Business and Personal property Lessons

What types of insurance coverages do all companies need?

1. Liability: protection from third party claims

2. Property: stuff to be protected

What types of insurance policies for liability and property protection are offered to businesses?

1. BOP for small businesses

2. CGL commercial general policy

3. BPP building personal property

What is found in all property & casualty policies?

DDICEE

Declaration: first page in P&C contract “dec sheet”

Definitions: different policies will have different defintions

Insuring Agreement: what policy will / won’t pay for

Conditions: Obligation of both insured and insurance co performance

Exclusions: what is not included

Endorsements: amendement / addition that changes terms / scope or the orginal policy

(IA) What are the types of losses

Direct Loss: occurs as an immediate effect of whatever caused the loss (lightning strikes roof causes a fire causes a hole)

Indirect loss

What will the BPP cover as included in the insuring agreement initial statement?

“direct physical loss or damage to the covered property at the premises described in the declarations caused by or resulting from any Covered Cause of loss”

• direct loss

• damage to covered property

• damage at covered location

• damage due to covered peril

What does section A include coverage for of the insuring agreement?

Buildings and Structures & Business Personal Property

What are the 7 different categories of buildings covered?

1. Buildings and Structures used at the premises

2. Completed Additions

3. Fixtures, including outdoor fixtures

4. Permanently Installed (machinery & equipment)

5. Insureds Personal Property in apartments, rooms or common areas furnished by the insured as landlord

6. Personal Property that is owned by the insured that is used to maintain or service the buildings/structures/ premises

7. Items covered if not already covered