Property Insurance for Contractors Course Outline

1. Course Introduction
2. Property Risks and Insurance Overview
   1. Commercial Property Insurance Policies
      1. Standard, Insurer, or Manuscript Forms
      2. Need for Other Policies
   2. Builders Risk and Installation Policies
   3. Contractors Equipment Policies
   4. Commercial Crime Policies
   5. Equipment Breakdown Policies
3. Commercial Property Insurance: Insuring Agreement, Covered Property, Covered Locations, and Additional Coverages
   1. Structure of a Commercial Property Policy
   2. Insuring Agreement
   3. Covered Property
   4. Outside Property Limit
      1. Excluded Property
      2. Property Subject to Limitations
      3. Personal Property of Others
      4. Property Under Construction
   5. Covered Locations
      1. Unscheduled Locations
      2. Newly Acquired Locations
      3. Property in Transit
   6. Additional Coverages
4. Commercial Property Insurance: Covered Causes of Loss and Other Important Provisions
   1. Named Perils Coverage
   2. All Risks Coverage
   3. Flood
   4. Earthquake
   5. Building Ordinance Enforcement
   6. Collapse
   7. Mold
   8. Terrorism
   9. Other Important Provisions
      1. Vacancy
      2. Protective Safeguards
      3. Cancellation
      4. Property Valuation
      5. Coinsurance
      6. Limits of Insurance
      7. Deductibles
      8. Valuation
      9. Coinsurance
5. Commercial Property Insurance: Time Element Coverage
   1. Time Element Loss Exposures for Contractors
      1. Loss of Income or Rents
      2. Extra Expense
      3. Contingent Business Interruption and Extra Expense
   2. Time Element Insurance for Contractors
   3. Extra Expense Coverage
      1. What Is Covered
      2. Valuation and Indemnity Period
      3. Monthly Limitation
      4. Determining Limits of Insurance
      5. No Income Loss Coverage
      6. No Contingent Extra Expense Coverage
   4. Rental Value Coverage
      1. What Is Covered
      2. Limitations on Loss Recovery
   5. Contingent Extra Expense Coverage
6. Builders Risk Coverage: Covered Property and Additional Coverages
   1. Builders Risk Coverage Forms
   2. Importance of Construction Contract Review
   3. Responsibility for Purchasing Builders Risk Policy
   4. Covered Parties
   5. Covered Property
      1. Temporary Structures
      2. Property of Others
      3. Property Included in Values Reported to Insurer
      4. Office Trailers
      5. Other Property
   6. Excluded Property
      1. Existing Property
      2. Contractors’ Tools and Equipment
      3. Other Excluded Property
   7. Covered Locations
      1. Policy Territory Provisions
      2. Ocean Marine Transit
   8. Additional Coverages
7. Builders Risk: Covered Causes of Loss
   1. Theft Exclusions
   2. Wear and Tear, Etc
   3. Fungus, Wet or Dry Rot, and Bacteria
   4. Asbestos Materials
   5. Ordinance or Law
   6. Flood and Earthquake
   7. Settling, Cracking, Expansion, or Contraction
   8. Equipment Breakdown Exclusions
   9. Testing Exclusions
   10. Faulty Workmanship or Materials
   11. Design Error
   12. Collapse
   13. Loss Covered under Guarantee, Warranty, or Obligation
   14. Architects and Engineers Professional Services
   15. Terrorism Coverage
8. Builders Risk: Other Important Provisions
   1. Protective Safeguards
   2. Termination of Coverage Provisions
   3. Occupancy
   4. Subrogation
      1. Architects, Engineers, Manufacturers, and Suppliers
   5. Reporting Form versus Completed Value
      1. Completed Value Form
      2. Reporting Form
   6. Valuation
      1. Coverage for Overhead and Profit
   7. Limits and Deductibles
      1. Deductibles
9. Builders Risk: Delayed Completion/Soft Costs Coverage
   1. What Is Covered
      1. Denial of Access (Civil Authority)
      2. Coverage for Expenses to Reduce Loss
   2. Valuation Basis: Actual Loss Sustained
   3. Coinsurance and Monthly Limitations
   4. Exclusions
   5. Limits and Deductibles
   6. Indemnity Period
   7. Arranging Delayed Completion Coverage
10. Contractors Equipment: Covered Locations, Covered Property, and Additional Coverages
    1. Covered Locations
    2. Covered Property
       1. Definition of Contractors Equipment
       2. Office and Utility Trailers
       3. Tools, Accessories, and Spare Parts
       4. Property of Others
       5. Newly Acquired Equipment
    3. Excluded Property
       1. Property Loaned or Rented to Others
       2. Vehicles
       3. Waterborne Property
    4. Debris Removal and Pollutant Cleanup
    5. Additional Coverages
       1. Leased Equipment
       2. Borrowed Equipment
       3. Rental Reimbursement
       4. Employees Tools and Work Clothing
11. Contractors Equipment: Covered Causes of Loss and Other Important Provisions
    1. Named Perils Coverage
    2. All Risks Coverage
       1. Crane or Derrick Booms
       2. Weight of Load
       3. Terrorism Coverage
    3. Limits of Insurance
    4. Deductibles
    5. Valuation
    6. Coinsurance
12. Other Policies: Commercial Crime and Equipment Breakdown
    1. Commercial Crime Insurance
       1. Commercial Crime Coverage for Contractors
       2. Employee Dishonesty Coverage
          1. Covered Property
          2. Covered Cause of Loss
          3. Covered Employees
          4. Other Important Provisions
          5. Employee Benefit Plans
          6. Blanket versus Scheduled Coverage
          7. Loss Sustained versus Discovery Coverage
       3. Forgery or Alteration Coverage
       4. Computer Fraud and Funds Transfer Fraud Coverage
       5. Kidnap, Ransom, and Extortion Coverage
    2. Equipment Breakdown Insurance
       1. What Is Covered
          1. Covered Equipment
          2. Covered Accidents or Breakdowns
       2. Suspension Clause
       3. Joint Loss Agreement
       4. Property/Boiler Package Policies