness or dryness of atmosphere
v) Extremes of temperature
What type of agreement may be requested by insurer when requesting breakdown coverage?
Maintenance contract
What are two important coverages provided by Boiler & Machinery Policies?
i) Explosion of boilers and pressure vessels
ii) Mechanical and electrical breakdown
ii) Mechanical and electrical breakdown
What is the basic Insuring Agreement in Section 1 of Boiler & Machinery Policies? (not property against perils...)
Boiler and machinery policies insure objects against accidents
What are two types of Boiler & Machinery policies available?
i) Limited Form
ii) Comprehensive Form
ii) Comprehensive Form
Describe 'accident' and types of objects insured by Limited Form
Explosion Only
Objects insured: Boilers and pressure vessels
Objects insured: Boilers and pressure vessels
Describe 'accident' and types of objects insured by Comprehensive Form
Sudden and accidental breakdown of an object
Objects insured: All objects insured by policy
Objects insured: All objects insured by policy
What are two provisions applicable to loss settlements on Boiler & Machinery Policies?
i) Repair or replacement must be completed within one year of loss, when not completed within one year, loss settlement will be ACV
ii) No payment will be made when objects are useless or obsolete
ii) No payment will be made when objects are useless or obsolete
What are two expenses insured by Expediting Expenses found in Boiler & Machinery Polices?
i) Expenses incurred for making necessary temporary repairs
ii) Expenses incurred while expediting permanent repairs
ii) Expenses incurred while expediting permanent repairs
Desribe the Suspension Clause found in Boiler & Machinery Policies
When inspectors judge an object to be in a dangerous condition, coverage on object can be suspended immediately
How are losses calculated with Earthquake Insurance?
When clients have purchased less earthquake insurance than fire insurance, claim settlements will be reduced by same ratio
When will total amount of EQ isurance purchased be paid in the event of a claim?
When amount of insurance of fire insurance purchased by client is equal to amount on earthquake insurance purchased by client
What are the two key provisions of coverage in the Consequential Loss Assumption Clause-Cold Storage?
i) Direct damage to refrigerating or cooling apparatus
ii) damage must result from insured peril
ii) damage must result from insured peril
Why should brokers ask insureds about by-laws that may affect reconstruction of their buildings?
When clients suffer losses which are uninsured because of the operation of building code bylaws, courts may find broker responsible when broker failed to advise client of this exposure
What are two examples of temporary locations where property may be located and insured by Temporary Locations coverage?
i) When at customers premises on a pre-sale trial basis
ii) When at a warehouse awaiting pickup by client
ii) When at a warehouse awaiting pickup by client
List locations insured by Newly Acquired location coverage
i) all locations newly acquired by client
ii) In or on vehicles with 100 meters of newly acquired locations
ii) In or on vehicles with 100 meters of newly acquired locations
How long is coverage provided for stock and equipment when located at a Newly Acquired Location?
30 days from acquisition
Will Newly Acquired location coverage insure losses to property at an exhibition or trade show?
Yes
What two advantages do insureds receive when they purchase parcel post coverage from their insurance company?
i) Faster claims service
ii) Lower costs to insure
ii) Lower costs to insure
What two coverages limits are shown when Sales Representative coverage is purchased?
i) Total limits insured
ii) Maximum limit per sales representative
ii) Maximum limit per sales representative
What does the term 'custody' mean when Sales Representative coverage is purchased?
Custody means control or care of thing by another
What are two advantages of the Peak Season Endorsement?
i) gives clients effective method of insuring predictable increases in stock
ii) provides clients a savings in premium dollars
ii) provides clients a savings in premium dollars
Define 'replacement cost'
Cost of repairing, repairing, constructing or reconstructing (whichever is least) the property on the same site with new property of like kind and quality and for like occupancy without deduction for depreciation
What three conditions must be met in order to receive settlements based on Replacement Cost?
i) Replacement cost must be completed with due diligence and dispatch
ii) Replacement must be on the same or adjacent site
iii) Replacement must be effected by insured and not exceed amount necessary for replacement
ii) Replacement must be on the same or adjacent site
iii) Replacement must be effected by insured and not exceed amount necessary for replacement
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