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.
Which of these sums represents the contribution to the UK’s gross domestic product made by the key classes of business written in the London market each year?
A: £29 bn B: £10 bn C: £15 bn D: £50 bn
C: To avoid all possible conflicts of interest a broker should not be appointed a trustee of their client’s policy.
A: A promise by the insurer that cover will continue as long as the premium is paid by the insured B: A promise by the insured that the items of value will be stored in a locked safe overnight