Insurance Quiz on Fine Arts and Green Standards

The amount of loss we cover depends on the proportion of the covered direct physical loss or damage to the total direct physical loss or damage. This applies unless the "green standards" only apply to the part of the property that was damaged.

The Green Standards Additional Coverage does not cover any extra costs, loss, or damage caused by "green standards" that you did not comply with before the loss. This applies even if those "green standards" became effective after the loss.

The Green Standards Additional Coverage does not cover losses from fire caused by nuclear reactions, radiation, or radioactive contamination.

The Green Standards Additional Coverage does not cover expenses for cleaning up or removing pollutants.

The Green Standards Additional Coverage does not cover losses related to "stock."

We will cover the loss of "net leasehold interest" you sustain if your lease is canceled due to a valid condition of your lease.

"Net leasehold interest" refers to the difference between the value of your lease and the remaining costs of the lease.

This insurance coverage will only pay for losses resulting from direct physical damage to the leased premises caused by a covered event.

The maximum amount the insurance will pay is limited to the value of your leasehold interest at the time of cancellation.

If your lease is cancelled but you continue to occupy the premises under a new lease, the insurance will pay the difference between the new rent and the rent you would have paid under the old lease.

This coverage is not available if the premises have been vacant for 60 consecutive days before the damage occurs and you haven't entered into a sublease agreement.

The maximum amount the insurance company will pay for any single event is limited by a specific amount called the 'Basket Aggregate Limit'.

This coverage helps protect businesses who have suffered losses due to physical damage to their leased premises.

This coverage is designed to compensate for financial losses incurred when a lease is terminated due to damage to the leased property.

The insurer will not pay for losses if the premises are not vacant for more than 60 days or if the owner has not entered into a sublease agreement.

The maximum amount the insurance company will pay in the event of any single occurence is subject to the Basket Aggregate Limit of Insurance.

This coverage pays rewards for information leading to arrests in felony cases causing loss to covered property or for the return of stolen property.

The value of the property at the time of the loss, up to the cost of repair or replacement.

A process used to determine the amount paid out for a loss.

Someone who provides information leading to an arrest or the return of stolen property, and is not directly related or employed by the insured.

The person or organization holding the insurance policy.

A person related to "You", the policyholder.

Someone who works for "You", the policyholder.

An employee of a law enforcement agency, like a police officer or detective.

The value of fine arts is determined by what it would sell for in a fair market at the time of loss or damage. However, if you are responsible for other people's fine arts, coverage is limited to the amount you are contractually liable.

If part of a pair or set is damaged, the insurance company can choose to either repair or replace the damaged part to restore the set to its original value, or pay the difference in value before and after the damage.

The maximum payout for fine arts damage at a specified location is based on the Basket Aggregate Limit outlined in the insurance policy.

The insurance coverage that protects your building can also be extended to cover tents used in your business, provided they are attached to the property and within 100 feet of the building.

The maximum payout for tent damage at a specified location is limited to $15,000 per occurrence.

The time you have to acquire the property or begin construction to qualify for coverage.

This coverage extends to items like personal belongings of employees and other people's property in your care, but excludes specific categories like computers, data, employee tools, fine arts, and media.

This extension provides coverage for valuable papers and records owned by you or in your care, but doesn't apply to electronic data.

This coverage applies to direct physical loss or damage to valuable papers and records owned by you or in your care, caused by a covered cause of loss.

You can extend your coverage for 'Business Personal Property' to specific categories like personal effects owned by you or your employees.

You can add coverage for 'Valuable Papers and Records' as an extension to your 'Business Personal Property' insurance.

The maximum payment for loss or damage under the 'Personal Effects and Property of Others' extension is $5,000 per occurrence, regardless of location.

The coverage for 'Personal Effects and Property of Others' doesn't apply to losses caused by theft.

The coverage for 'Personal Effects and Property of Others' doesn't apply to certain categories like computers, electronic data, employee tools, fine arts, and media.

Payments for loss or damage to personal property of others under this extension are made only to the owner of the property.