Explain the advantages of a commercial package policy

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Reference no: EM131102365


Please remember that you must do your own work. Any plagiarism will result in a grade of zero for all students involved. Please use your own words even if you are using the textbook for answers. Always provide a citation when a reference is used.

1. Answer the following:

a. What is a package policy?
b. Explain the advantages of a commercial package policy to a business firm as compared to the purchase of separate policies.

2. Identify the causes of loss that are covered under the following forms:

a. Causes-of-loss basic form:
b. Causes-of-loss broad form:
c. Causes-of-loss special form:

3. Briefly describe the following commercial property insurance coverages:

a. Builders risk insurance:
b. Condominium insurance:
c. Equipment breakdown insurance:
d. Difference in conditions (DIC) insurance:

4. Explain the following ocean marine insurance coverages:

a. Hull insurance:
b. Cargo insurance:
c. Protection and indemnity (P&I) insurance:
d. Freight insurance:

5. Provide an example of a claim in each of the following:

a. Products liability:
b. Completed operations liability.

6. Distinguish between the meaning of "contractual liability" and "contingent liability."

7. Explain the difference between an occurrence policy and a claims-made policy.

8. A workers compensation policy contains several coverages. Briefly explain each of the following coverages:

a. Part One: Workers Compensation Insurance:
b. Part Two: Employers Liability Insurance:
c. Part Three: Other-States Insurance:

Reference no: EM131102365

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