CAIB 2 - Chapter 3 - Flashcards PDF

## Card Front - Annual Commercial Property Premium - Named Perils Form - Broad Form - Fire Coverage Importance - Mechanical/Electrical Failures - Arson/Set Fires - Declarations Page - Fire Policy (IFC 10010) - Standard Exclusions (Fire Policies) - Removal Clause - Debris Removal Coverage - High-R...

## Card Front - Annual Commercial Property Premium - Named Perils Form - Broad Form - Fire Coverage Importance - Mechanical/Electrical Failures - Arson/Set Fires - Declarations Page - Fire Policy (IFC 10010) - Standard Exclusions (Fire Policies) - Removal Clause - Debris Removal Coverage - High-Risk Items Exclusion - Vacant Property Exclusion - Nuclear Risk Coverage - Insuring Agreement - Explosion Coverage - Portable Gas Cylinder Coverage - Impact Coverage - Riot/Vandalism/Malicious Acts - All Risks Coverage - Broad Form Policy ## Card Back The total amount paid annually by businesses for property insurance in Canada. An insurance policy form that only covers losses from specific perils listed in the policy. An insurance policy form that covers losses from almost any cause, except those specifically excluded. The critical need for fire insurance for businesses, given the high frequency and significant cost of fire incident. A leading cause of fire claims, comprising about 20% of all losses. Another significant cause of fire losses for businesses, also amounting to roughly 20%. An insurance document that contains crucial details about the policy, such as coverage period and insured items. A historical fire insurance policy form. Items not covered by fire insurance. Ex: Damage from heat and electricity, war damage. Provides coverage for temporarily removing property to prevent further fire loss. Compensation for cleaning up after fire damage, capped at a percentage of the loss. Some items such as money or vehicles may not be covered by standard fire insurance. Properties unoccupied for over 30 days are often not fully covered. Specialized pools cover nuclear incidents for institutions with specific nuclear exposures. The agreement that the insurer will pay for the insured perils. Broad protection for explosions, but with exclusions for insured equipment. Coverage specifically for manually portable gas cylinders. Coverage for damage from impacts by aircraft, spacecraft (not owned/controlled by insured). Coverage for damage from riots or malicious acts, excluding business interruption loss (interior damage specifically). A policy offering comprehensive coverage for almost any peril, but with exclusions in the policy. A very comprehensive, though not complete, insurance policy. All risks covered, but insurance company has to prove exclusion in case of denial. Electrical malfunction The insured can be asked to pay the full amount of the claim again to the mortgagee. To keep the information from the competition It is the basis for all other policies Extra expense in costs to rebuild/repair after a loss to comply with municipal bylaws are not insured by the policy Coverage of for coverage is limited to amount of insurance remaining after payment of original loss Coverage is limited to the amount of insurance remaining after loss or damage to insured property from an insured impact by aircraft/spaceship/land vehicle Riot/vandalism/malicious acts False True False False False True False False True True True True To broaden coverage and make policies more competitive Max of $2500 per employee. Applies at the locations listed on the declarations page. Available on broad form only $5000 per occurrence Detachment Increased deductible for smaller businesses Broad coverage can eliminate many claims problems No standard package policy forms.