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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 "Certified Act of Terrorism" definition in the policy require for certification?
What does the "Certified Act of Terrorism" definition in the policy require for certification?
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What is the maximum coverage for the loss of "net leasehold interest" due to lease cancellation?
What is the maximum coverage for the loss of "net leasehold interest" due to lease cancellation?
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What is the coverage for loss of "net leasehold interest" due to lease cancellation?
What is the coverage for loss of "net leasehold interest" due to lease cancellation?
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What is the coverage amount for fine arts under the policy?
What is the coverage amount for fine arts under the policy?
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What is the maximum payout for mobile communication property under the policy?
What is the maximum payout for mobile communication property under the policy?
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What does the "Alternative Energy" coverage apply to?
What does the "Alternative Energy" coverage apply to?
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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 maximum coverage for the loss of "employee tools" under the policy?
What is the maximum coverage for the loss of "employee tools" under 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 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 maximum coverage for loss of business income due to government confiscation?
What is the maximum coverage for loss of 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 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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Study Notes
Insurance Policy Coverage
- Newly Acquired Buildings: Maximum coverage is $2,000,000 per building.
Business Personal Property
- Coverage Limit: $2,000,000 per occurrence.
Property Not Covered
- Exclusions: Personal effects of employees, foundations of buildings, employee tools, and inventory.
Fungi and Microbes
- Exclusions: Coverage excludes damage caused by fungi or microbes, specifically when they aren't part of a covered loss. Water damage from fungi is also excluded.
Newly Acquired Property Coverage Period
- Period: 180 days.
Personal Effects of Others
- Maximum Coverage: $25,000.
Valuable Papers & Records
- Maximum Coverage: Subject to the Basket Aggregate Limit.
Property Off-Premises
- Coverage Limit: $100,000.
Employee Tools
- Not Covered: Tools used for personal activities aren't covered under the extension.
Master Key Loss
- Maximum Payout: $25,000.
Green Standards Coverage
- Applies To: Energy-efficient appliances, rebuilding according to green building codes, and motor vehicles.
Business Income Loss Due To Alternative Energy Interruption
- Maximum Payout: Subject to Business Income limits.
Chemical Discharge From Fire Extinguisher
- Coverage: Equipment Breakdown Coverage, Burglary Damage Coverage, and Fire Extinguisher Systems Expense Coverage but not Business Income Coverage.
Property Off Premises Coverage Extension
- Applies To: Property at exhibitions, fairs, or trade shows; property stored at a third-party facility; property located within 100ft of the described premises but not property in transit.
Fine Arts Coverage
- Covered Items: Paintings, sculptures, furniture, fixtures, business inventory, vehicles, and equipment.
Employee Tools at Premises
- Maximum Coverage: $250,000; subject to the schedule.
Employee Personal Effects
- Maximum Payout: $25,000.
Burglary Damage to Non-Owned Building
- Maximum Coverage: $100,000.
Government Confiscation
- Coverage: $250,000.
Certified Act of Terrorism
- Requirements: Certification by the Secretary of Defense; must involve physical damage to property.
Lease Cancellation - Net Leasehold Interest
- Coverage: Loss based on the value of the property; loss of rental income during restoration; loss of business income due to a governmental action (e.g. earthquake or flood).
Fine Arts Coverage Amount
- Amount: $100,000.
Mobile Communication Property Payout
- Maximum Payout: $100,000.
Alternative Energy Coverage Applicability
- Applicability: Loss of income due to the suspension of operations caused by alternative energy system failure; costs to retrofit a building with solar power; business interruption due to environmental disasters.
Maximum Coverage For Loss Due To "Certified Act Of Terrorism"
- Amount: $1,000,000 (subject to aggregate limit).
Employee Tools Coverage
- Maximum Coverage: $500,000 or subject to the schedule.
Green Standards Coverage Applicability to Repair/Replacement
- Covered Activities: hiring professionals for repair, removal of hazardous materials, installation of new appliances, installation of energy-efficient windows.
Valuable Papers and Records (Location Over 100 Feet)
- Maximum Coverage: $100,000.
Coverage for Business Property (Over 100 Feet From Premises)
- Coverage: Up to $50,000.
"Service of Suit" Endorsement Purpose
- Purpose: Dispute resolution process, naming the insurer's attorney for lawsuits, specifying the arbitration procedure, defining the jurisdiction for legal proceedings.
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Description
This quiz covers essential aspects of insurance policy coverage, including limits and exclusions for buildings, business personal property, and other valuable items. It also addresses specific scenarios such as coverage for fungi and employee tools, ensuring a comprehensive understanding of the terms and conditions.
