INS 340 Introduction to Risk Management and Insurance
VI. Commercial Property and Liability Insurance Industry
Name: Date:
No copy and paste from a source (websites and other sources)
Chapter summaries are not required in this study note.
Define the following terms in the context of risk management and insurance (Ch 25)
Commercial Package Policy (CPP)
Building and Personal Property Coverage Form (BPP)
Questions to briefly answer (Ch 25)
List three covered property categories in the BPP.
List six additional coverages provided in the BPP.
List three different causes of loss forms in the BPP.
List covered causes of loss by the Causes of Loss Basic Form.
List causes of loss covered by the Causes of Loss Broad Form, but not by the Causes of Loss Basic Form.
Briefly explain the main difference between BOP and other property insurance policies covered in Chapter 25.
Briefly explain each of the following property insurance programs.
Business income insurance
Builders risk insurance
Equipment breakdown insurance
Difference in condition insurance
Cyber property insurance
Hull insurance
Cargo insurance
Inland marine insurance
Business floaters
Businessowners Policy (BOP)
Define the following terms in the context of risk management and insurance (Ch 26)
Briefly explain the following major liability loss exposures of business organizations
Premises liability loss exposures
Operations liability loss exposures
Products liability loss exposures
Completed operations liability loss exposures
Contractual liability loss exposures
Contingent liability loss exposures
Describe the basic coverages provided by a commercial general liability (CGL) policy
Briefly explain the following limits available in a liability insurance policy
General aggregate limit
Products-completed operations aggregate limit
Each occurrence limit
Damage to premises rented to you limit
Medical expense limit
Explain the main difference between a “Claims-made” and an “Occurrence” liability policy. This is one of the essential concepts of any liability insurance policy.
Briefly explain each of the following liability insurance programs.
Employment practice liability insurance
Workers compensation and employers liability insurance
Cyber liability insurance
D&O liability insurance
