If lob commercial property v1.2
Transcript of If lob commercial property v1.2
My name is Diane and I’ll be your instructor for
todays topic – Commercial Property insurance.
Course Title: Insurance FundamentalsLesson: Lines of BusinessTopic: Commercial Property
Our good friends DJ Definition & Yodel will also be helping us out today. Yodels
will be popping in from time to time with FYI’s and fun facts. DJ Def will keep us clued in on Key Terms & Definitions.
Say Hello friends!
Commercial Property
This building
Is Insured!
If I don’t know anything else, I sure know Commercial Property insurance protects
businesses when disaster strikes, that’s for sure! We’ve all seen that on the news from
time to time, right?
Lets look at the definition and see what we can do.
Def Time!DJ Definition…Spin
That Beat!
Commercial Property insurance covers any type of commercial property. It financially protects insureds from damage to their building and contents, due to a covered cause of loss. Insureds have three different levels of coverage they can chose from. Those choices are Basic, Broad and Special coverage. There is a little about each of them that makes each unique.
Commercial Property Insurance
Hey, take it easy! I said there were Basic, Broad, and Special coverages and if you wouldn’t have interrupted me I would have explained. Now, please shhhhh and let me define them.
Wohhhh, wait a minute – that is just too much, lets look at that closer DJ – Did you just say there were three different choices of Commercial Property Insurance?
What are they again, how does it work? DJ – we need to get this story straight for our students!
Wardrobe change! That’s
what I’m talking about!
BASI
C fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action
BRO
AD fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, plus weight of snow, ice or sleet, water damage and collapse
SPEC
IAL All Risk that are not
explicitly excluded
Small Medium Large
Best price, covers a lot. Cost is higher but
not so bad considering the
additional coverages included.
Cost is up here too but gosh, it covers everything unless
the insurance company says it’s specifically NOT covered.
Seems maybe its worth it.
Ok, so simple definitions of Basic, Broad & Special coverages are…oh, wait - please remember this is a “fundamentals” course so the information provided here is intended to give you an understanding of how things conceptually work. Stick with us and you’ll find all the details you’ll ever want to know about how everything works together in later videos.
So things like fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft,
vehicles, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action are
called Perils. A peril in the insurance world just means “cause of loss”.
In other words, if we take fire for example, that would be the “cause of loss” that resulted
in a claim. Not so difficult huh? When you break down all these wonky insurance terms,
things start to really make sense.
There are so many more details about Commercial Property
Insurance but many of them will not make any sense until you get a bit more under your fundamentals
belt. So, for now, focus on the information in the next slide.
We’ll have plenty of time in the future to dig in deeper.
Commercial Property Insurance financially protects insureds from damage to their building and contents, due to a covered cause of loss. Coverages are offered on Basic, Broad and Special Form
Basic, Broad and Special “cause of loss” forms vary depending on the range of cost willing to spend and perils you wish to cover
Basic coverage form is less costly and protects you from fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action
With Broad coverage form price increases slightly however gives broader coverage such as fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, plus weight of snow, ice or sleet, water damage and collapse
Zippidy Do Da…Let’s recap just a little to refresh what we’ve gone over in this fantastic topic!
Photo op, selfie style! You made it! Now you know all the fundamentals of how
Commercial Property insurance works. I don’t know about you but this stuff to me is
so neat! See you soon! Tootles!
Course Title: Insurance FundamentalsLesson: Lines of BusinessTopic: Commercial Property