Florida Insurance Types of Property Policies Final Exam

Which of the following risks ARE eligible for coverage under a businessowners policy (BOP)? A) Banks B) Automobile dealers C) Bars or taverns D) Condominiums ISO maintains a list of risks not eligible for consideration for a BOP. Financial institutions, auto dealers, and bars and grills are specifically excluded from coverage. - D) Condominiums ISO maintains a list of risks not eligible for consideration for a BOP. Financial institutions, auto dealers, and bars and grills are specifically excluded from coverage. How does the mobilehome endorsement affect the other coverage of law or ordinance in a homeowners policy? - It removes the coverage *The mobilehome endorsement makes the other coverage of law or ordinance inapplicable to the policy. All of the following types of property are covered by a standard builders risk form EXCEPT A) Temporary structures. B) Machinery that will be permanently attached to the building. C) Tools 50 feet away from the building. D) The building itself. - C) Tools 50 feet away from the building * Property covered under a builder's risk coverage form includes the building or structure, temporary structures, foundations, fixtures, machinery, equipment, materials, and supplies within 100 feet of the premises if intended to become a permanent part of the building. Tools that are not intended to become permanent part of the structure will not be covered, no matter how close they are to the building. What is the coinsurance requirement for a theatrical property floater under an Inland Marine policy? - 80% *Theatrical property intended for a specific theatrical production can be insured using this Inland Marine Coverage Form. Coverage is written with an 80% coinsurance requirement. A business using its own trucks to move its own cargo would insure the cargo using - Motor truck cargo - owners form. *A business using its own trucks to move its own cargo would insure the cargo using the owners form. All of the following are essential elements of a commercial package policy (CPP) EXCEPT A) Policy conditions B) Valuations and/or settlement provisions C) Interline endorsements D) Declarations page - B) Valuations and/or settlement provisions *Regardless of how the policy is written, it will be comprised of the following essential elements: 1) declarations page; 2) conditions; 3) interline endorsements; and 4) coverage parts.