Exam 25: Commercial Property Insurance

Which ocean marine coverage provides comprehensive liability insurance for property damage caused by the ship to piers and docks,damage to the ship's cargo,and injury to the passengers or crew?

There are a number of implied warranties in ocean marine insurance.One implied warranty is that the vessel is properly constructed and maintained,and that it is properly equipped for the voyage to be undertaken.This implied warranty is the warranty of

Which of the following is (are)included in the common declarations page of a commercial package policy? I.A description of the insured property II.A listing of the causes-of-loss that are covered by the policy

A firm wishing to insure a single shipment of merchandise sent by a common carrier would purchase a(n)

Which of the following statements about the condominium commercial-unit owners coverage form is (are)true? I.It provides coverage for the unit owner's proportionate financial interest in the condominium building. II.It provides coverage for the business personal property of the unit owner.

One type of commercial property insurance excludes perils that are covered by the basic coverages.Some businesses buy this coverage to fill coverage gaps,including flood and earthquake,and to cover property in other countries.This type of insurance is called

Which of the following statements about ocean marine insurance is true?

What is the effect of the optional agreed value provision in the building and personal property coverage form?

Which of the following statements about the equipment breakdown protection coverage form is (are)true? I.The covered cause of loss is a breakdown of covered equipment,including boilers,machinery,and electrical and mechanical equipment. II.It provides coverage for the reasonable cost of expediting permanent repair or replacement of damaged property.

The exterior walls,the roof,and the plumbing,heating and air conditioning systems of a residential condominium can be insured through the purchase of which of the following forms? I.Condominium association coverage form II.Condominium commercial unit-owners coverage form

Inter-Ocean Transfer owns 12 large cargo ships which transport goods.Inter-Ocean Transfer can obtain physical damage insurance on these vessels by purchasing

Which of the following statements about the provisions of the building and personal property coverage form is (are)true? I.A separate deductible must be satisfied for each building damaged in the same occurrence. II.Under the replacement cost option,there is no deduction for depreciation.

Which of the following statements about the ISO businessowners policy is true?

One inland marine coverage form is the accounts receivable coverage form.In which of the following cases would the purchaser of this form (the insured)be indemnified through the coverage?

Rick is risk manager of Herald News,a daily newspaper in a competitive market.Rick wants to make sure that if Herald's printing facility is damaged or destroyed,the paper will continue to be published.What type of insurance can Rick purchase to cover the added cost of continuing to print the paper after a physical damage loss has occurred?

The business income and extra expense coverage form covers loss of business income and continuing normal operating expenses.How is business income (revenue)defined?

Which of the following statements about the causes-of-loss special form of the ISO commercial package policy is (are)true? I.The causes-of-loss special form provides open perils coverage and insures against direct physical loss. II.The causes-of-loss special form excludes loss caused by earthquake.

Which of the following statements is (are)true concerning the value reporting form? I.Failure to report accurately suspends coverage. II.If the insured underreports the property values at a location,and a loss occurs at that location,recovery is limited to the proportion that the last value reported bears to the value that should have been reported.

Which of the following statements about ocean marine insurance coverages is (are)true? I.Hull insurance limits coverage to the breakdown of a ship's machinery and equipment. II.Protection and indemnity insurance provides liability insurance to the ship owner for bodily injury and property damage to third parties.

All of the following statements about inland marine forms are true EXCEPT