Explain the ISO Flood coverage and ISO Earthquake coverage

Assignment Help Operation Management

Reference no: EM132192035

Purpose

This assignment is intended to help you learn to do the following:

Explain the ISO Builders Risk Form and its coverages.

Explain the ISO farm program.

Describe the coverages under crop hail insurance, animal mortality insurance, and feedlot insurance.

Describe Bond Form 24. Describe the characteristics of surety bonds.

Describe coverages available through the National Flood Insurance Program.

Compare the NFIP general property form to the standard commercial property form.

Explain the ISO Flood coverage and ISO Earthquake coverage.

Describe the typical Difference in Conditions policy, including its advantages and disadvantages.

Action Items

In your own words, answer the following questions in a Word document with detailed explanations. Provide an example when necessary.

a) What are the three property coverage forms available under the ISO farm program? Which levels of property coverage are included in the ISO Farm Property Coverage Forms?

b) What perils other than hail can crop hail insurance policies cover?

c) How does animal mortality differ from livestock coverage under a typical farm policy?

d) What is the purpose of feedlot insurance?

e) How is the definition of employee different in Bond Form 24 from a commercial crime form?

f) What are the four characteristics of surety bonds that distinguish them from most insurance policies?

g) What options are available to the surety if a contractor defaults under a performance bond?

h) What do fiduciary bonds guarantee?

i) What are the differences between the NFIP General Property Form and the standard commercial property form?

j) How can the ISO Flood coverage endorsement provide broader coverage than the NFIP flood policies?

k) How are deductibles expressed in ISO Earthquake endorsements? What is the ensuing loss provision of the ISO Earthquake endorsement?

l) Why would an insurer write a DIC policy without a coinsurance clause? What are the advantages of a DIC policy to an insured?

Reference no: EM132192035

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