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CPP & The Commercial Property Policy - Module F Quick Notes Study Guide _________________________________________________________________________________________ Instructions for Use: The Quick Notes Study Guide should be printed before listening to the course modules. While viewing and listening to the course modules, take notes on these sheets. Taking notes is especially helpful for students with a Visual or Kinesthetic learning style. Auditory learners find that reading them aloud is helpful in retaining the information. Not all the information needed to complete this study guide is listed on the Virtual Classroom screen. Some information is included only in the audio or embedded videos, so please listen carefully. ________________________________________________________________________________________________________ The Builders’ Risk Coverage Form The Builders’ Risk coverage form covers __________________________________________________________, _______________________________________ and/or ________________________________________________________ _________________________________________ under construction and existing buildings undergoing ____________________________________________________, alterations, or _________________________________. This form applies to: • _________________________________, • _________________________________, or CPP & The Commercial Property Policy – Module F Quick Notes Study Guide - 1 ___________________________________________________________________________________________________ Updated 3/29/2019 - Copyright © Insurance Schools, Inc. This Quick Notes Study Guide is a companion to the courses offered at: www.insurance-schools.com • ________________________________________________________ that are under construction. Buildings under construction present a unique risk because the value of the property ______________________________________________________________. Builders’ Risk coverage can be written on either a ________________________________________________ basis or a ___________________________________________________________ basis. If Builder’ Risk coverage is written on a ____________________________________________________ basis, the insured is required to cover the risk for the ___________________________________________________ _________________________________________________. This is essentially a ________________________________ _________________________________. However, there is no ______________________________________________ ________________________________ because the _________________________________________________________ provision acts similarly. If the insured does not have the required amount of insurance at the time of the loss, ______________________________________________________________________________________ ____________________________________________________________________. If the Builders’ Risk coverage is written on a _____________________________________________ basis, coverage begins ___________________________________________________________________________ if the CPP & The Commercial Property Policy – Module F Quick Notes Study Guide - 2 ___________________________________________________________________________________________________ Updated 3/29/2019 - Copyright © Insurance Schools, Inc. This Quick Notes Study Guide is a companion to the courses offered at: www.insurance-schools.com building does not __________________________________________________. If the building includes a ________________________________, coverage will begin on the date ____________________________________ ________________________________________________________________________________________________________. Under the Builders’ Risk form, coverage is written for _______________________, but will end when: • The owner ____________________________________________________________________________________; • ____________________ has elapsed since ________________________________________________________; • The _________________________________________________________ or put to its _____________________ ________________; • The insured’s _________________________________________________________________________ ceases; • The insured ______________________________________________________________________ with no plans _____________________________________________; or • Coverage is ________________________________________________________. The Builders’ Risk form covers: • The __________________________________ and its ____________________________________________; • ____________________________________________________________________________________________ _____________________________ including scaffolding, construction forms and cribbing, but CPP & The Commercial Property Policy – Module F Quick Notes Study Guide - 3 ___________________________________________________________________________________________________ Updated 3/29/2019 - Copyright © Insurance Schools, Inc. This Quick Notes Study Guide is a companion to the courses offered at: www.insurance-schools.com only if ________________________________________________________________________________________ to cover these items. • _______________________________, __________________________________, and ________________________ used to service the building, and the insured’s ______________________________________ and __________________________________ if they are intended to become ___________________________ ___________________________________________ and are located within ____________________________ ______________________________________________________. The Builders’ Risk form also provides an extension of coverage for ______________________________ ___________________________________________________ but in the insured’s care, custody or control, as long as they are _____________________________________________________________________________________. The most that will be paid under this extension is ___________________. Property NOT COVERED by the Builders’ Risk form: • Land or _____________________; • Lawns, ____________________, _____________________, or ______________________ when outside of _____________________________ (although a limited amount of $1,000 is added back to the form under the “additional coverages” if the loss results from __________________________, _________________________________, _______________________________, ______________________________ CPP & The Commercial Property Policy – Module F Quick Notes Study Guide - 4 ___________________________________________________________________________________________________ Updated 3/29/2019 - Copyright © Insurance Schools, Inc. This Quick Notes Study Guide is a companion to the courses offered at: www.insurance-schools.com
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