Your Perfect Assignment is Just a Click Away

We Write Custom Academic Papers

100% Original, Plagiarism Free, Customized to your instructions!


RMI 420 Rowan Cabarrus Community College Risk Management Discussion

RMI 420 Rowan Cabarrus Community College Risk Management Discussion

Question Description

I’m working on a risk management multi-part question and need guidance to help me learn.

11-1 Review Questions:

In your own words, answer the following questions in a Word document. Provide detailed explanations, including at least one example where indicated.

  1. What are 3 extra expenses that might be incurred to continue operations after a physical loss?
  2. What 2 factors affect the duration of a business interruption?
  3. How is the coinsurance percentage calculated?
  4. How is “extra expense” defined under the Business Income Coverage Form?
  5. Why do non-filed classes offer more flexibility than filed classes to underwriters of inland marine insurance?
  6. What are the advantages of open perils coverage in inland marine policies compared to standard commercial property forms? Provide an example.
  7. How can a common carrier limit the amount of its cargo liability?
  8. What are the two main types of motor truck cargo insurance? Provide an example.
  9. Under what conditions does the Forgery or Alteration insuring agreement cover loss sustained by the insured?
  10. What coverage is provided by Outside the Premises, and Inside the Premises – Theft of Money and Securities?
  11. Under loss sustained crime form, describe the operation of these three conditions to determine when a loss must occur in order to be covered:
    1. Extended period to Discover Loss
    2. Loss sustained During Prior Insurance Issued by us or Any Affiliate
    3. Loss sustained During Prior Insurance not Issued by us or Any Affiliate


11-3 Mini-Case Studies:

Answer the following questions in your own words in a Word document. Remember these are mini-case studies, not review questions, and as such your responses are to be in complete sentences and paragraphs, with at least 350 words for each numbered question. Review the associated rubric to understand the response content expected. Please restate the question in your document but do not count these words in your total response length.

  1. For each of these situations, identify one or more endorsement or coverage options designed specifically for tailoring business income and extra expense insurance to meet the insured’s needs.
    1. The insured has several locations that are highly interdependent.
    2. The insured has a large workforce of unskilled workers.
    3. The insured is a manufacturer whose operation consumes an extraordinary amount of electricity.
    4. The insured is heavily dependent on one supplier.
  2. Electronics for You (EFY) is a national retailer of home and small business electronics. Because many of its products are made in Asia, its headquarters and main warehouse are on the West Coast of the United States. Most shipments are made FOB by container on cargo vessels. Once the merchandise is in the West Coast warehouse, EFY distributes it to its western regional stores in its own trucks. EFY uses contract carriers for distribution to 3 other regional warehouses. From the regional warehouses, it uses common carriers to deliver shipments to individual stores. Besides acquiring electronics for sale in its own stores, EFY serves as a distributor of foreign manufactured electronics to small electronics dealers in smaller cities. EFY receives electronics on consignment from foreign manufacturers, sells the products, and arranges to transport them by common carrier to independent dealers. In addition to its sales of electronics, EFY provides repair services. It provides post-warranty repair services to retail customers and warranty repair service for national brands. The retail repairs are made on-site at local stores. The warranty repair services are provided at two regional repair centers. One is on the East Coast; the other is on the West Coast. EFY must determine what ocean cargo and inland marine loss exposures it has and what ocean and inland marine coverages will best insure them.
    1. What are EFY’s ocean marine and inland marine loss exposures?
    2. Identify the inland marine and ocean marine coverage EFY should purchase to cover the identified exposures.
    3. Explain whether an independent electronics dealer would want its terms of sale with EFY for electronics goods to state that shipments are FOB Point of Origin or FOB Destination.
    4. Explain why EFY might purchase inland marine insurance on goods in transit even though common and contract carriers may be held responsible for any damage or loss of goods when they transport them.
  3. For 9 consecutive years with the same insurer, Emily has insured her souvenir shop under the loss sustained version of the ISO Commercial Crime Coverage Form, which included the Employee Theft insuring agreement. During the ninth year of coverage, she learned her staff accountant had been embezzling funds in July (peak season) for each of the last six years. Identify which condition determines whether Emily’s crime form covers this loss, and explain which policy covers the loss.

Order Solution Now

Our Service Charter

1. Professional & Expert Writers: Executive Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Executive Papers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Executive Papers is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Executive Papers, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.