COMMERCIAL INSURANCE

12345678910111213141516171819202122232425262728
Across
  1. 3. - A property insurance provision granting special protection for the interest of a mortgagee (e.g., financial institution that has an interest in the property)
  2. 7. - Covers increased costs incurred due to enforcement of laws regulating construction, use or repair of property.
  3. 8. - An insurance policy issued to replace an expiring policy
  4. 11. - filing of values by the insured with the company. The values must be the full actual cash values (or replacement cost values if the Replacement Cost Optional Coverage applies) and must be filed annually by the insured.
  5. 12. - Rates based on loss costs provided by ISO for particular risks. They are based on a property survey and on the application of rating schedules.
  6. 16. - Provides case management service and expense reimbursement if there has been an identity theft of a named insured
  7. 17. - The most paid for loss or damage in any one occurrence is the applicable Limit Of Insurance shown in the Declarations.
  8. 18. - A property insurance term that refers to one of the two primary valuation methods for establishing the value of insured property for purposes of determining the amount the insurer will pay in the event of loss. It is usually defined in the policy as the cost to replace the damaged property with materials of like kind and quality, without any deduction for depreciation
  9. 22. - A risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur. Also known as risk control or safety.
  10. 23. - An amount the insurer will deduct from the loss before paying up to its policy limits
  11. 24. - specifies that the rates used in the development of the commercial property premium are tentative and the premium will be adjusted once the applicable rates are available
  12. 26. - Provides coverage to perishable stock with the option to have it covered at “selling price”
  13. 27. - We will not pay the full amount of any loss if the value of Covered Property at the time of loss times the percentage shown for it in the Declarations is greater than the Limit of Insurance for the property.
  14. 28. - Cause of loss—for example, fire, windstorm, collision.
Down
  1. 1. - A commercial property insurance provision that suspends the coinsurance clause until a specified expiration date. Insurers usually require a statement of property values signed by the insured as a condition of activating or including an agreed value provision in a commercial property policy. Previously referred to as an agreed amount clause.
  2. 2. - typically calculated one of three ways: (1) the cost to repair or replace the damaged property, minus depreciation; (2) the damaged property's "fair market value"; or (3) using the "broad evidence rule," which calls for considering all relevant evidence of the value of the damaged property
  3. 4. - Rates which apply to risks that: are eligible for class rating; and share the same classification description.
  4. 5. - As a condition of this insurance, you are required to maintain the protective devices or services listed in the schedule.
  5. 6. - Under general liability coverage, a category of insurable offenses that produce harm other than bodily injury (BI).
  6. 9. - Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations.
  7. 10. - are improvements to real property. They are of a permanent nature, such as a new store front, decorations, partitions or elevators. The improvements and betterments are either installed or acquired by the tenant but are not legally removable by the tenant.
  8. 13. - A policy designed to provide protection against catastrophic losses. Provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).
  9. 14. - Insurance paying or rendering service on behalf of an insured for loss arising out of legal liability to others
  10. 15. - Property insurance for property in transit over land, certain types of moveable property
  11. 19. - Coverage for loss due to mechanical or electrical breakdown of nearly any type of equipment.
  12. 20. - The “Terrorism Risk Insurance Act" ("TRIA") establishes a program within the Department of the Treasury in which the Federal Government will share the risk of loss from terrorist attacks with the insurance industry.
  13. 21. - changes by modifying the existing insuring agreement, policy definitions, exclusions, or conditions in the coverage form or adding additional information, such as insured locations
  14. 25. - Any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy, as distinguished from others that, although unnamed, fall within the policy definition of an "insured."