Commercial Property Insurance

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Level: Intermediate

Why you need this course:
After completing this course, you should be able to evaluate which coverages are appropriate for specific commercial loss exposures.

Upon successful completion of this course, you should be able to:

  • Describe the following documents that are included in a commercial property coverage part:
    • Commercial property declarations
    • Commercial property coverage forms
    • Causes of loss forms
    • Commercial Property Conditions
    • Endorsements
  • Identify covered property and property not covered under the Building and Personal Property Coverage Form (BPP).
  • Describe each of the additional coverages and coverage extensions included in the BPP.
  • Describe the application of limits of insurance and deductibles in commercial property insurance.
  • Describe each of the conditions appearing in the loss conditions or additional conditions section of the BPP.
  • Explain how each of the following optional coverages printed in the BPP modifies the basic coverage of the BPP:
    • Agreed value
    • Inflation guard
    • Replacement cost
    • Extension of replacement cost to personal property of others
  • Describe the purpose and the operation of each of the following modifications of the BPP:
    • Functional Building Valuation endorsement
    • Functional Personal Property Valuation endorsement
    • Property Valuation endorsement
    • Value Reporting Form
    • Peak Season Limit of Insurance endorsement
  • Describe the operation of blanket insurance and its advantages over specific insurance.
  • Explain whether, and for what amount, the BPP and any applicable optional coverages would cover a described loss.
  • Identify the perils covered and the perils excluded or limited by the following:
    • Causes of Loss—Basic Form
    • Causes of Loss—Broad Form
    • Causes of Loss—Special Form
  • Explain how and why each of the following coverage forms differs from the Building and Personal Property Coverage Form (BPP):
    • Builders Risk Coverage Form
    • Condominium Association Coverage Form
    • Condominium Commercial Unit
    • Owners Coverage Form
  • Explain how each of the following endorsements modifies the BPP:
    • Ordinance or Law Coverage
    • Spoilage Coverage
    • Manufacturers´ Consequential Loss Assumption
    • Brands and Labels
    • Flood Coverage
    • Earthquake and Volcanic Eruption Coverage
  • Describe the following conditions expressed in the Commercial Property Conditions Form:
    • Concealment, Misrepresentation, or Fraud
    • Control of Property
    • Insurance Under Two or More Coverages
    • Legal Action Against Us
    • Liberalization
    • No Benefit to Bailee
    • Other Insurance
    • Policy Period, Coverage Territory
    • Transfer of Rights of Recovery Against Others to Us
  • Describe the aspects of coverage and other factors that affect commercial property insurance premiums.

Cost: $20 per Professional Development Hour (PDH). Information on Professional Development Hours (PDH) provided can be found here.

Commercial Property Insurance Topics Include:

  • Documents that are included in a commercial property coverage part
  • The Building and Personal Property Coverage Form (BPP)
  • Additional coverages and coverage extensions included in the BPP
  • Limits of insurance and deductibles in commercial property insurance
  • Conditions in the loss conditions or additional conditions section of the BPP
  • How each of the following optional coverages printed in the BPP modifies the basic coverage of the BPP:
    • Agreed value
    • Inflation guard
    • Replacement cost
    • Extension of replacement cost to personal property of other
  • The purpose of each of the following modifications of the BPP:
    • Functional Building Valuation endorsement
    • Functional Personal Property Valuation endorsement
    • Property Valuation endorsement
    • Value Reporting Form
    • Peak Season Limit of Insurance endorsement
  • The operation of blanket insurance and its advantages over specific insurance.
  • Perils covered and the perils excluded or limited by the following:
    • Causes of Loss—Basic Form
    • Causes of Loss—Broad Form
    • Causes of Loss—Special Form
  • Differences between the Building and Personal Property Coverage Form (BPP) and the:
    • Builders Risk Coverage Form
    • Condominium Association Coverage Form
    • Condominium Commercial Unit
    • Owners Coverage Form
  • How certain endorsements modify the BPP
  • Certain conditions expressed in the Commercial Property Conditions Form
  • Factors that affect commercial property insurance premiums

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