Which of the following risks is not covered by commercially available property insurance?
Like home insurance, commercial property insurance does not cover damages or losses caused by flooding or earthquake.
Which is not covered under the commercial property insurance?
Any damage to the property that occurs due to a lack of proper maintenance will generally not be covered. Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are all typically not covered under a commercial property policy.
Which of the following perils would not be covered by a commercial property policy with a cause of loss?
Open Perils coverage covers all losses unless they are specifically excluded. Earth movement (including earthquake) and flood are two common perils that are excluded under open perils coverage.
Which of the following is not included in property insurance coverage?
Standard homeowners insurance does NOT cover damage caused by flooding, earthquakes, termites, mold, or normal wear and tear.
Which one of the following coverages is not available under the commercial package policy?
Commercial package policies can't include certain items like workers' compensation or directors-and-officers insurance. Workers' compensation insurance is required by law and must be purchased as a separate policy. Directors-and-officers policies are necessary for non-profit organizations.
Which of the following would not be covered by commercial liability insurance?
Commercial general liability policies may cover the cost of any accidental damages as a result of the business' operations or the legal costs of defending a suit. Commercial general liability does not provide protection against intentional damages, or any type of accident involving automobiles, aircraft, or watercraft.
What is included in the commercial property policy?
Commercial property insurance protects your company's physical assets from fire, explosions, burst pipes, storms, theft and vandalism. Earthquakes and floods typically aren't covered by commercial property insurance, unless those perils are added to the policy.
Which of the following perils would not be covered by a commercial property policy?
Like home insurance, commercial property insurance does not cover damages or losses caused by flooding or earthquake. However, you can stay protected against these risks by purchasing an additional endorsem*nt on either earthquake or flood insurance or both depending on your requirements.
Which form in a commercial property insurance policy list which perils are covered and excluded?
The basic and broad causes of loss forms are named perils forms; they provide coverage for loss from only the particular causes that are listed in the policy as covered. The special causes of loss form is an all risks form; it provides coverage for loss from any cause except those that are specifically excluded.
What perils are excluded if a building insured under a commercial property policy was vacant for 60 days?
Most standard property insurance policies don't cover vacant buildings. Typically, if a building remains vacant for 30-60 days, it is excluded from sprinkler damage, theft, and vandalism losses. Building owners must embrace vacant building insurance to mitigate the financial losses resulting from these risks.
What are some items typically excluded from property insurance?
- Floods. Damage caused by floods is almost always a homeowners exclusion. ...
- Earthquakes and earth movement. Just like flood damage, damage caused by earth movement is a common homeowners insurance exclusion. ...
- Maintenance. ...
- Pests. ...
- Home-based businesses. ...
- Mold. ...
- The full cost of high-value items.
Which of the following property is not covered under coverage of a dwelling policy?
If you have a structure on your property that isn't connected to your home and doesn't qualify as part of your dwelling — like a detached garage, fence or shed — it is likely not protected by dwelling coverage.
Which of the following types of property is not insured as a building item?
Building and personal property coverage exclude land, water, plants, roadways, crops, shrubs, money, accounts, instruments, or trees.
Which of the following is not covered by coverage a of a commercial general liability policy without an endorsem*nt?
Final answer: Coverage A of a Commercial General Liability policy typically covers bodily injury, contractual liability, and damage due to the insured's activities. However, damage caused by pollutants is not typically covered and would require an added endorsem*nt.
What is a commercial all risk policy?
An all risks insurance contract covers the insured from all perils, except the ones specifically excluded from the list. Contrary to a named perils contract, an all risks policy does not name the risks covered, but instead, names the risks not covered.
Which of the following would be covered by a commercial package policy?
Property, Casualty, Crime, Auto, Inland Marine, Farm, and Equipment Breakdown are the modules covered choices in the CPP.
Which of the following are covered by commercial general liability insurance?
A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees. It covers non-professional negligent acts.
Which is an example of a commercial property?
Commercial properties are usually purchased with the intent to generate income or set up commercial space. Commercial property includes office buildings, industrial property, medical center, retail stores, hotels, hostels, schools, warehouses, etc.
What is a common policy condition on a commercial property policy?
Common policy conditions are the part of the insurance policy typically relating to cancellation, changes in coverage, audits, inspections, premiums, and assignment of the policy.
Which one of the following perils would be covered under the commercial property policy broad form but not covered under the basic form?
Broad form covers the same 11 perils, but adds 6 more: Falling objects, Weight of ice, snow or sleet, accidental discharge or overflow of water or stream from within plumbing or related systems; does not include discharge or overflow of water from a sump, sudden and accidental rupture of heating, air conditioning, fire ...
What is all risk commercial property insurance?
All-risk commercial property insurance
It will cover any losses that aren't specifically excluded in your policy, unlike named perils coverage, which will only protect you from events that are listed as covered.
Which of the following is not covered under a commercial property glass coverage form?
Which of the following perils are NOT covered under the Glass Coverage form? Fire Damage. The Glass Coverage form pays: Actual Cash Value without limitation per plate or pane, unless stated as replacement cost on the policy.
Which of the following is not a common policy condition on a commercial property policy?
Which of the following is not a common policy condition on a commercial property policy? The Abandonment provision is found in the conditions section of the Commercial Property Coverage Part, but is not a common policy condition under the CPP.
Which commercial property form contains the perils?
Basic Form
It typically covers damage or loss caused by specific perils, such as fire, lightning, windstorm, hail, explosion, and vandalism. This type of coverage is sometimes called “named perils coverage” because it only covers the perils named explicitly in the policy.
Which of the following causes of loss is covered under a commercial property basic form?
The basic causes of loss form (CP 10 10) provides coverage for the following named perils: fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action.
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