Important Points for IC 57 - Fire and Consequential Loss Insurance Exam
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Practice in the USA: The commercial property coverages are provided under standardised forms developed by Insurance Services Office, Inc. (ISO) or the American Association of Insurance Services (AAIS) for their member insurance companies.
A common form used to insure Commercial Property known as ISO Business Personal Property (BPP) coverage form
The BPP provides cover for broad categories of property and several supplemental coverages
Insured Perils: The perils covered under the policy depend upon the ?Causes of Loss? form selected by the insured. Three forms are available: Basic, Broad and Special forms.
Commercial Package Policy (CPP) which includes the following coverage parts: i. Commercial property; ii. Boiler and Machinery; iii. Commercial crime; iv. Commercial inland marine; v. Farm; vi. Commercial auto and liability
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