Generally, which of these ultimately pays the insurance premium on a commercial property owners policy?
A: The owner
B: The tenant
C: The managing agent
D: The owner and the managing agent
B. Market practice is for commercial property owners to charge the insurance premium out to their tenants, compared with residential property leases where usually the property owner will stand the cost of the insurance premium.
This set of questions, courtesy of online CII training package Insurance Assess, will test your knowledge of topics. The answers are at the bottom...
What is normally third party liability property damage limit in respect of a commercial motor policy?
A: Between £20m and £50m B: Between £1m and £5m C: Between £10m and £15m D: Unlimited
A: Earned premium only B: All banked funds plus any payments received awaiting banking