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6. Pitt County TV and Appliance, Inc. has two stockholders, John Jones and his wife Sarah Jones. John and Sarah own the building in which
6. Pitt County TV and Appliance, Inc. has two stockholders, John Jones and his wife Sarah Jones. John and Sarah own the building in which the retail store is located, and the TV and Appliance Corporation owns the Business Personal Property. Pitt County TV and Appliance, Inc. has purchased a Commercial Package Policy which contains the ISO Building and Personal Property coverage form, CP 0010, and the ISO Commercial General Liability coverage form, CG 00 01. Both coverage forms are unendorsed. The named insured on the Declaration Page is Pitt County TV and Appliance, Inc. The building is insured for $1,000,000 and the Business personal Property is insured for $ 500,000. Both Building and Personal Property have a $1,000 deductible. The building suffers a fire loss and there is 250,000 in damage to the Building and $100,000 in damage to the Personal Property. There is an 80% coinsurance clause, but the adjuster determines there is no coinsurance problem and there is no question of coverage. How much will the insurance company pay for the damage? A. $350,000 B. $349,000 C. 280,000 D. $99,000
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