Which of the following is defined as a covered cause of loss in businessowners property coverage?
Leakage from fire-extinguishing equipment
.
Which of the following losses would be covered under the Businessowners policy?
The Businessowners Liability form covers the
insured's legal liability arising from bodily injury, property damage, and personal and advertising injury
. Errors and omissions coverage is excluded.
Which of the following may be eligible for coverage under the Businessowners policy?
Businessowners liability coverage includes
bodily injury, property damage, medical expense, and personal and advertising injury
which would cover injury due to an offense arising out of the insured's business. Product recall, breach of contract, and employee injury are excluded.
Which of the following losses would be covered by an unendorsed homeowners policy?
Fire Damage
If your house is damaged in a fire, a basic homeowners insurance policy should cover the costs to repair the house. An unendorsed policy should also
cover the cost of damaged or destroyed contents within your home
, such as any appliances or furnishings that wind up charred in the blaze.
Under what causes of loss does the BOP insurance cover property?
The property insurance portion of a BOP is usually available as named-peril coverage, which provides coverage only for
damage caused by events specifically listed in the policy
(typically fire, explosion, wind damage, vandalism, smoke damage, etc.).
What are the two businessowners policy forms?
Most coverages provided by the two forms are identical. The major differences are in the “covered causes of loss”—”standard” coverage is similar to “basic” coverage provided by other commercial forms, while “
special
” coverage means the same “open perils” type coverage provided by the special causes of loss form.
What is a monoline policy?
A monoline policy is
a policy that covers one type of insurance
; for example, workers compensation or commercial auto are often written as single, or monoline, coverage. A package policy includes two or more lines of insurance coverage.
What is Businessowners coverage form?
The Businessowners Policy (BOP): Broad Coverage for Eligible Businesses. The BOP offers
broad commercial property and commercial general liability (CGL) coverage
for businesses that qualify. … BOPs are to commercial lines insurance what homeowners policies are to personal lines insurance.
What is Coverage B in a business owners policy?
Coverage B (business personal property): This
coverage includes property owned by you and used in your business operations
. Your property is generally covered if it's in or on the described buildings, or within 100 feet of your business premises while in a vehicle or out in the open.
Which of the following describes the term gross negligence?
Which of the following describes the term Gross Negligence? It is
a willful wanton or reckless disregard of the consequences as affecting the life or property
of another.
What is covered under DP 3?
A DP3 policy covers
the structure, loss of use or rental coverage, and usually personal liability
. If you are renting out your property, it's a good practice to require your renters or tenants to have renter's insurance (HO4), because a DP3 policy offers limited coverage for their personal property.
Which homeowners endorsement is used to schedule separate coverage for one or more of 9 categories of personal property?
Which one of these Homeowners endorsements is used to schedule separate coverage for one or more of nine categories of personal property? Answer A is correct.
The Scheduled Personal Property Endorsement
provides open peril coverage for items such as; jewelry, furs, cameras, musical instruments, silverware, etc.
What is the extra expense coverage form?
Extra expense coverage is a
form of commercial insurance
that pays for a policyholder's additional costs while recovering from a major disruption.
What is the difference between a BOP and package policy?
A BOP is
designed for more smaller businesses with less risk
, while a Commercial Package policy is meant for a more risky business.
What is covered under a BOP policy?
A Business Owner's Policy (BOP) combines business property and business liability insurance into one business insurance policy. … These include
claims of bodily injury or property damage
. They also include claims related to personal and advertising injury.
Which of the following is a common property coverage that can be included in a Businessowners policy BOP )?
A basic businessowners policy typically includes three or four key coverages:
Commercial property insurance
, which protects your building, equipment and inventory. General liability insurance, which helps cover any medical expenses and bodily injury/property damages you and your employees are legally responsible for.
