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1. (6 points) Explain why in the Common Policy Conditions Item D. Inspections and Surveys the insured is not obligated to make any inspections. Do some research on the Web and explain this using actual evidence you find.
2. 6 points) Building Industries is made up of five distinct subsidiaries. The largest is Able Manufacturing which is headquartered in Singapore and does business in Asia. The second largest is the distribution arm is Baker Distributing in the US. The third is a worldwide transportation service called Quick-Right which is headquartered in Canada. The fourth subsidiary is the Middle-east sales arm in Istanbul Turkey. The fourth is the African sales arm in Capetown South Africa. Given this information, which one of these subsidiaries should be the first named insured on the Building and Business Personal Property policy and what responsibilities and rights the first named insured has:
3. (6 points) ABC companies have three insurance policies to cover their main building on 231 main streets. Assume that the insured is insured to value and ignore any deductible. All policies provide identical coverage.
4. (6 points) I can waive the insurer’s rights to go after another party (subrogate) in writing in four situations. Identify these four situations and any additional requirements.
5. (6 points) Provide an example of how the liberalization clause could work
Words Limit: 800-1000
The insurer has the right, but not the obligation, to inspect the insured’s premises and operations at any reasonable time during the policy period. These inspections can be performed by the insurer’s own personal or a third party organizations acting on the insurer’s behalf. Inspections play an important part in determining the insurability of the insured’s property and operations, setting proper insurance rates, and making risk control recommendations. The insurer may inform the insured of the result of the inspections and may recommend changes. However, it does not have the duty to do either. Under the Common Policy conditions section D, indicates that the insurer is not responsible for conducting health or safety inspections.