Coverage usually provided for large businesses in four areas:
Section I (Property) The building (s) and contents are covered against either any peril (ALL RISKS basis) or only perils listed in Section I. It is to the advantage of the business to have coverage written on an ALL RISKS basis. Endorsements can be added for sprinkler leakage, business interruption, extra expense, water damage, rental loss, valuable records and papers, mercantile robbery and safe burglary, mercantile open stock burglary, glass and fine arts, or these items can be covered separately.
Section II (Liability)�The insured is covered for actions or non actions that result in liability exposure arising out of ownership, use,possession and/or maintenance of the covered locations and structures. Also covered are the business's activities conducted by the insured whether at or from the covered locations and structures. Endorsements can be added to cover for medical payments, liability arising out of products and completed operations, and liability arising out of operation of a non owned automobile. Additional endorsements can be added to this section to broaden liability coverage.
Section III (Crime)�Coverage for employee dishonesty, premises loss both inside and outside of the structure, forgery by depositions,paper currency that proves to be counterfeit, and money orders. The comprehensive DISHONESTY, DISAPPEARANCE, AND DESTRUCTION POLICY (3-D POLICY) and the BLANKET CRIME POLICY provide these coverages.
Section IV (Boiler and Machinery)�Coverage for explosion of a boiler, engine, turbines, and/or pipes owned or under the control of the insured. Endorsements can be added to cover indirect and consequential losses resulting from accidents associated with the boiler and machinery expenses. The SMP has generally been replaced by the COMMERCIAL PACKAGE POLICY.
Annuity that begins payments after a single premium is paid. For example, the annuitant pays a single premium of $100,000 on June 1 of the current year and begins receiving a monthly income ...
Coverage for a lender who has accepted property on the floor of a merchant as security for a loan. If the merchandise is damaged or destroyed, the lender is indemnified. The policy is on an ...
Type of organization of property and casualty insurance companies whose objective is to share information on fraudulent claims, handle claims in an expeditious manner, and disseminate ...
Every person has a different idea of what financial security means. If so, should happen to you, how much money would you family need? You should consider:
- Your current debt.
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