For the vacancy condition in a commercial property policy, a building owned by the insured counts as vacant when:
Giải thích
Vacancy turns on the contents: the building is vacant when it does not hold enough business personal property to carry on customary operations. That is why the answer about nobody sleeping there is wrong, since it describes unoccupancy, which is a different idea. A building under construction or renovation is not treated as vacant, and utility service is not the test. Once the stated vacancy period has run, the insurer will not pay for vandalism, theft, water damage, glass breakage or sprinkler leakage, and other covered losses are settled at a reduced amount.
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Câu hỏi liên quan cùng chủ đề
- An insured elects to exclude ordinary payroll from its business income coverage. During a shutdown the policy will then not pay:
- An insured on a reporting form last reported $200,000 of stock when the true value on that date was $250,000. A covered loss of $50,000 follows. What does the full reporting condition allow?
- A retailer's business personal property limit is $300,000, raised to $700,000 for September through December by a peak season endorsement. A covered fire on November 10 destroys $560,000 of stock. The deductible is $5,000. How much is paid?
- Why is equipment breakdown coverage bought separately from the commercial property policy?
- A builders risk policy on a commercial building under construction is normally written for a limit equal to:
- A grading contractor's excavator burns at a job site many miles from the contractor's own yard. Which coverage responds?
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