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
Dishonest statement to induce an insurance company to write coverage on an applicant. If the company knew the truth, it would not accept the applicant. Fraudulent misrepresentation gives a ...
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
Means of distribution that uses general agents rather than branch offices to sell life and health insurance. ...
Contract that gives the insurance company the right, not the obligation, to buy a stipulated stock or bond at a specified price (strike price) at or before the date of expiration of the ...
Coverage for routine personal legal expenses, including probate, criminal defense, and divorce. ...
Use of a home, and the land and buildings surrounding that home, free from the claim of creditors. This right gives rise to an insurable interest. ...
Total amount of insurance that an insurer will write on any specific city block. Such a limit will reduce the insurer's exposure to a potential catastrophic occurrence, such as a hurricane, ...
Disability in which a wage earner is forever prevented from working at full physical capability because of injury or illness. ...
Protection required under the Motor Carrier Act of 1935. The policy covers the motor truck carrier if it is legally liable for the damage, destruction, or other loss of the customer's ...
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