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...
-
Annual sales of echinacea were $132 million in 2009 and de- creased by about $6.9 million per year until 2014. Let f(t) be the annual echinacea sales (in millions of dollars) at t years since 2009....
-
The following data show the number of rental cars in service for three rental car companies: Hertz, Avis, and Dollar. The data are for the years 20072010 and are in thousands of vehicles (Auto Rental...
-
What is bilateral descent, and what are its central characteristics?
-
Barbara Flynn is in charge of maintaining hospital supplies at General Hospital. During the past year, the mean lead time demand for bandage BX-5 was 60 (and was normally distributed). Furthermore,...
-
Minimize the following DFA using the Table-Filling Algorithm. (20 pts) 0 0 B 0 1 A 1 0 C E 1
-
Is there evidence consistent with gender discrimination in training level? To answer this, proceed as follows: a. Create a table of counts for the two qualitative variables gender and training level....
-
This question examines your understanding of various topics you studied in this module. a) Explain with the aid of a sketch the impacts of latitude on temperature. [5 marks] b) Sketch the following...
-
Company XYZ, which recently issued a 10-year, $1,000 par value bond with a 7% annual coupon paid semi-annually, and a market interest rate of 6%, what would be the bond's present value?
-
The recent trend best described by the fundamental values articulated by Reagan is the globalization of trade and information as catalysts to democratic movements the outsourcing of manufacturing and...
-
If $500 is invested at 9% compounded continuously how much is accumulated after 5.2 years? what is the effective annual interest rate? how long will it take for your money to double?
-
You take a 50,000 $, 30-year mortgage with a nominal interest rate of 6 % compounded annually. What part( in dollars) of your 3rd monthly payment goes into paying interest.
-
What is the impact of ESG (Environmental, Social, and Governance) factors on the development of ESG swaps?
-
An unregulated natural monopoly cans Mt. McKinley air, a unique clean air that has no substitutes. The monopoly's total fixed cost is $15,000, and its marginal cost is 10 cents a can. The graph...
-
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.
-
There are three general categories of capital budget scenarios: replacement, expansion, and investment in a NewCo. Describe the overall decision-making context for each. How do they draw on similar...
-
The overall process of creating a capital budget proposal has a lot of similarities to writing a business plan for a start-up company. Describe three aspects of the similarities between a budget...
-
In analysis, some focus seems to be on the need for NPV equations to be applied to projects that are mutually exclusive. But in practice we find that the lines are blurred in capital budgeting....
Study smarter with the SolutionInn App