What coverages are typically provided in businessowners policies?

Homework Assignment 1

100 points

(for your answer, please use double
space)

You may choose any 1 question to answer from each chapter. When you
chose that question, please specify which chapter it comes from.

Chapter 1: Introduction to Commercial Property Insurance

Question
1:  What coverages are typically provided in businessowners policies?

Question
2:  According to the Common Policy Conditions, under what circumstances can the insured transfer rights or duties under a policy?

Question
3: Describe how a policy may be canceled by an insurer or an insured according to the Common Policy Conditions.

Question
4:

Co-insurance
problem

You have a building values at $300,000. It is insured for $240,000
value. A covered cause of loss happened and caused $10,000 loss. The policy has
a $5,000 deductible. Please calculate the amount payable with the following two
scenarios:

Scenario 1:

Co-insurance requirement = 80%

Scenario 2:

Co-insurance requirement = 90%

Chapter 2: Building and Personal Property Coverage Form Educational Objectives

Question
1: What three general categories of property (corresponding to the three coverage agreements) does the Building and Personal Property Coverage Form (BPP) cover?

Question 2:  What items that might otherwise be considered building property does the BPP exclude?

Question
3:  Summarize property covered under the BPP for each of the specified types of personal property.