Businesses face numerous loss exposures in connection with property that they own or for which they are contractually responsible. These exposures include not only damage to property, but also losses that impact business income. To properly insure their clients, agents must clearly understand these exposures and the coverage available under the building and personal property and time element commercial property forms. Armed with this information, agents will be able to work with their clients to design the optimum insurance program.

This course provides a basic overview on commercial property insurance based on the standard commercial property insurance forms developed by Insurance Services Office, Inc. (ISO). The course also addresses coinsurance compliance and avoidance, how to select limits of insurance for both direct damage and time element coverage, and how to correctly identify major time element loss exposures. 

Students who successfully complete this course will be able to:

• identify key commercial property loss exposures and the type of insurance policy that provides coverage for those loss exposures
• understand the elements of a standard commercial property policy and the differences between the three different causes of loss forms
• understand how to provide guidance to a commercial client in selecting limits of insurance and a valuation basis for covered property
• identify the key types of time element loss exposures and which coverage forms and endorsements insure against these loss exposures