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Showing posts with the label Business Owners Policy

Chloe's Rent A Storage Unit facility was broken into and had some furniture stolen from their office valued at $3,900. If they have the BOP standard deductible, how much will the insurer cover?

Chloe's Rent A Storage Unit facility was broken into and had some furniture stolen from their office valued at $3,900. If they have the BOP standard deductible, how much will the insurer cover? a. $3,900 b. $250 c. $3,400 d. $3,590 Answer: C
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The Protective Safeguards endorsement is best described as which of the following?

The Protective Safeguards endorsement is best described as which of the following? a. It covers loss of business income and extra expense due to utility service interruption. b. It is a list of services the insured must maintain as a condition for coverage. c. The endorsement covers loss or damage to scheduled property caused by an interruption of water, communication, or power service. d. It states that the policy will change to meet updated state regulations. Answer: B
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How long a period does an insured have to bring a lawsuit against an insurer for failure to provide payment for a covered loss?

How long a period does an insured have to bring a lawsuit against an insurer for failure to provide payment for a covered loss? a. Two years b. Three years c. There is no time limit. d. One year Answer: A
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While the BOP Special Form is a special peril/all-risk policy, which of the following is an exclusion on the policy?

While the BOP Special Form is a special peril/all-risk policy, which of the following is an exclusion on the policy? a. Burglary b. Damage from birds or insects c. There are no exclusions on a special peril/all-risk policy. d. Fire Answer: B
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For a small contractor to be eligible for a BOP, what is the limit of their annual sales?

For a small contractor to be eligible for a BOP, what is the limit of their annual sales? a. Less than $5 million b. Less than $2.5 million c. Less than $1 million d. Less than $3 million Answer: D
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Which of the following coverages are available for an extra premium?

Which of the following coverages are available for an extra premium? a. Employee dishonestly b. Outdoor glass c. All are correct. d. Burglary and robbery Answer: C
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Which of the following characteristics will make a business ineligible for a BOP?

Which of the following characteristics will make a business ineligible for a BOP? a. Auto-type business b. All are correct. c. One or two family dwellings d. Financial institutions Answer: B
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A Standard Form coverage offered on a BOP policy that is not covered on an HO-2 policy is:

A Standard Form coverage offered on a BOP policy that is not covered on an HO-2 policy is: a. lightning b. sprinkler leakage c. riot or civil commotion d. fire Answer: B
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Which of the following are Additional Coverages that are included in the BOP policy?

Which of the following are Additional Coverages that are included in the BOP policy? a. All are correct. b. Debris removal c. Property preservation d. Forgery and alteration Answer: A
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