Commercial Property Insurance

Course Description
IRMI on Commercial Property Insurance is an intermediate- to advanced-level course about commercial property insurance, based on the standard commercial property insurance forms developed by Insurance Services Office, Inc. (ISO), including the 2012 editions. It begins with an overview of some basic concepts and information about commercial property insurance in general, and then proceeds to a fairly detailed examination of the standard the building and personal property and time element commercial property forms.

After a discussion of some basic commercial property insurance concepts and information in Chapter 1, Chapter 2 reviews what types of property are covered or excluded in the standard building and personal property forms  In Chapter 3, additional coverage and coverage extensions are discussed, and Chapters 4 and 5 discuss the basic, broad, and special causes of loss forms. Then Chapters 6 and 7 review the key policy provisions that impact how much the insured will recover in the event of a loss and other important provisions.

Beginning with Chapter 8, the discussion moves to time element exposures and coverage.  After a discussion of the two business income coverage forms in Chapter 9, Chapter 10 discusses key policy provisions that impact how much the insured will recover in the event of a loss. The course concludes with Chapter 11 that provides an overview of other business income coverage options, particularly extra expense coverage.

Upon completion of this course, the student should:

  • Have a basic understanding of the key commercial property loss exposures and know what type of insurance policy provides coverage for those loss exposures
  • Know the elements of a standard commercial property insuring agreement
  • Know the covered property, covered locations, and vacancy provisions of a standard commercial property policy
  • Understand the differences between the three different causes of loss forms 
  • Be able to explain the coinsurance provisions and recommend methods of avoiding a coinsurance penalty
  • Be able to provide guidance to a commercial client in selecting limits of insurance and a valuation basis for covered property
  • Know all the key types of time element loss exposures and which coverage forms and endorsements insure against these loss exposures
  • Be able to assist a commercial client in identifying its time element loss exposures
  • Be familiar with the key provisions of the two business income coverage forms and the extra expense coverage form

International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.

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