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Purpose
This assignment is intended to help you learn to do the following:
Explain the ISO Builders Risk Form and its coverages.
Explain the ISO farm program.
Describe the coverages under crop hail insurance, animal mortality insurance, and feedlot insurance.
Describe Bond Form 24. Describe the characteristics of surety bonds.
Describe coverages available through the National Flood Insurance Program.
Compare the NFIP general property form to the standard commercial property form.
Explain the ISO Flood coverage and ISO Earthquake coverage.
Describe the typical Difference in Conditions policy, including its advantages and disadvantages.
Action Items
In your own words, answer the following questions in a Word document with detailed explanations. Provide an example when necessary.
g) What options are available to the surety if a contractor defaults under a performance bond?
h) What do fiduciary bonds guarantee?
i) What are the differences between the NFIP General Property Form and the standard commercial property form?
j) How can the ISO Flood coverage endorsement provide broader coverage than the NFIP flood policies?
k) How are deductibles expressed in ISO Earthquake endorsements? What is the ensuing loss provision of the ISO Earthquake endorsement?
l) Why would an insurer write a DIC policy without a coinsurance clause? What are the advantages of a DIC policy to an insured?
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