If the owners of building insured under commercial general liability policy purchase another building in the same risk class, how soon will coverage on the second building go into effect? Immediately after the closing of the purchase of the second building When the owners notify their insurance producer of the purchase When the owners notify their insurance company of the purchase When the owners pay the required additional premium
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If the owners of building insured under commercial general liability policy purchase another building in the same risk class, how soon will coverage on the second building go into effect?
- Immediately after the closing of the purchase of the second building
- When the owners notify their insurance producer of the purchase
- When the owners notify their insurance company of the purchase
- When the owners pay the required additional premium
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- An insured is purchasing a Building and Personal Property Coverage Form (BPP) to cover her business. She asks the agent to explain how her property will be valued in the event of a loss. Which one of the following statements made by her agent accurately describes how the covered property will be valued in the event of loss? The insurer is obligated to pay replacement cost regardless of whether or not the property has actually been repaired or replaced. The insurer is obligated to pay the cost to replace the damaged or destroyed property with new property of like kind and quality without any deduction for depreciation or obsolescence. Insurers underwrite the coverage carefully because some items that can be difficult to value, such as manuscripts, works of art, antiques, and rare articles, are covered for replacement cost. If the insured elects to accept an ACV claim settlement, the insured is barred from later requesting payment of replacement cost.A customer enters into a contract that conveys the right to use an explicitly specified retail unit for a period of five years. The property owner can require the customer to move into another retail unit; there are several retail units of similar quality and specification available.As the property owner has to pay for any relocation costs it can benefit economically from relocating the customer only if there is a new tenant that wants to occupy a large amount of retail space at a rate that is sufficient to cover the relocation costs. Those circumstances may arise, but they are not considered likely to occur.The contract requires the customer to sell his goods during the opening hours of the larger retail space. The customer decides on the mix of goods sold, the pricing of the goods sold and the quantities of inventory held. He further controls physical access to the retail unit throughout the five-year period of use.The rent that the customer has to pay includes a fixed amount plus a…Bob, risk manager from Travelers, mentioned that Travelers has the following two insurance programs, one for property coverage and one for liability coverage: I. Insurance program “A” is for liability coverage because Travelers is exposed to a high degree of professional liability risk so a low-deductible policy will protect the company from liability losses II. Insurance program “A” is for property coverage because Travelers owns a very valuable building and is concerned with the maximum probable loss of its property in a catastrophic event III. Insurance program “B” is for liability coverage because Travelers’ liability losses are relatively manageable so it saves the company insurance premiums by maintaining a larger deductible Bob, risk manager from Travelers, mentioned that Travelers has the following two insurance programs, one for property coverage and one for liability coverage: I. Insurance program “A” is for liability coverage because Travelers is exposed to a high…
- . A __________ __________ is a part of a fire insurance policy that requires the policyholder to purchase coverage at least equal to a specified percentage of the replacement cost of the property to obtain full reimbursement for losses.Sharp Accounting rents a floor in an office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's custody. Contains a deductible that applies to damage caused by Sharp. Provides coverage for property of others in Sharp's custody regardless of fault.According to Title 5 of the Massachusetts Environmental code , when must a septic system inspection occur? A.Only when required by the mortgage lender B.Within wom wells prior to the date of closing C.Only if required by the local building inspector D.Within two years prior to the date a property is transferred A consumer who wishes to file a complaint under Massachusetts general law chapter 93A must first give the licensee written notice with how many days to respond? A 14 B 30 C 60 D 90
- Risk and premiums for homeowners policies look at all of the following, EXCEPT: a) The results of the title search b) The property being insured c) The person buying the policy d) The type and amount of coveragea buyer purchased a home using a va loan. an appraiser was assigned to estimate the value of the property for the lender. the appraised value was less than the contract price. if the buyer really wants the property which of the following choices is the buyers best option do nothing because the seller must sell the property at the appraised value Hire an appraiser and see if a second appraisal yields a higher appraised value seek an fha lender who will automatically make up the difference between the contract price and the appraised value make up the difference between the contract price and appraised value in cashWhich of the following statements is correct about perils in property insurance policies? An (HO-2) form provides coverage for more perils than a (HO-3) Form. a Peril is defined as the cause of a loss A peril increases the chance of a loss a property insurance policy must contain a list of all cover perils
- Citation Builders, Inc., builds office buildings and single-family homes. The office buildings are constructedunder contract with reputable buyers. The homes are constructed in developments ranging from 10–20 homesand are typically sold during construction or soon after. To secure the home upon completion, buyers must paya deposit of 10% of the price of the home with the remaining balance due upon completion of the house andtransfer of title. Failure to pay the full amount results in forfeiture of the down payment. Occasionally, homesremain unsold for as long as three months after construction. In these situations, sales price reductions are usedto promote the sale.During 2018, Citation began construction of an office building for Altamont Corporation. The total contractprice is $20 million. Costs incurred, estimated costs to complete at year-end, billings, and cash collections for thelife of the contract are as follows:2018 2019 2020Costs incurred during the year $ 4,000,000 $…A land development company that wants to protect itself against bodily injury liability claims resulting from accidents that might occur on its vacant land should purchase which of the following types of insurance? Comprehensive personal liability Commercial general liability Personal Injury liability Contractual liabilityCitation Builders, Incorporated, builds office buildings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging from 10−20 homes and are typically sold during construction or soon after. To secure the home upon completion, buyers must pay a deposit of 10% of the price of the home with the remaining balance due upon completion of the house and transfer of title. Failure to pay the full amount results in forfeiture of the down payment. Occasionally, homes remain unsold for as long as three months after construction. In these situations, sales price reductions are used to promote the sale. During 2024, Citation began construction of an office building for Altamont Corporation. The total contract price is $23 million. Costs incurred, estimated costs to complete at year-end, billings, and cash collections for the life of the contract are as follows: 2024 2025 2026 Costs incurred during…