Please review the following new business underwriting submission and analyze all the exposures of the risk...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Please review the following new business underwriting submission and analyze all the exposures of the risk to determine whether you would write/not write the risk and why. To: From: # of Pages: Mandatory-Effective Date / Renewal Date October 5, 2011 Named Insured Mailing Address: Experience 20+ yrs in business Revenue. Payroll Installation: No. of Employees: Location 1 Address: Construction Description of Operations: Importer of barbecue covers, patio furniture and other outdoor accessories sold through Home Hardware stores. Product is from Taiwan and China. Number of Stories: two Insured is: Protection: Updates. If over 25 years old Neighboring Occupancy(s): Mortgagee/Loss Payee: Additional Insureds Date 06/27/2009 06/21/2011 08/19/2011 Present Insurer: Principal's Name Phone Number. Web Site: $ CDN: $2,000,000 $ $ Class I Fire Resistive Owner Burglar Alarm: Fire Alarm: Sprinklered Request for Quote Healing Left: Residential home Worren Ting Outdoor Outfitters. 1750 Finch Avenue East, Toronto, ON M2J 2x5 Tenant $ US O Advertising Budget: Service: Class II: Masonry Non- Combustible Square Footage: 2400 Local Local 0 Yes Plumbing Right Residential home LOSS HISTORY Description Commercial liability- bodily injury. Closed Commercial liability-bodily injury Commercial liability- bodily injury $ $ Safe: Same as Mailing Address Brick Frame Condominium Date: September 21, 2011 Date Req'd by: October 5, 2011 Present Premium. Contact Name Fax Number: Monitored Monitored Wining $ Other: Approximate Age: 15 Other Central Station Central Station No Other Roof Other insured runs the business from his home office (Alt + A) Amount $6154 Open Open Coverages Property Property/Contents of Every Description Deductible $1,000, Broad Form. Stated Amount Co- Insurance, By-Laws. Replacement Cost - Same Site Deleted, Flood ($50.000. Ded), Earthquake (5% or $100,000. Ded.), Sewer Backup ($5.000 Ded.) Consisting of Other Property Coverages Building Contents Equipment Inventory Customers Goods Office Contents Leaseholds Unnamed Locations Selling Price Clause Accounts Receivable Records EDP Mechanical Breakdown ($1000 Ded.) Comprehensive Boiler and Machinery Business Interruption Valuable Papers Signs Glass Blanket Hardware Software Extra Expense. 100% 1st month Laptops include/ Exclude Production Machinery Include/Exclude Electronic Equipment Limit per Accident ($1,000 deductible] Business Interruption (24 hour waiting period Profits/Gross Earnings Extra Expense 100% 1st month Consequential Damage Expediting Expenses Water Damage Ammonia Contamination Hazardous Substances. Professional Fees Gross Rents Profits Gross Earnings 50%-80%-Stated Amount Co-Insurance/No Co-Insurance. Actual Loss Sustained Professional Fees Extra Expense 100% 1st month Contingent Bl Location # 1 $45,000 $45.000 $25,000 Location # 2 Location # 3 Transit Contingent Condominium Floaters: All Risk Damage to Unit Loss Assessment, Property Contingent Condominium Loss Assessment Liability Crime Deductible $1000 7 Liability- Deductible-$1000 Ocean Marine Transportation (All Risk] Goods in Transit [All Risk] Annual Shipments Value Per Shipment Method of Shipment Destination of Shipment Notes: Salesperson's Samples ($ Ded.) Contractors ($ Ded) Installation ($ Ded.) Tools ($ Ded Equipment ($ Ded.) Miscellaneous ($ Ded.) Fine Arts ($ Ded.) Employee Dishonesty Money and Securities In and Out Robbery Other Commercial General Liability Products & Completed Operations Aggregate General Aggregate Tenants Legal Liability (Broad Form) Non Owned Auto Including # 96 , # 98B & #99 OEF 94 ($ Ded. Employers Liability Employee Benefits Liability Personal Injury Advertising Liability Pollution Liability Umbrella Liability Professional Liability Director's and Officers $45,000 $5,000,000 $5,000,000 $5,000,000 $250,000 $5,000,000 The insured is an importer of barbecue covers patio furniture and outdoor accessories sold to Home Hardware exclusively. A copy of the Home Hardware catalogue with specific items checked off is attached. The products are manufactured in China and Taiwan. We have had this account since 1991. Barbecue items are CSA approved and meet the risk management/quality control standards for Home Hardware Canade. The claims reported are the only ones we've had in 20 years. Insured works from his home office. No US sales. Please review the following new business underwriting submission and analyze all the exposures of the risk to determine whether you would write/not write the risk and why. To: From: # of Pages: Mandatory-Effective Date / Renewal Date October 5, 2011 Named Insured Mailing Address: Experience 20+ yrs in business Revenue. Payroll Installation: No. of Employees: Location 1 Address: Construction Description of Operations: Importer of barbecue covers, patio furniture and other outdoor accessories sold through Home Hardware stores. Product is from Taiwan and China. Number of Stories: two Insured is: Protection: Updates. If over 25 years old Neighboring Occupancy(s): Mortgagee/Loss Payee: Additional Insureds Date 06/27/2009 06/21/2011 08/19/2011 Present Insurer: Principal's Name Phone Number. Web Site: $ CDN: $2,000,000 $ $ Class I Fire Resistive Owner Burglar Alarm: Fire Alarm: Sprinklered Request for Quote Healing Left: Residential home Worren Ting Outdoor Outfitters. 1750 Finch Avenue East, Toronto, ON M2J 2x5 Tenant $ US O Advertising Budget: Service: Class II: Masonry Non- Combustible Square Footage: 2400 Local Local 0 Yes Plumbing Right Residential home LOSS HISTORY Description Commercial liability- bodily injury. Closed Commercial liability-bodily injury Commercial liability- bodily injury $ $ Safe: Same as Mailing Address Brick Frame Condominium Date: September 21, 2011 Date Req'd by: October 5, 2011 Present Premium. Contact Name Fax Number: Monitored Monitored Wining $ Other: Approximate Age: 15 Other Central Station Central Station No Other Roof Other insured runs the business from his home office (Alt + A) Amount $6154 Open Open Coverages Property Property/Contents of Every Description Deductible $1,000, Broad Form. Stated Amount Co- Insurance, By-Laws. Replacement Cost - Same Site Deleted, Flood ($50.000. Ded), Earthquake (5% or $100,000. Ded.), Sewer Backup ($5.000 Ded.) Consisting of Other Property Coverages Building Contents Equipment Inventory Customers Goods Office Contents Leaseholds Unnamed Locations Selling Price Clause Accounts Receivable Records EDP Mechanical Breakdown ($1000 Ded.) Comprehensive Boiler and Machinery Business Interruption Valuable Papers Signs Glass Blanket Hardware Software Extra Expense. 100% 1st month Laptops include/ Exclude Production Machinery Include/Exclude Electronic Equipment Limit per Accident ($1,000 deductible] Business Interruption (24 hour waiting period Profits/Gross Earnings Extra Expense 100% 1st month Consequential Damage Expediting Expenses Water Damage Ammonia Contamination Hazardous Substances. Professional Fees Gross Rents Profits Gross Earnings 50%-80%-Stated Amount Co-Insurance/No Co-Insurance. Actual Loss Sustained Professional Fees Extra Expense 100% 1st month Contingent Bl Location # 1 $45,000 $45.000 $25,000 Location # 2 Location # 3 Transit Contingent Condominium Floaters: All Risk Damage to Unit Loss Assessment, Property Contingent Condominium Loss Assessment Liability Crime Deductible $1000 7 Liability- Deductible-$1000 Ocean Marine Transportation (All Risk] Goods in Transit [All Risk] Annual Shipments Value Per Shipment Method of Shipment Destination of Shipment Notes: Salesperson's Samples ($ Ded.) Contractors ($ Ded) Installation ($ Ded.) Tools ($ Ded Equipment ($ Ded.) Miscellaneous ($ Ded.) Fine Arts ($ Ded.) Employee Dishonesty Money and Securities In and Out Robbery Other Commercial General Liability Products & Completed Operations Aggregate General Aggregate Tenants Legal Liability (Broad Form) Non Owned Auto Including # 96 , # 98B & #99 OEF 94 ($ Ded. Employers Liability Employee Benefits Liability Personal Injury Advertising Liability Pollution Liability Umbrella Liability Professional Liability Director's and Officers $45,000 $5,000,000 $5,000,000 $5,000,000 $250,000 $5,000,000 The insured is an importer of barbecue covers patio furniture and outdoor accessories sold to Home Hardware exclusively. A copy of the Home Hardware catalogue with specific items checked off is attached. The products are manufactured in China and Taiwan. We have had this account since 1991. Barbecue items are CSA approved and meet the risk management/quality control standards for Home Hardware Canade. The claims reported are the only ones we've had in 20 years. Insured works from his home office. No US sales.
Expert Answer:
Answer rating: 100% (QA)
The business in question is a small restaurant located in the downtown area of a large city The rest... View the full answer
Related Book For
Managerial Economics
ISBN: 978-0133020267
7th edition
Authors: Paul Keat, Philip K Young, Steve Erfle
Posted Date:
Students also viewed these business communication questions
-
Charles Court owns and operates the Seacourt Restaurant as a proprietorship. The restaurant has gained a reputation for offering quality food, good service, and moderate prices in a cozy, relaxed...
-
Carl, the president of the company acquired by RPZ Marketing, has agreed to be interviewed by the business columnist of the local newspaper on the topic of the decision to sell the company to RPZ....
-
Determine CPI, ETC (1), and EAC. Activity Total PV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1 6 6 2 20 10 10 3 30 9 6 6 6 3 4 20 8 2 5 5 5 16 4 4 4 4 6 18 9 9 7 8 4 4 Status Report: Ending Period 5 Task %...
-
2) Assume that your widget manufacturing company has a total annual demand of N widgets per year evenly distributed across the year. Each widget cost $b dollars in material and manufacturing costs to...
-
Does the receipt of a favorable advance ruling provide the taxpayer with a guarantee that the IRS will follow the ruling if it audits the completed transaction?
-
What do we mean by race to the bottom in environmental regulation? As countries discuss climate change mitigation options, how does race-to the- bottom relate to establishing CO 2 emissions or GHG...
-
Recall, a lis pendens is a notice of pending action. Research where you would record a lis pendens in California. Are there any special requirements for filing a lis pendens? Does a lis pendens...
-
Your parents are considering investing in Apple Inc. common stock. They ask you, as an accounting expert, to make an analysis of the company for them. Apples financial statements are presented in...
-
Make income statement, balance sheet Cash $9,190 $9,190 Accounts receivable 8,860 9,405 Supplies 2,590 640 Prepaid insurance 3,840 2,575 Equipment 34,445 34,445 Accumulated depreciation-equipment...
-
Adam Rust looked at his mechanic and sighed. The mechanic had just pronounced a death sentence on his road-weary car. The car had served him wellat a cost of $500 it had lasted through four years of...
-
The function has one parameter, a Turtle. After the function definition, call the function 7 times, preferably in a loop. import turtle import random wn = turtle.Screen() t = turtle.Turtle() x =...
-
Imagine that you are working on a project that entails constructing a building, for which you have multiple supplier contracts in place. How can you prevent claims and disputes on a project like this...
-
Use the information for Kemper Company from BE9-7. In 2016, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase. Data From BE9-7...
-
Prater Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term, non-cancelable purchase commitment with its largest...
-
Population parameter is an important component for the determination of the sample size for the proportion. Can you also determine the sample size when population parameter is unknown? How?
-
What are the various components required for determining the sample size for the proportion? Explain in detail the meaning of population parameter. How is population parameter determined?
-
Solve the following problem: 225 gal/min water at 40 F is transferred by a pump from a lower vented reservoir to an elevated tank at a pressure of 35.0 psig. The friction energy loss is considered...
-
Explain the circumstances that could result in a long-term bank loan being shown in a statement of financial position as a current liability.
-
Explain the difference between shortages and scarcity. In answering this question, you should consider the difference between the short run and the Icing run in economic analysis.
-
The Great Computer Company, a U.S. corporation, has a subsidiary in the Netherlands. It is deciding whether to invest $2 million of its (the parent's) funds in a 3-year project in the Netherlands....
-
What is the identification problem? What effect will this problem have on the regression estimates of a demand function? Explain.
-
Refer to Exercise 5. Four of the eight students are from Middle Georgia State University. What is the probability that all three of the interviewed students are from Middle Georgia State University?
-
The law of large numbers states that as a probability experiment is repeated, the proportion of times that a given outcome occurs will approach its probability. In Exercises 912, determine whether...
-
The following table presents numbers of U.S. workers, in thousands, categorized by type of occupation and educational level. a. What is the probability that a randomly selected worker is a college...
Study smarter with the SolutionInn App