COMMERCIAL PROPERTY INSURANCE - Sandi …

1 COMMERCIAL PROPERTY INSURANCE Sandi KRUISE INSURANCE TRAINING 1-800-517-7500 2005-2015 Sandi Kruise INSURANCE Training, Sandi Kruise Inc, All rights reserved. 1 COMMERCIAL PROPERTY INSURANCE .. 8 COMMERCIAL PROPERTY COVERAGE AS PART OF A COMMERCIAL PACKAGE POLICY (CPP) .. 8 COMMERCIAL PROPERTY PROGRAM ELIGIBILITY .. 8 Package Modification Factors .. 8 Minimum Premium .. 9 COMMERCIAL PROPERTY COVERAGE FORMAT .. 9 COMMERCIAL PROPERTY COVERAGE FORMS ..10 COMMERCIAL PROPERTY Declarations ..11 Common Policy Conditions .. 12 Cancellation Changes Endorsement ..13 Changes ..14 Examination of Your Books and Records ..14 Inspections and Surveys.

2 14 Premiums ..15 Transfer of Rights and Duties ..16 COMMERCIAL PROPERTY Conditions CP 00 90 .. 17 Concealment, Misrepresentation or Control Of PROPERTY ..18 INSURANCE under Two or More Coverages ..19 Legal Action Against the Liberalization Clause ..20 No Benefit To Bailees ..20 Other INSURANCE ..21 Policy Period and Coverage Territory ..21 Subrogation ..22 ISO Direct Damage Coverage Forms .. 23 CP 00 10 10 00 BUILDING AND BUSINESS PERSONAL PROPERTY FORM .. 24 COMMERCIAL PROPERTY DECLARATIONS PAGE ..24 SUPPLEMENTAL DECLARATIONS ..26 BUSINESS AND PERSONAL PROPERTY COVERAGE FORM CP 00 10 ..26 Insuring Agreement ..26 COVERAGE ..27 COVERED PROPERTY .

3 27 Covered Locations ..28 Unscheduled Locations ..28 Covered PROPERTY Buildings ..28 Business Personal PROPERTY ..30 Personal PROPERTY of Others ..32 PROPERTY NOT COVERED ..33 Covered Causes of Loss ..36 ADDITIONAL COVERAGES ..37 Debris Removal ..37 Preservation Of PROPERTY ..40 Fire Department Service Charge ..40 Pollutant Clean Up And Removal ..41 Increased Cost Of Construction ..42 COVERAGE EXTENSIONS ..44 Newly Acquired Or Constructed PROPERTY ..44 2005-2015 Sandi Kruise INSURANCE Training, Sandi Kruise Inc, All rights reserved. 2 Personal Effects and PROPERTY of Others ..46 Valuable Papers and Records ..47 PROPERTY Off Premises.

4 48 Outdoor PROPERTY ..49 Non-Owned Detached Trailers ..50 Exclusions and Limitations ..51 LIMITS OF INSURANCE ..51 Reporting Form Option ..52 Deductible ..53 LOSS CONDITIONS ..55 Abandonment ..56 Appraisal ..56 Duties in the Event of Loss ..57 Loss Payment ..58 Recovered PROPERTY ..60 Vacancy ..60 VACANCY PERMIT ..62 VALUATION ..63 ADDITIONAL CONDITIONS ..65 COINSURANCE ..65 Mortgageholders ..69 OPTIONAL COVERAGES ..71 Agreed Value ..71 Inflation Guard ..72 Replacement Cost ..73 Replacement Cost Personal PROPERTY of DEFINITIONS ..77 Pollutants ..77 Stock ..78 PROPERTY LOSS EXPOSURES: PERILS AND HAZARDS .. 79 Covered Perils ..79 Named Perils Coverage.

5 79 All Risks Coverage ..79 SUMMARY OF ISO ALL RISKS EXCLUSIONS AND LIMITATIONS ..79 BASIC, BROAD AND SPECIAL CAUSES OF LOSS FORMS .. 81 ISO CAUSES OF LOSS FORMS ..81 Proximate Cause ..82 COMMERCIAL PROPERTY Cause of Loss Comparison ..82 CAUSES OF LOSS BASIC FORM AND .. 87 CAUSES OF LOSS BROAD FORM .. 87 Fire Basic and Broad Forms ..87 Lightning Basic and Broad Forms ..88 Explosion Basic and Broad Forms ..88 Windstorm or Hail Basic and Broad Forms ..88 Smoke Basic and Broad Forms ..89 Aircraft or Vehicles Basic and Broad Forms ..89 Riot or Civil Commotion Basic and Broad Forms ..90 Vandalism Basic and Broad Forms ..90 Sprinkler Leakage Basic and Broad Forms.

6 91 Sinkhole Collapse Basic and Broad Forms ..92 Volcanic Action Basic and Broad Forms ..92 2005-2015 Sandi Kruise INSURANCE Training, Sandi Kruise Inc, All rights reserved. 3 Additional Covered Perils Broad Form Only .. 93 Falling Objects Broad Form Only ..93 Weight of Snow, Ice, or Sleet Broad Form Only ..93 Water Damage Broad Form BASIC & BROAD FORM EXCLUSIONS .. 96 Group 1 Exclusions ..96 Exclusions Basic and Broad Forms ..96 Ordinance or Law Basic and Broad Ordinance or Law Coverage ..97 Earth Movement Basic and Broad Earthquake Coverage ..98 Governmental Action Basic and Broad Forms .. 100 Nuclear Hazard Basic and Broad Forms.

7 101 Utility Services Basic and Broad Forms .. 101 War and Military Action Basic and Broad Forms .. 102 Water Basic and Broad Forms .. 102 Flood Coverage .. 103 Conclusion to Group 1 Exclusions .. 104 Group 2 Exclusions .. 105 Artificially Generated Current Basic and Broad Forms .. 105 Off-Premises Utility Service Interruption Coverage .. 106 Boiler Explosion Basic and Broad Forms .. 107 Mechanical Breakdown Basic and Broad Forms .. 107 Neglect To Preserve PROPERTY from Further Damage Basic and Broad Forms .. 108 Special Exclusions .. 108 Special Exclusions: Business Income and Extra Expense Coverage Basic and Broad Forms .. 108 Special Exclusions: Leasehold Interest Coverage Basic and Broad Forms.

8 110 Special Exclusions: Legal Liability Coverage Form Basic and Broad Forms .. 111 Additional Coverage Broad Form Only .. 113 Additional Coverages: Collapse Broad Form Only .. 113 Limitation Basic and Broad Forms .. 116 CAUSES OF LOSS SPECIAL FORM .. 117 Special Form Covered Causes of Loss .. 117 Exclusions .. 118 Group 1 Exclusions .. 118 Ordinance or Law .. 119 Earth Movement .. 120 b. Earth Movement .. 121 Governmental Action .. 122 Nuclear Hazard .. 123 Utility Services .. 123 War and Military 124 Water .. 125 Conclusion to Group 1 Exclusions .. 126 Group 2 Exclusions .. 126 Artificially Generated Current .. 127 Delay, Loss of Use, Loss of Market.

9 127 Smoke from Industrial Operations .. 128 d. Wear and Tear.. 129 Boiler Explosion .. 129 2005-2015 Sandi Kruise INSURANCE Training, Sandi Kruise Inc, All rights reserved. 4 Continuous Leakage .. 130 Discharge Caused by Freezing .. 130 Employee Dishonesty .. 130 Voluntary Parting with PROPERTY .. 131 If the insured or someone the insured trusts with PROPERTY is tricked into giving away any PROPERTY , there is no coverage.. 131 Precipitation Damage to Personal PROPERTY Outdoors .. 131 Collapse .. 132 Release of Pollutants .. 132 Neglect To Preserve PROPERTY from Further Damage .. 133 Group 3 Exclusions .. 133 The subparts under this exclusion are commonly called the concurrent causation exclusions.

10 133 Special Exclusions .. 134 Special Exclusions Business Income and Extra Expense Coverage .. 134 Special Exclusions Leasehold Interest Coverage .. 137 Special Exclusions Legal Liability Coverage .. 137 Limitations .. 139 Steam Boilers .. 139 Building Interiors .. 140 Building Materials Theft .. 140 Missing PROPERTY .. 141 PROPERTY Transfer .. 141 Various PROPERTY Types .. 141 Theft Coverage .. 142 Appliance Leakage Repair .. 143 Additional Coverage Collapse .. 144 Additional Coverage Extensions .. 146 PROPERTY in Transit .. 147 Appliance Leakage .. 148 Glass .. 148 Definitions .. 148 Sinkhole 149 Falling Objects .. 149 Water Damage.