RMI 3504 Lecture Notes - Lecture 3: Subrogation, Smog, Commercial Property

• School: Temple University
• Department: Risk Management and Insurance
• Course: RMI 3504
• Professor: Wilkins

Document Summary

Commercial property declaraions: descripion of property, kinds & amounts of coverage, list of mortgages, amount of deducibles, list of property coverages forms & endorsements, the applicable coinsurance percentages, any opional coverages. Bbp can cover any combinaion of 3 broad categories of property: building, business personal property, personal property of others. If covered property that sufers covered loss. Could cover debris removal of non-covered property. E. g. your neighbor"s house blows on your land. Will remove pollutants from the building but not from the land or water: preservaion of property. Insured required to protect property from further damage. All risks coverage for property moved to another locaion-also includes while in transit. It is an addiional coverage but does not increase the coverage limit: fire department service charge. Provides limited coverage for clean up of pollutants from land or water at described premises. 80"s & 90"s industry paid huge losses. ,000 limit-aggregate basis (per note on pg. 1. 13-not a lot)