08.01. Overview of Commercial Property Insurance

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Author:
COC2
ID:
213109
Filename:
08.01. Overview of Commercial Property Insurance
Updated:
2013-04-12 15:06:57
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Overview Commercial Property Insurance
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Description:
Overview of Commercial Property Insurance
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  1. 3 Aspects of Commercial Property Insurance
    • Type of Property
    • Causes of Loss
    • Financial Consequences of Property Loss
  2. Types of Property
    • real property: tangible property consisting of land, all structures permanently attached and whatever is growing on the land
    • personal property: all tangible and intangible property that is not real property
  3. Classification of Personal Property
    • contents: furniture, machinery, personal property of others that is in the insured's care
    • property in transit: basic coverage is usually inadequate for businesses with significant transit exposure (need cargo insurance)
    • property in the possession of others: usually based on nominal amount as it's impossible to predict exposure
    • floating property: normally doesn't remain at a fixed work site
  4. Financial Consequences of Property Loss
    • reduction in value
    • lost income
    • extra expenses
  5. Components of a Commercial Property Coverage Part
    • commercial property declaration
    • 1+ commercial property coverage form: insuring agreement, coverage extensions, BPP (building and personal property)
    • 1+ cause of loss form: basic, broad, special
    • commercial property conditions
    • endorsements

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