Which one of the following statements is the purpose of the no benefit to Bailee condition of the commercial property conditions form?

The No Benefit to Bailee condition is intended to reinforce the insurer’s right of subrogation against the bailee.

What are ISO specific rates?

Specific Rating — an Insurance Services Office, Inc. (ISO), property insurance rating method based on rates applicable only to individual properties, determined by physical inspection of the property.

What is special cause of loss?

The basic and broad causes of loss forms are named perils forms; they provide coverage for loss from only the particular causes that are listed in the policy as covered. The special causes of loss form is an all risks form; it provides coverage for loss from any cause except those that are specifically excluded.

Which is the ISO commercial property coverage form?

The most widely used ISO commercial property coverage forms are the building and personal property coverage form (CP 00 10) and the business income and extra expense coverage form (CP 00 30). Links for IRMI Online Subscribers Only: CPI V.E, V.M, VI.C; CRM VI.O; PracRisk, Topic F.1

What is the definition of a commercial property policy?

Definition. An ISO commercial property policy consists of: one or more coverage forms, one or more causes of loss forms, the commercial property conditions form, the common policy conditions form, and the declarations. The most widely used ISO commercial property coverage forms are the building and personal property coverage form (CP 00 10)…

What are the forms for personal property insurance?

This form (CP 00 10) covers buildings, business personal property, and personal property of others for direct loss or damage, subject to the limits shown in the declarations for each of these categories.

When do I need commercial property insurance for my business?

Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. Coverage applies to loss suffered during the time required to repair or replace the damaged property.