4/11/25, 9:22 WEBCE Commercial Property Insurance & Businesowners Flashcards |
PM
WEBCE COMMERCIAL PROPERTY INSURANCE &
BUSINESOWNERS EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS
Leave the first rating
Save
single document, such as workers comp policy, that contains all
self-contained policy
agreements between the insurer and insured
a matched set of components designed around one basic component,
the common conditions form, which includes definitions, conditions,
modular policy
and other provisions that apply to and coordinate with all other
documents to from the complete policy
commercial package policy commercial property insurance and commercial general liability (CGL)
3 main components of a ISO a cover page, common policy conditions, and common declarations
commercial property policy
conditions apply to any commercial lines policy
interline endorsement
-common policy conditions
conditions concern concealment, control of property, insurance under
Commercial Property Conditions
two or more coverages, legal action against the insurer, liberalization,
(CP 00 90_
no benefit to bailee, other insurance, policy period
A form containing conditions that apply to all coverages
Common Policy Conditions - cancellation, changes, examination of the insured's books and
records, inspections and surveys, premiums, transfer of right and duties
under policy
basic causes of loss
3 cause of loss forms (commercial
broad causes of loss
property)
form special causes of
loss form
addresses 3 categories of covered property: business property,
business personal property of the insured, personal property of others
business property: includes buildings and structures listed in policy
declarations, including indoor and outdoor fixtures; also includes
Building and Personal Property
additions by construction
Coverage Form (commercial
property)
business personal property: covers furniture, machinery, equipment;
includes property in the open within 100 feet
personal property of others: in the insured's care; within 100 ft; property
of visitors or employees
1/
6
, 4/11/25, 9:22 WEBCE Commercial Property Insurance & Businesowners Flashcards |
PM
debris removal - up to 25% of the amount of the direct damage loss,
plus the amount of the deductible; plus $25k if combined with propert
damage
pollutant cleanup and removal - up to
10k fire department service charges -
up to $1k
Additional Coverages and Coverage sue and labor: up tp 30 days at new location
Extensions for commercial property
increased cost of construction: increased costs in regards to ordinance,
up to 10k$ on replacement cost basis
'electronic data
newly acquired property: temporary coverage for loss to buildings
under constructions at scheduled locations and newly acquired
buildings at other locations up to $250k per building; personal
property $100k
personal effects and property of others: up to 2,500k at each
location valuable papers and record - 2,500
property off-premises - up to 10k
outdoor property - including trees, shrubs - 1k
similar to building and personal property coverage form, but includes
Condominium Association
fixtures and appliances; if a unit owners buys insurance for the same
Coverage Form
property, the association will still be primary
Residential condo units are usually insured under a homeowners policy form HO
Condominium Commercial Unit-
6. The condominium commercial unit owners form is designed for
Owners Coverage Form
businesses that own and occupy commercial condo units.
protects buildings under construction such as building materials, fixtures,
machinery within 100 ft of premises; limited to 5k limit; $250 per tree,
Builders Risk Coverage Form $1,000 per occurrence
no coverage applies to land or signs
- the insured must maintain insurance equal to 100% of buildings completed value
added to a standard commercial property policy through either of the
business income coverage two business income coverage forms: business income and extra
expense coverage form/ business income coverage without extra
expense
2/
6
PM
WEBCE COMMERCIAL PROPERTY INSURANCE &
BUSINESOWNERS EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS
Leave the first rating
Save
single document, such as workers comp policy, that contains all
self-contained policy
agreements between the insurer and insured
a matched set of components designed around one basic component,
the common conditions form, which includes definitions, conditions,
modular policy
and other provisions that apply to and coordinate with all other
documents to from the complete policy
commercial package policy commercial property insurance and commercial general liability (CGL)
3 main components of a ISO a cover page, common policy conditions, and common declarations
commercial property policy
conditions apply to any commercial lines policy
interline endorsement
-common policy conditions
conditions concern concealment, control of property, insurance under
Commercial Property Conditions
two or more coverages, legal action against the insurer, liberalization,
(CP 00 90_
no benefit to bailee, other insurance, policy period
A form containing conditions that apply to all coverages
Common Policy Conditions - cancellation, changes, examination of the insured's books and
records, inspections and surveys, premiums, transfer of right and duties
under policy
basic causes of loss
3 cause of loss forms (commercial
broad causes of loss
property)
form special causes of
loss form
addresses 3 categories of covered property: business property,
business personal property of the insured, personal property of others
business property: includes buildings and structures listed in policy
declarations, including indoor and outdoor fixtures; also includes
Building and Personal Property
additions by construction
Coverage Form (commercial
property)
business personal property: covers furniture, machinery, equipment;
includes property in the open within 100 feet
personal property of others: in the insured's care; within 100 ft; property
of visitors or employees
1/
6
, 4/11/25, 9:22 WEBCE Commercial Property Insurance & Businesowners Flashcards |
PM
debris removal - up to 25% of the amount of the direct damage loss,
plus the amount of the deductible; plus $25k if combined with propert
damage
pollutant cleanup and removal - up to
10k fire department service charges -
up to $1k
Additional Coverages and Coverage sue and labor: up tp 30 days at new location
Extensions for commercial property
increased cost of construction: increased costs in regards to ordinance,
up to 10k$ on replacement cost basis
'electronic data
newly acquired property: temporary coverage for loss to buildings
under constructions at scheduled locations and newly acquired
buildings at other locations up to $250k per building; personal
property $100k
personal effects and property of others: up to 2,500k at each
location valuable papers and record - 2,500
property off-premises - up to 10k
outdoor property - including trees, shrubs - 1k
similar to building and personal property coverage form, but includes
Condominium Association
fixtures and appliances; if a unit owners buys insurance for the same
Coverage Form
property, the association will still be primary
Residential condo units are usually insured under a homeowners policy form HO
Condominium Commercial Unit-
6. The condominium commercial unit owners form is designed for
Owners Coverage Form
businesses that own and occupy commercial condo units.
protects buildings under construction such as building materials, fixtures,
machinery within 100 ft of premises; limited to 5k limit; $250 per tree,
Builders Risk Coverage Form $1,000 per occurrence
no coverage applies to land or signs
- the insured must maintain insurance equal to 100% of buildings completed value
added to a standard commercial property policy through either of the
business income coverage two business income coverage forms: business income and extra
expense coverage form/ business income coverage without extra
expense
2/
6
