Simplified Commercial Lines Portfolio Policy (SCLP)
Policy that provides coverage through four parts:
- Commercial property coverage is provided under the BUILDING AND PERSONAL PROPERTY COVERAGE FORM (BPPCF), divided into three major categories: owned buildings, owned business personal property, and non owned business personal property.
- Crime coverage is provided under the commercial crime program, which includes the following coverages: forgery; theft, disappearance, and destruction; employee dishonesty; safe robbery and burglary; burglary of the premises; computer fraud; extortion; and liability for the property of guests.
- Boiler and machinery coverage is provided according to four items of classification: electrical, turbine, mechanical, and pressure and refrigeration. Property covered in these four groups is that which is owned by the insured or is under the care, custody, or control of the insured.
- Liability coverage is provided for general liability, products and completed operations liability, medical payments, advertising and personal liability, and fire legal liability. Each of these categories has a separate limit of liability that is applicable. However, an annual AGGREGATE LIMIT of liability is applicable to the total of these categories except for the products and completed operations liability, which has a separate annual aggregate limit.
Popular Insurance Terms
Annual meetings of insurance practitioners and academicians from throughout the world interested in exchanging ideas concerning the theory and applications of insurance. The meeting is held ...
Sum the insurance company is legally obligated to pay an insured for losses incurred. ...
Coverage that protects a business, up to the policy limits, if actions or non-actions of the insured result in a legally enforceable claim for bodily injury, property damage, or personal ...
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Account in which a predetermined interest rate is paid for a predetermined period of time. For each contribution that is paid into the fixed account, a new guarantee period begins for that ...
Utilization of life insurance to make annual gifts into a trust in order to produce the largest tax-free death benefit possible to the trust beneficiaries. ...
The open perils policy is the counterpart to the named perils policy. In it, any peril NOT mentioned is covered by the policy. Here's an example: let's say you got an open perils policy ...
Physical, moral, or financial circumstance of a life insurance applicant that sets him or her apart from a physically, morally, and financially sound standard applicant. The underwriting ...
Coverage that exceeds the normal insurance capacity of an insurer or reinsurer. ...
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