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

 

Chapter 4:

4.1   Commercial Package Policy Assembly:

Forms                                                                                                              Description                                                                                                                                                                 

Commercial Policy Declarations Page                                                          Lists the forms included in the package policy    

Coverage Forms for two+ eligible lines                                                       All the forms are also for coverage of specific lines of insurance   

Common Policy Conditions                                                                           General terms on which the insurance contract is issued.  

Declarations Pages per line of insurance                                                    The who, when, and how of each coverage included, with the limits of insurance and premiums listed.

Conditions applying to specific lines                                                            One or more forms that give the terms of the line or lines of insurance included. 

Interline Endorsements                                                                             Any mandatory and optional endorsements which may modify two or more lines of insurance.         

4.2   What are the Types of Property?

• Real Property (Land or Buildings)
• Personal Property (anything other than buildings and land)

4.4   Three Keys Pertaining to Direct Physical Loss "We will pay for direct physical loss of or damage to covered property at the premises described in the declarations…"

• Loss must be to direct physical loss
• Loss has to occur to covered property
• Property must be at the described premises