Why you need this course:
Almost every commercial insured is covered under the Building and Personal Property Coverage Form (BPP), or a similar form. Effective handling of commercial property insurance requires a thorough understanding of the perils that can be insured against, the coverages provided by the coverage forms, the ways to configure coverage to meet individual needs, and the conditions that govern many aspects of commercial property coverage. Knowing which coverages are provided by the coverage forms and methods for tailoring those coverages will enable you to help your customers select appropriate insurance to cover their commercial loss exposures.

Upon successful completion of all fourteen modules in this course, you should be able to:

• Describe the following documents that are included in a commercial property coverage part:
  • Commercial property declarations
  • Commercial property coverage forms
  • Causes of loss forms
  • Commercial Property Conditions
  • Endorsements
  
   
• Identify covered property and property not covered under the Building and Personal Property Coverage Form (BPP).
   
• Describe each of the additional coverages and coverage extensions included in the BPP.
   
• Describe the application of limits of insurance and deductibles in commercial property insurance.
   
• Describe each of the conditions appearing in the loss conditions or additional conditions section of the BPP.
   
• Explain how each of the following optional coverages printed in the BPP modifies the basic coverage of the BPP:
  • Agreed value
  • Inflation guard
  • Replacement cost
  • Extension of replacement cost to personal property of others
  
   
• Describe the purpose and the operation of each of the following modifications of the BPP:
  • Functional Building Valuation endorsement
  • Functional Personal Property Valuation endorsement
  • Property Valuation endorsement
  • Value Reporting Form
  • Peak Season Limit of Insurance endorsement
  
   
• Describe the operation of blanket insurance and its advantages over specific insurance.
   
• Explain whether, and for what amount, the BPP and any applicable optional coverages would cover a described loss.
   
• Identify the perils covered and the perils excluded or limited by the following:
  • Causes of Loss—Basic Form
  • Causes of Loss—Broad Form
  • Causes of Loss—Special Form
  
   
• Explain how and why each of the following coverage forms differs from the Building and Personal Property Coverage Form (BPP):
  • Builders Risk Coverage Form
  • Condominium Association Coverage Form
  • Condominium Commercial Unit‒Owners Coverage Form
  
   
• Explain how each of the following endorsements modifies the BPP:
  • Ordinance or Law Coverage
  • Spoilage Coverage
  • Manufacturers' Consequential Loss Assumption
  • Brands and Labels
  • Flood Coverage
  • Earthquake and Volcanic Eruption Coverage
  
   
• Describe the following conditions expressed in the Commercial Property Conditions Form:
  • Concealment, Misrepresentation, or Fraud
  • Control of Property
  • Insurance Under Two or More Coverages
  • Legal Action Against Us
  • Liberalization
  • No Benefit to Bailee
  • Other Insurance
  • Policy Period, Coverage Territory
  • Transfer of Rights of Recovery Against Others to Us
  
   
• Describe the aspects of coverage and other factors that affect commercial property insurance premiums.

We recommend that you study the modules in the order presented in the course.

Cost: $120 per course (5 Professional Development Hours @ $24 per hour)

Contact Customer Service.

Return to COMET Online Learning page.