Understanding Basics of Commercial Property Insurance-Part I(1.5 Credit Hour) TDI Course No.

 

Chapter 3:

3.1   Commercial Lines include:

• Property
• Property
• General Liability
• Boiler and Machinery
• Crime Coverage
• Business Income
• Inland Marine
• Ocean Marine

3.2   On the Buildings and Personal Property Coverage Form, three major types of property are listed:

• Described buildings and structures
• Business personal property
• Bailee coverage

3.3A   Policy format includes:

• Commercial Package Policy
• Individual Monoline Policy

3.4   A Commercial Package Policy includes at least two lines of coverage:

• Liability
• Automobile
• Commercial property
• Crime and fidelity
• Other coverage as needed

3.5   A Monoline Policy contains only one line coverage and includes:

• Property
  
OR
• Liability

3.6   A more Detailed Description of what can be Covered in a Commercial Package Policy:

• Commercial Property
• Commercial Crime
• Commercial general liability
• Boiler and machinery
• Commercial inland marine
• Business income and expense
• Commercial auto
• Farm
• Liquor liability
• Pollutions liability/li>
• Employment-related practices liability
• Products/completed Operations liability
• Products/completed Operations liability Professional liability

3.7   Some Risks are not Eligible for a Commercial Package Policy:

• Personal lines risk
• Risk that State regulations prohibit
• Dwellings eligible for a homeowners policy