Section I – Property: Conditions

The Appraisal Condition in the Businessowners Policy states that if the insurer and insured disagree on the amount of loss, either may make written demand for an appraisal of the loss; each party will select a competent and impartial appraiser; and the two appraisers will select

The Duties Condition in the Businessowners Policy states that the insured is required to do all of the following in the event of loss or damage to covered property EXCEPT

The Loss Payment Options Condition in the Businessowners Policy states the policy provides Replacement Cost coverage if the insured has a limit of at least what percent of the cost to replace the property at the time of loss?

The Loss Payment Options Condition in the Businessowners Policy states that if the insured has a limit of less than 80% of the cost to replace the property at the time of loss, the policy provides

The Recovered Property Condition in the Businessowners Policy states if a loss to property has been settled, and then later that same property is recovered by either the insured or insurer, that party must promptly notify the other party; if the insured chooses to retain the recovered property, the insured

The Vacancy Condition in the Businessowners Policy states that if a building is vacant for more than 60 consecutive days, all of the following apply EXCEPT

The Businessowners Policy states, “No person or organization, other than the insured, having custody of Covered Property will benefit from the insurance policy.” What is this condition called?

The Policy Period, Coverage Territory Condition in the Businessowners Policy states the definition of covered territory includes all of the following EXCEPT