A firm faces two risks: property risk and liability risk. The probability distributions of losses for the two risks are shown below.

Property Loss

Loss $($M $$)$ Probability

$00\mathrm{.}7$

$200\mathrm{.}2$

$500\mathrm{.}1$

Liability Loss

Loss $($M $$)$ Probability

$00\mathrm{.}8$

$200\mathrm{.}15$

$1000\mathrm{.}05$

Assume that the two risks are independent.

$1)$ The firm is considering purchasing separate insurance coverage for its property and liability risk. What is the total insurance premium if the deductible on each policy is $$18$ M$.$Assume that the insurance loading is $20\%$

$2)$ The firm is considering purchasing a single insurance policy to cover both property and liability risk. What is the total insurance premium if the deductible on the policy is $$45$ M$.$Assume that the insurance loading is $21\%$