09.04. Commercial Property - Common Policy Conditions

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Author:
COC2
ID:
213460
Filename:
09.04. Commercial Property - Common Policy Conditions
Updated:
2013-04-14 16:51:28
Tags:
Commercial Property Common Policy Conditions
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Description:
Commercial Property - Common Policy Conditions
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  1. Cancellation
    • only first listed insured can request cancellation
    • nonpayment of premium = 10 days; 30 days for all other reasons
    • superseded by state regulation
  2. Changes
    • policy can only be changed by written endorsement issued by insurer
    • in some states verbal changes are binding
    • only named insured has authority to request policy changes
    • insurer doesn't need permission of insureds other than named insured
  3. Examination of Books and Records
    for policy period and up to three years after policy's termination
  4. Inspections and Surveys
    • no duty to report results
    • not a safety inspection, no guarantee of compliance
    • disclaimer clauses protect insurer, so any loss can't be tied to insurer's failure to recognize safety hazard

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