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Questions and Answers
What is the maximum coverage amount for loss or damage to newly acquired buildings under the policy?
What is the maximum coverage amount for loss or damage to newly acquired buildings under the policy?
What is the limit of coverage for loss or damage to business personal property?
What is the limit of coverage for loss or damage to business personal property?
What type of property is excluded from the policy under "Property Not Covered"?
What type of property is excluded from the policy under "Property Not Covered"?
Under which condition does the policy exclude coverage for damage caused by fungi or microbes?
Under which condition does the policy exclude coverage for damage caused by fungi or microbes?
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How long is the period of coverage for newly acquired property?
How long is the period of coverage for newly acquired property?
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What is the maximum amount the policy will pay for loss or damage to personal effects of others?
What is the maximum amount the policy will pay for loss or damage to personal effects of others?
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In the event of loss, what is the maximum coverage for valuable papers and records?
In the event of loss, what is the maximum coverage for valuable papers and records?
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What is the coverage limit for property off-premises?
What is the coverage limit for property off-premises?
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Which of the following is not covered under the "Employee Tools" extension?
Which of the following is not covered under the "Employee Tools" extension?
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What is the maximum payout for the loss of a master key under the policy?
What is the maximum payout for the loss of a master key under the policy?
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What does the "Green Standards" coverage apply to?
What does the "Green Standards" coverage apply to?
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What is the maximum payout for business income loss due to alternative energy interruption?
What is the maximum payout for business income loss due to alternative energy interruption?
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What is the coverage for loss caused by the accidental discharge of chemicals from a fire extinguisher?
What is the coverage for loss caused by the accidental discharge of chemicals from a fire extinguisher?
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What is the coverage extension for "Property Off Premises"?
What is the coverage extension for "Property Off Premises"?
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What type of property is included under the definition of "fine arts"?
What type of property is included under the definition of "fine arts"?
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What is the maximum coverage for loss or damage to "Employee Tools" at a described premises?
What is the maximum coverage for loss or damage to "Employee Tools" at a described premises?
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What is the maximum payout for loss or damage to personal effects of employees?
What is the maximum payout for loss or damage to personal effects of employees?
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What is the maximum coverage for burglary damage to a building the insured occupies but does not own?
What is the maximum coverage for burglary damage to a building the insured occupies but does not own?
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What is the maximum coverage for loss or damage to business income due to government confiscation?
What is the maximum coverage for loss or damage to business income due to government confiscation?
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What does the "Alternative Water System" coverage apply to?
What does the "Alternative Water System" coverage apply to?
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What is the coverage for loss of business income due to a third-party location?
What is the coverage for loss of business income due to a third-party location?
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What is the maximum coverage for loss of business income during the "period of restoration"?
What is the maximum coverage for loss of business income during the "period of restoration"?
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What does the "Pollutant Clean-up and Removal" coverage apply to?
What does the "Pollutant Clean-up and Removal" coverage apply to?
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What is the coverage limit for "employee tools" at a described premises?
What is the coverage limit for "employee tools" at a described premises?
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What does the "Loss Prevention Expense" coverage pay for?
What does the "Loss Prevention Expense" coverage pay for?
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What is the maximum coverage for a loss caused by a "Certified Act of Terrorism"?
What is the maximum coverage for a loss caused by a "Certified Act of Terrorism"?
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What is the coverage for "business income" loss under the policy?
What is the coverage for "business income" loss under the policy?
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What does the policy exclude under the "War and Military Action Exclusion"?
What does the policy exclude under the "War and Military Action Exclusion"?
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What is the maximum coverage for loss due to a "Certified Act of Terrorism"?
What is the maximum coverage for loss due to a "Certified Act of Terrorism"?
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What is the purpose of the "Service of Suit" endorsement in the policy?
What is the purpose of the "Service of Suit" endorsement in the policy?
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What does the "Green Standards" coverage apply to when repairing or replacing covered property?
What does the "Green Standards" coverage apply to when repairing or replacing covered property?
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What is the maximum coverage for loss or damage to valuable papers and records at a location more than 100 feet away from the described premises?
What is the maximum coverage for loss or damage to valuable papers and records at a location more than 100 feet away from the described premises?
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What is the coverage for loss or damage to business property located more than 100 feet from the described premises?
What is the coverage for loss or damage to business property located more than 100 feet from the described premises?
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What does the "Service of Suit" endorsement in the policy provide?
What does the "Service of Suit" endorsement in the policy provide?
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What is the coverage for "Alternative Energy"?
What is the coverage for "Alternative Energy"?
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What is the maximum coverage for debris removal under the policy?
What is the maximum coverage for debris removal under the policy?
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What is the coverage for business income loss due to the suspension of operations caused by a covered cause of loss?
What is the coverage for business income loss due to the suspension of operations caused by a covered cause of loss?
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What does the "Alternative Energy" coverage not apply to?
What does the "Alternative Energy" coverage not apply to?
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What is the coverage for loss or damage caused by a "Certified Act of Terrorism"?
What is the coverage for loss or damage caused by a "Certified Act of Terrorism"?
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What is the coverage for the "Loss of Master Key" under the policy?
What is the coverage for the "Loss of Master Key" under the policy?
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What is the maximum payout for "Pollutant Clean-up and Removal" under the policy?
What is the maximum payout for "Pollutant Clean-up and Removal" under the policy?
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What is the coverage for loss or damage to business income due to government confiscation?
What is the coverage for loss or damage to business income due to government confiscation?
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Study Notes
Coverage Amounts
- Newly acquired buildings: Maximum coverage is $2,000,000 per building.
- Business personal property: Maximum coverage is $2,000,000 per occurrence.
Excluded Properties
- Personal effects of employees
- Foundations of buildings
- Employee tools
- Inventory
Excluded Damages
- Damage caused by fungi or microbes: Excluded when used for food, or part of a covered loss, or caused by water.
Coverage Period for Newly Acquired Property
- 90 days
Maximum Payment for Personal Effects of Others
- $25,000
Maximum Coverage for Valuable Papers and Records
- Subject to the Basket Aggregate Limit
Property Off-Premises Coverage Limit
- $100,000
Employee Tools Coverage
- Tools owned by employees
- Tools used for business purposes
- Tools used in personal activities
- Not covered if not used for business purposes
Maximum Payout for Master Key Loss
- $5,000
Green Standards Coverage
- Energy-efficient appliances
- Rebuilding according to green building codes
- Office supplies
- Motor vehicles
Maximum Payout for Business Income Loss Due to Alternative Energy Interruption
- $100,000
Coverage for Accidental Discharge of Chemicals from a Fire Extinguisher
- Equipment breakdown coverage
- Burglary damage coverage
- Fire extinguisher systems expense coverage
- Business income coverage
Property Off Premises Coverage
- Covers property at an exhibition, fair, or trade show
- Only property stored at a third-party facility
- Excludes property in transit
- Covers property located within 100 feet of the described premises
Fine Arts Coverage
- Paintings and sculptures
Mobile Communication Property Coverage
- $50,000
Coverage for Business Property Located Over 100 Feet Away
- $50,000
Service of Suit Endorsement
- Designation of an agent to receive legal notices
- Waiver of all legal claims
- Expedited claims process
Alternative Energy Coverage
- Losses due to power outages from non-renewable sources
- Loss of income due to suspension of operations caused by alternative energy system failure
- Costs to retrofit a building with solar power
- Not applicable to business interruption due to environmental disasters
Employee Tools Coverage Limit
- $500,000
Loss Prevention Expense Coverage
- Costs to prevent property damage
- Costs to repair property after a loss
- No costs associated with legal fees
Certified Act of Terrorism Coverage
- Subject to the Basket Aggregate Limit
- Various limits depending on specific conditions, generally very high amounts.
Business Income Loss Coverage
- Covers loss of income caused by a covered peril during the period of restoration.
- Covers losses due to third-party negligence.
- Covers both direct and indirect losses from accidents
War and Military Action Exclusion
- Damage caused by terrorism
- Damage from civil commotion
- Damage from military action or war
- Damage caused by natural disasters
Loss Due to Certified Act of Terrorism
- Subject to the Basket Aggregate Limit
Service of Suit Endorsement Purpose
- Sets up a dispute resolution process
- Names the insurer's attorney for lawsuits
- Specifies the arbitration procedure
- Defines the jurisdiction for legal proceedings
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Description
This quiz covers essential aspects of commercial property insurance, including coverage amounts for newly acquired buildings, exclusions for personal effects, and limits on payouts for various damages. Test your knowledge on the specifics of coverage periods, valuable papers, and off-premises limits.
