09.03. Commercial Property Conditions

Card Set Information

Author:
COC2
ID:
213457
Filename:
09.03. Commercial Property Conditions
Updated:
2013-04-14 16:39:27
Tags:
Commercial Property Conditions
Folders:

Description:
Commercial Property Conditions
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  1. Concealment, Misrepresentation, or Fraud
    • misrepresentation: active, deliberate misstatement of facts
    • concealment: intentional failure to disclose a material fact
  2. Control of Property
    • coverage under the policy will not be affected by acts or omissions of persons other than the insured if those persons are not acting under the direction or control of the insured
    • violation of a policy condition at one location will not affect coverage at any other location
  3. Legal Action against us
    • compliance with all conditions
    • action brought within 2 years of the date of loss
  4. Liberalization
    • only applies to amendment broadening coverage
    • within policy period or
    • within 45 days of effective date

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