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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to

  • Identify the seven broad classes of property and liability insurance for business firms
  • Identify and distinguish among the four broad classes of commercial property insurance, and explain the distinguishing characteristics of each class
  • Describe the general nature of coverage available to business firms with respect to fixed location property
  • Distinguish between direct damage property insurance coverages and indirect loss coverages
  • Identify and explain the general nature and uses of indirect loss (time element coverages) and explain the circumstances in which each type of coverage is needed
  • Describe the general nature of the coverage available to business firms with respect to property that is not at a fixed location
  • Explain the principal features of boiler and machinery insurance and the feature that distinguishes it from other types of insurance
  • Identify the two broad classes of commercial crime insurance

Our discussion throughout this book has focused primarily on insurance coverages designed for the individual and the family unit. Although a detailed discussion of the coverages available for business firms and other organizations is beyond the scope of this text, we should at least describe the insurance coverages available to cover the exposures of business firms. In this chapter and the next, we ...

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