Commercial Property: Covered Property

1) Introduction
a) Parts of a Commercial Property package
b) Types of Covered Property
2) Covered Property
a) Building
b) Business Personal Property
c) Personal Property Of
Others
d) Limits of Insurance
e) Businessowners Policy vs.
Commercial Property Policy
3) Coverage Extensions
4) “Building” as covered property
a) As defined under BP vs. CP
b) Interactive example
c) Newly acquired or constructed property
d) Interactive example
5) “Building or structure” defined
6) “Roof” defined
7) “Four walls” defined
8) Recap
9) Quiz – Reinforcing Part 1 Materials
a) 5 multiple choice questions
b) 4 choices per question
c) Second quiz if less than 80% score on first quiz

1) Meaning of the term “structure”
a) Dictionary definitions
b) Examples
2) Steps when adjusting a claim for loss or damage to a structure
a) Step 1: What type of item is it?
b) Step 2: Is it listed under the Property Not Covered section?
c) Step 3: Is it listed under the Coverage Extensions?
3) Structures as Property Not Covered
a) Paved surfaces
(1) Possible historical reasons for exclusion
(2) Interactive example
b) Foundations
(1) Possible reasons for exclusion
(2) Only foundations below the lowest basement floor
(3) Interactive example
c) Retaining Walls
(1) Purpose of a retaining wall
(2) Interactive example
d) Underground pipes
(1) Possible reasons for exclusion
(2) Interactive example
e) Outdoor property
(1) Property specified in this category under the CP 00 10
(2) Coverage Extensions for Outdoor Property
(3) Outdoor fences and signs
(4) Interactive example
4) Quiz – Reinforcing Part 2 Materials
a) 5 multiple choice questions
b) 4 choices per question
c) Second quiz if less than 80% score on first quiz

1) Completed Additions
a) Additions defined
b) Examples
c) Tests to classify additions vs. structures
(1) Architecturally connected
(2) Necessary appurtenance
(3) Dependency requirement, including interactive example
d) Completed defined
2) Fixtures, including outdoor fixtures
a) Fixtures defined
b) Three factors to identify a fixture
c) Interactive example
d) Fixtures vs. trade fixtures
e) Floor coverings as fixtures
3) Permanently installed machinery and equipment
a) “permanently installed” defined
b) “Machinery” and “equipment” defined
c) Interactive example
4) Certain types of property used to service the building or premises
a) “Owned by the insured”
b) “Maintain or service”
c) Interactive example
5) Additions under construction
a) “Materials” and “supplies” defined
b) “Part of a building”
c) Examples
6) Quiz – Reinforcing Part 3 Materials
a) 5 multiple choice questions
b) 4 choices per question
c) Second quiz if less than 80% score on first quiz

1) Business Personal Property defined
a) “Owned by the insured”
b) “Used in the insured’s business”
2) Introductory language of Business Personal Property
a) “Described premises”
b) Coverage Extension: Property Off-Premises
c) Causes of Loss Special form – Coverage Extension
3) Four of the seven categories of Business Personal Property
a) Furniture and fixtures
(1) Trade fixtures
(2) Examples
(3) Interactive example
b) Machinery and equipment
(1) Defined
(2) Examples
c) “Stock”
(1) Defined
(2) Examples
(3) Valuation
(4) Selling price endorsement
d) All other personal property owned by you and used in your business
(1) Defined
(2) Limitations
(3) Interactive example
4) Quiz – Reinforcing Part 4 Materials
a) 5 multiple choice questions
b) 4 choices per question
c) Second quiz if less than 80% score on first quiz

1) Three of the seven categories of Business Personal Property
a) Labor, materials, or services furnished or arranged by you on personal property of others
(1) Defined
(2) Examples
(3) Interactive example
b) Use interest as a tenant in improvements and betterments
(1) Defined
(2) Examples
(3) Improvements and betterments vs. fixtures
(4) Valuation
(i) If insured does not make repairs promptly
(ii) If insured makes repairs promptly
(iii) If someone other than insured makes repairs
(5) Interactive examples
c) Leased personal property
(1) Lease requirements
(2) Contractual responsibility to insure
(3) Overlap with Personal Property Of Others coverage
2) Quiz – Reinforcing Part 5 Materials
a) 5 multiple choice questions
b) 4 choices per question
c) Second quiz if less than 80% score on first quiz

1) Meaning of Personal Property Of Others
a) Examples
b) “Care, custody or control”
c) Interactive example
2) Coverage Extension: Personal Effects And Property Of Others
3) Claim settlement
a) “Account of the owner of the property”
4) Valuation
5) Module Summary
a) Building coverage
b) Business Personal Property coverage
c) Personal Property Of Others coverage
3) Quiz – Reinforcing Part 6 Materials
a) 5 multiple choice questions
b) 4 choices per question
c) Second quiz if less than 80% score on first quiz