CAIB 2 - Chapter 4 - Flashcards PDF

## Card Front - Broker's By-law Duty - Replacement Cost Endorsement - Off-Premises Coverage - Temporary Locations - Specified Locations Coverage - Policy Exclusions - Endorsements/Riders - Sign Form (IFC 51037) - Glass Rider (IFC 45303) - Broad Water Damage Coverage - Electrical Breakdown Insurance...

## Card Front - Broker's By-law Duty - Replacement Cost Endorsement - Off-Premises Coverage - Temporary Locations - Specified Locations Coverage - Policy Exclusions - Endorsements/Riders - Sign Form (IFC 51037) - Glass Rider (IFC 45303) - Broad Water Damage Coverage - Electrical Breakdown Insurance - Equipment Breakdown Insurance - Instalment Sales Contract Float - Peak Season Endorsement - Standard Property Coverage Line - On-Premises Losses - Policy Modification - Insurer Variation - Coverage Comparison - On-Premises Exclusions - Additional Protection - Direct Damages - Sign Form - Glass Rider - Accounts Receivable Form - Papers & Records of Insurance - Electronic Data Processing - Equipment Breakdown - Option Coverages - Storage ## Bylaws Coverage - Newly acquired location coverage extension are insured by the property in TRANSIT coverage extension? ## Peak Season Endorsement - Inflation Protection ## Card Back - Brokers must research local regulations and inform clients about relevant laws impacting their property. - Ensures full replacement cost coverage for damaged property, rather than just its depreciated value. - Insurance covering property away from the specified locations in the policy. - Unspecified locations not listed in the property insurance policy. - Insurance coverage limited to the exact locations listed in the policy. - Specific events or situations that are not covered under a standard policy. - Modifications made to an existing policy to enhance coverage. - Covers signs with broad coverage than standard limits. - Insurance for glass fixtures, protecting losses of glass from certain events. - Insurance coverage for losses from water damage (seepage, leakage etc). - Insurance coverage for losses caused by electrical system breakdown or failures. - Insurance protection against issues like burst boilers, impacting high-risk equipment. - Insures property being sold on deferred payments. - Temporarily increases coverage for properties with high-volume operations during certain periods. - Specifies the maximum amount of compensation for covered property. - Cover specific losses pertaining to situations within specified locations as per policy details. - Using add-ons to adapt the policy wording to meet specific needs. - Coverage forms or specifics may vary across insurers. - Assessing the various options offered by different insurers to find the best coverage. - Specific risks within the covered premises that the policy doesn't cover. - Improving insurance coverage beyond the basic policy. - Specific types of on-premises damage that endorsements help cover. ## The Basis of Settlement is on ACV It is important that the Replacement Cost Endorsement be purchased to eliminate the effects of depreciation. - Owner-controlled whole or in part by the insured, controlled by the insured. - Vehicle warranty is commonly added when the insurer is providing coverage against the Peril of theft, air and rail transport, incoming & outgoing of goods, courier services, insured's own vehicles. - Coverage on the premises of the vendee. Coverage ceases when the property is fully paid for. - The amount of the building insurance during the policy period to reflect the increased in *building costs, the local fire department requires assistance from neighboring depts*.