Commercial Property Insurance Essentials

Monoline coverage refers to purchasing a single Commercial Lines coverage policy. Multi-line coverage involves buying multiple types of coverage, bundled coverage combines different coverages into a package deal, and integrated coverage combines various coverages into a single policy.

In a Commercial Property policy, to earn coverage extensions, the Policyowner must be insured at least 80% to value. This is known as the Coinsurance requirement in property insurance.

In commercial property, the foundation below the lowest basement floor is not considered part of the building as it is essential for providing structural support and stability to the entire structure.

In order to earn Extensions of coverage, an insured must be insured at least 80% to value.

The correct answer is 60 because a vacancy of more than 60 consecutive days can lead to decreased coverage as it may be difficult to find adequate replacements or maintain consistency in operations over an extended period.

In order for property to be covered under a Commercial Property policy, it must typically be within 100 feet of the building to be included in the coverage. This distance is specified to ensure that the property is considered part of the same premises and thus covered under the policy.

In Indiana, a child is considered a minor under Workers Compensation laws if they are under the age of 17. This means that individuals who are 17 and older are not considered minors for the purposes of Workers Compensation in Indiana.

Inland Marine insurance is specifically designed to cover movable property or equipment as it is transported over land. This type of insurance would be the most suitable for covering damage done to a bulldozer.

In Indiana, under Workers Comp Law, anyone under the age of 17 is considered a minor for purposes of legal matters. Therefore, the correct answer is anyone under 17.

The correct answer of 168 hours is based on the standard insurance policy clause that considers earthquakes and aftershocks occurring within a 7-day period as a single occurrence for commercial property claims.

Business Income coverage is categorized under 'Indirect loss' or 'Consequential Loss' as it provides protection for the loss of income that a business suffers due to a covered peril or event.

The correct Fire Department Service Charge payable in Commercial Property is $1,000.

Inventory is typically considered part of the business personal property which is covered under the Commercial Property policy. Property Damage Liability covers damage to another person's property, Commercial General Liability covers bodily injury and property damage claims, and Professional Liability covers professionals for negligence or errors.

Forklifts and bulldozers are considered mobile equipment as they are capable of moving and performing tasks in various locations. While they are heavy machinery used for construction, they differ from stationary equipment due to their mobility.

In an Unendorsed Commercial Property Policy, losses are typically settled on an Actual Cash Value basis, which takes into account the property's depreciation. Replacement Cost, Agreed Value, and Stated Amount are other common settlement methods used in insurance policies but are not typically associated with Unendorsed Commercial Property Policies.

In a Commercial Property policy, building losses under $2500 will be handled on a Replacement Cost basis. This means that for losses up to $2500, the insurance company will cover the cost of replacing or repairing the damaged property without factoring in depreciation. Amounts above $2500 may be subject to Actual Cash Value settlement, where depreciation is taken into account.

When a property is covered under multiple insurance modules, the primary module typically takes precedence over others in terms of coverage and claims processing.

Deductibles primarily control the frequency of use of policies by requiring policyholders to pay a certain amount out of pocket before insurance coverage kicks in, thus preventing overuse.