CIC PROPERTY SECTION 1
COMMERCIAL PROPERTY COVERAGE
FORMS & ENDORSEMENTS
QUESTIONS AND ANSWERS
Identify and describe the Additional Coverages provided in the Building And Personal
Property Coverage Form. - Answer-1. Debris Removal
2. Preservation Of Property
3. Fire Department Service Charge
4. Pollutant Clean-up And Removal
5. Increased Cost Of Construction
6. Electronic Data
Describe how the Additional Coverages can be modified by endorsement. - Answer-No.
Name and briefly describe the Coverage Extensions of the Building And Personal
Property Coverage Form and describe the endorsements used to modify them. -
Answer-1. Newly Acquired Or Constructed Property
2. Personal Effects And Property Of Others
3. Valuable Papers And Records
4. Property Off-premises
5. Outdoor Property
6. Non-owned Detached Trailers
7. Business Personal Property Temporarily In Portable Storage Units
Explain how the Optional Coverages affect the provisions of the Building And Personal
Property Coverage Form. - Answer-1. Agreed Value- suspends coinsurance, has
expiration date, additional premium 5%
2. Inflation Guard- Limit of insurance increased, increase applies pro rata throughout
policy period, Pro rata premium charge
3. Replacement Cost- Replaced ACV, doesn't apply to personal property of others,
contents of a residence, works of art, or stock. Least of limit of insurance, amount to
repair, and cost to replace. Doesn't apply to increased cost of construction.
4. Replacement Cost-Personal Property Of Others
Identify the Loss Payment options as stated under the Loss Conditions in the Building
And Personal Property Coverage Form. - Answer-Insurer's Options
1. Pay the value
2. Pay the cost of repairing or replacing
COMMERCIAL PROPERTY COVERAGE
FORMS & ENDORSEMENTS
QUESTIONS AND ANSWERS
Identify and describe the Additional Coverages provided in the Building And Personal
Property Coverage Form. - Answer-1. Debris Removal
2. Preservation Of Property
3. Fire Department Service Charge
4. Pollutant Clean-up And Removal
5. Increased Cost Of Construction
6. Electronic Data
Describe how the Additional Coverages can be modified by endorsement. - Answer-No.
Name and briefly describe the Coverage Extensions of the Building And Personal
Property Coverage Form and describe the endorsements used to modify them. -
Answer-1. Newly Acquired Or Constructed Property
2. Personal Effects And Property Of Others
3. Valuable Papers And Records
4. Property Off-premises
5. Outdoor Property
6. Non-owned Detached Trailers
7. Business Personal Property Temporarily In Portable Storage Units
Explain how the Optional Coverages affect the provisions of the Building And Personal
Property Coverage Form. - Answer-1. Agreed Value- suspends coinsurance, has
expiration date, additional premium 5%
2. Inflation Guard- Limit of insurance increased, increase applies pro rata throughout
policy period, Pro rata premium charge
3. Replacement Cost- Replaced ACV, doesn't apply to personal property of others,
contents of a residence, works of art, or stock. Least of limit of insurance, amount to
repair, and cost to replace. Doesn't apply to increased cost of construction.
4. Replacement Cost-Personal Property Of Others
Identify the Loss Payment options as stated under the Loss Conditions in the Building
And Personal Property Coverage Form. - Answer-Insurer's Options
1. Pay the value
2. Pay the cost of repairing or replacing
