CIC Commercial Property case studies
CIC Commercial Property · Put your knowledge to work in context.
The CIC Commercial Property course is one of the courses in the Certified Insurance Counselor program, a designation program offered by the Risk & Insurance Education Alliance. The Alliance describes the CIC as a nationally recognized designation for agency owners, producers, agents, customer service representatives, brokers, and insurance company personnel. The CIC Commercial Property case studies are 5 cases and about 3,926 words.
1Blanket Limit Does Not Erase Coinsurance
Riverside Storage LLC insures two warehouse buildings at a single location under the Building and Personal Property Coverage Form. The declarations show one blanket Limit of Insurance of 2,400,000 covering both buildings, a 90% coinsurance percentage, replacement cost valuation, Special Form causes of loss, and a 10,000 deductible per occurrence.
737 words, about 4 min2Sprinkler Discharge Versus Hidden Seepage
Harbor Hardware occupies a 22,000 square foot retail building insured on the Special Form with a 5,000 deductible per occurrence, a 10,000 sub-limit for fungus, wet rot, dry rot and bacteria, and no water backup endorsement. Two water events occur in the same week.
748 words, about 4 min3Restaurant Fire: Coinsurance, Waiting Period and Extended Business Income
Rosa's Kitchen is a 90-seat restaurant insured under the Business Income and Extra Expense Coverage Form with a 600,000 Limit of Insurance, an 80% coinsurance percentage, a 72-hour business income waiting period, and Special Form causes of loss. On February 2 a kitchen fire puts the dining room out of service; the adjuster and contractor agree that the building can be restored with reasonable speed in 120 days.
796 words, about 4 min4Code-Ordered Demolition With No Ordinance or Law Coverage
Lakeview Office Partners owns a 1962 three-story office building insured under the Building and Personal Property Coverage Form with a 4,500,000 Limit of Insurance, an 80% coinsurance percentage, replacement cost valuation, Special Form causes of loss, a 25,000 deductible, and no ordinance or law endorsement. The building's replacement cost today is 6,000,000.
775 words, about 4 min5Civil Authority, a Burned-Out Supplier, and Extra Expense
Harbor Home Furnishings sells furniture from a store in a strip center. Its Business Income and Extra Expense Coverage Form carries a 500,000 limit, a 72-hour waiting period, and the standard built-in coverage for dependent properties.
870 words, about 4 min