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
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Endorsement to the special multiperil insurance (smp) policy that provides all risks damage coverage for real property. This special form provides only minimum cover, leaving the option for ...
Intense combustion resulting in a flame or glow. In order for the fire peril to be covered under property insurance, the fire must be a hostile fire, not a friendly fire. ...
U.S. Supreme Court case in 1868 in which the decision (since overruled) was that an insurance policy was not an instrument of commerce, and thus did not involve interstate commerce ...
Charging the insured an amount that is above the actual premium required for placing and maintaining the policy in force. ...
Period of time an insured is sick and entitled to receive health insurance benefits. ...
Cost per unit of insurance. ...
Bona fide organization that purchases insurance on a group basis on behalf of members. However, a group cannot be formed for the purpose of purchasing insurance since adverse selection ...
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