Chapter 10 Notes
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| show | heat, pressure, electrical energy, centrifugal force, recipricating motion.
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| show | 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? | show 🗑
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| List two types of boiler losses that are covered under commercial property therefore not covered under equipment breakdown policy? | show 🗑
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| Define boiler combustion explosion? | show 🗑
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| show | 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? | show 🗑
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| show | Damage caused by artificially generated current to electrical devices. So it covers motors, generators, circuit breakers etc.
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| show | 10 (they may not all be included either because not needed or insurer is unwilling to provide)
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| show | 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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| show | 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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| show | Expenses incurred to necessarily expedite repair or replacement of covered property.
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| show | 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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| show | heat, pressure, electrical energy, centrifugal force, recipricating motion.
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| show | Boilers, Electrical Equipment, Mechanical Equipment, Air Conditioners and Refrigeration, Office Equipment and Systems
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| show | 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? | show 🗑
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| Define boiler combustion explosion? | show 🗑
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| List the common causes of losses for electrical equipment? | show 🗑
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| show | lightning, fire from electrical breakdown
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| What electrical equipment exposure is covered under breakdown insurance excluded in comm property? | show 🗑
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| show | 10 (they may not all be included either because not needed or insurer is unwilling to provide)
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| show | 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? | show 🗑
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| show | Expenses incurred to necessarily expedite repair or replacement of covered property.
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| Spoilage Damage insuring agreement covers what? | show 🗑
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| show | 1) Business Income and Extra Expense 2) Utility Interuption 3) Contingent Business Income and Extra Expense
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| show | Actual loss of income during period of restoration. It continues for 5 consecutive days after repaired or replaced.
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| show | Business income lost due to loss of utilities from a public utility.
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| show | 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? | show 🗑
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| The errors and omissions insuring agreement agrees to? | show 🗑
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| Insuring computers and electronic data is generally taken care of one of these three ways? | show 🗑
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| Ended page 10-9 | show 🗑
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