CAIB 2 Shorts To Remember

Question 1

Moral Hazzards

MAP IF

Answer 1

MAP IF

• Moral Character
• Associates
• Poor Mangement
• Indifference to loss
• Financial condition

Question 2

Physical Hazards

PET HOG

Answer 2

• Protection (fire extinguishers)
• External Exposures (being next to a
  restaurant)
• Type of building constriction (fire resistant
  vs. frame construction)
• Housekeeping (loose railing, broken
  stairs)
• Occupancy (library vs. welding shop)
• Geography (access to old building may be
  restricted )

Question 3

Four coverage’s included in commercial insurance package policies.
(PBLC)

Answer 3

• Property Insurance
• Business Interruption Insurance
• Liability Insurance
• Crime Insurance

Question 4

5 Hazards common to commercial building

HOPED

Answer 4

• Heating
• Occupancy
• Protection
• Electrical Services
• Detachment

Question 5

7 Perils insured by Fire and
Extended Coverage’s.
(F. SWILER)

Answer 5

• Fire & Lightening
• Smoke
• Windstorm and Hail
• Impact by aircraft, space craft or land
  vehicle
• Leakage from fire protection system
• Explosion
• Riot, vandalism & Malicious Acts

Question 6

Additional info needed for Houses
over 25 years old
(WHORP)

Answer 6

• Wiring
• Heating
• Over-current / Fuses
• Roof
• Plumbing

Question 7

Characteristics common to all business interruption Forms.

IAPPI

Answer 7

• Insure against the same perils as are
  insured by the property policy
• Are contracts of indemnity
• Period of indemnity not limited by expiry
  of the policy
• Provide for payment of those expenses as are necessarily incurred for the purpose of reducing the amount of the loss (except expense incurred to extinguish a fire)
• Indemnity provided while access to insured’s premises is prohibited by order of civil authority.