Property & Casualty Insurance For Ohio State

Extra Expense {Ans: Extra expense is an indirect loss coverage designed to provide indemnification for the additional expenses a firm would suffer to continue business operations at an alternative location while the insured building undergoes repair.}Hazard {Ans: Anything that increases the likelihood or the severity of a loss}Surety Bond {Ans: Guarantees the performance of a duty. It obligates the surety to hold itself responsible for the performance of a duty by the principal. Includes contract, judicial, public office, license, and permit bonds.}On an occurrence form CGL, what determines if coverage will apply, if the claim or event occurred during the {Ans: policy period.}DP-3 Special Form {Ans: All Risk on buildings Everything is covered unless its excluded Broad name perils REVFLSHAW + WWF on contents}A property casualty agent frequently has the authority to provide temporary insurance coverage known as a {Ans: binder. Rationale-P&C agents appointed by P&C Insurance companies generally are granted more authority. These agents may bind or commit their companies by oral or written agreement. This is a binder.}