BUSN 264 - Commercial Insurance

1. Demonstrate knowledge of commercial loss exposures, the risk management process, and the basic nature of the various lines of insurance.
2. Explain the advantages of package policies, describe the components for a commercial package policy, and explain how the excess and surplus (E&S) market provides coverage for many unique exposures.
3. Demonstrate knowledge of the various documents that form the commercial property coverage part, the coverages and conditions included in the building and personal property coverage form, methods for insuring fluctuating values, and the difference between blanket and specific insurance.
4. Distinguish between the four causes-of-loss forms and describe and discuss the nine conditions in the commercial property conditions form.
5. Describe the factors and approaches used in rating commercial property coverage.
6. Demonstrate uses of the business income loss exposure, the business income coverage forms, various business income endorsements, and how business income is rated.
7. Describe the various crime coverage forms as well as the boiler and machinery coverage form and demonstrate knowledge of loss exposures involved in both crime and boiler and machinery coverages.
8. Describe and explain inland and ocean marine exposures, the types of coverage provided by various filed and non filed inland marine policies, and the basic types of ocean marine insurance coverages.
9. Describe various liability loss exposures and the coverages included in and excluded from Coverages A, B, and C of the commercial general liability (CGL) coverage form.
10. Describe and discuss the types of persons and organizations covered under a CGL policy; the application of limits, aggregate limits, and sub limits in commercial general liability policies; CGL conditions, endorsements, and rating; the difference between the claims-made version of the CGL and the occurrence version; and miscellaneous liability coverage forms.
11. Describe the coverages provided by the business auto coverage form, the garage coverage form, and the motor carrier coverage form, including endorsements.
12. Demonstrate knowledge of the coverages provided by the Insurance Service Office (ISO) property and liability forms.
13. Discuss and describe workers compensations laws, including requirements for benefits, benefits typically provided, persons and employments covered, and methods for meeting employer’s obligations; the workers compensation and employers liability policy and endorsements; and the procedures for rating workers compensation insurance, including merit rating plans.
14. Describe various types of professional liability policies, excess and umbrella liability policies, surety bonds, and miscellaneous policies.