Chapter 10 Notes
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| What are the apparent causes of equipment breakdown losses? | heat, pressure, electrical energy, centrifugal force, recipricating motion.
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| List the types of equipment that can be covered under equipment breakdown policies? | Boilers, Electrical Equipment, Mechanical Equipment, Air Conditioners and Refrigeration, Office Equipment and Systems
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| List the type of losses covered for boilers under equipment breakdown policies? | explosion, overheating (called dry firing due to not enough water, cracking, bulging.
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| List two types of boiler losses that are covered under commercial property therefore not covered under equipment breakdown policy? | explosion of unfired pressure vessels, combustion explosion.
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| Define boiler combustion explosion? | Caused by ignition of accumulated unburned fuel in vessel.
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| List the common causes of losses for electrical equipment? | surges, moisture, insulation deterioration, overload, lubrication failure, improper repairs.
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| List electrical equipment losses covered by commercial property covered therefore not covered by equipment breakdown insurance? | lightning, fire from electrical breakdown
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| What electrical equipment exposure is covered under breakdown insurance excluded in comm property? | Damage caused by artificially generated current to electrical devices. So it covers motors, generators, circuit breakers etc.
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| The ISO equipment breakdown protection coverage form contains how many insuring agreements? | 10 (they may not all be included either because not needed or insurer is unwilling to provide)
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| Under the Property Damage Insuring Agreement what property is covered? | Property the insured owns, property that is in the named insureds care and for which they are legally liable. Must be described in the declarations.
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| Describe the "Defense" Condition of Property Damage Insuring Agreement? | Gives the insurer the right (but not the duty) to defend the insured against suits arising from claims of property damage in insureds control. It will pay the suit if it choses to defend.
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| Under the Expediting Expenses insuring agreement the insurer agrees to pay what? | Expenses incurred to necessarily expedite repair or replacement of covered property.
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| Spoilage Damage insuring agreement covers what? | Damage to raw materials, property in process, finished products while in storage. Must result from lack of power, light, heat, steam, or refridgeration. Insurer also agrees to pay for cost of expenses to reduce spoilage.
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| What are the apparent causes of equipment breakdown losses? | heat, pressure, electrical energy, centrifugal force, recipricating motion.
🗑
|
||||
| List the types of equipment that can be covered under equipment breakdown policies? | Boilers, Electrical Equipment, Mechanical Equipment, Air Conditioners and Refrigeration, Office Equipment and Systems
🗑
|
||||
| List the type of losses covered for boilers under equipment breakdown policies? | explosion, overheating (called dry firing due to not enough water, cracking, bulging.
🗑
|
||||
| List two types of boiler losses that are covered under commercial property therefore not covered under equipment breakdown policy? | explosion of unfired pressure vessels, combustion explosion.
🗑
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| Define boiler combustion explosion? | Caused by ignition of accumulated unburned fuel in vessel.
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| List the common causes of losses for electrical equipment? | surges, moisture, insulation deterioration, overload, lubrication failure, improper repairs.
🗑
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| List electrical equipment losses covered by commercial property covered therefore not covered by equipment breakdown insurance? | lightning, fire from electrical breakdown
🗑
|
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| What electrical equipment exposure is covered under breakdown insurance excluded in comm property? | Damage caused by artificially generated current to electrical devices. So it covers motors, generators, circuit breakers etc.
🗑
|
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| The ISO equipment breakdown protection coverage form contains how many insuring agreements? | 10 (they may not all be included either because not needed or insurer is unwilling to provide)
🗑
|
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| Under the Property Damage Insuring Agreement what property is covered? | Property the insured owns, property that is in the named insureds care and for which they are legally liable. Must be described in the declarations.
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|
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| Describe the "Defense" Condition of Property Damage Insuring Agreement? | Gives the insurer the right (but not the duty) to defend the insured against suits arising from claims of property damage in insureds control. It will pay the suit if it choses to defend.
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| Under the Expediting Expenses insuring agreement the insurer agrees to pay what? | Expenses incurred to necessarily expedite repair or replacement of covered property.
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| Spoilage Damage insuring agreement covers what? | Damage to raw materials, property in process, finished products while in storage. Must result from lack of power, light, heat, steam, or refridgeration. Insurer also agrees to pay for cost of expenses to reduce spoilage.
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| The insuring agreement for time element coverages is broken down in to three sections what are they? | 1) Business Income and Extra Expense 2) Utility Interuption 3) Contingent Business Income and Extra Expense
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| If the business income and extra expense coverage applies to equipment breakdown what is covered? | Actual loss of income during period of restoration. It continues for 5 consecutive days after repaired or replaced.
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| If the utility interuption coverage applies to equipment breakdown what is covered? | Business income lost due to loss of utilities from a public utility.
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| The contingent version of the business income and extra expense insuring agreement covers what? | Only income lost from breakdown of specified equipment shown in declarations and must cause prevention of delivery of services or goods and result in loss of sales at named insured premise.
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| The Newly Acquired Premises insuring agreement covers? | New property from the day acquired for the number of days shown in declarations. Insurer must be informed in writing of new acquisitions and pay premium for this.
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| The errors and omissions insuring agreement agrees to? | Cover a loss due to an unintentional omission in description,list premise, cancellation by mistake. It must be reported and corrected when discovered.
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| Insuring computers and electronic data is generally taken care of one of these three ways? | 1) business personal property 2) inland marine edp equipment floater 3) combo of equipment breakdown and commercial property coverage
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| Ended page 10-9 |
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