Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please explain all answers to the questions. 8-2. Harold has operated a small appliance repair business in a small building he owns in a commercial

Please explain all answers to the questions. image text in transcribed
image text in transcribed
8-2. Harold has operated a small appliance repair business in a small building he owns in a commercial neighborhood in a Midwestern city. Having worked well past the normal retirement age of sixty-five, Harold decides to close the busi- ness. He sells or otherwise removes all equipment and furniture he had in the building to close his business by June 30. However, he is undecided whether to rent the building for additional income or simply sell it. He decides to take some time to think about it. On September 14, the building is destroyed by fire. a. What type of Commercial Property Coverage Form would have appropri- ately covered this property and why would it have been appropriate? b. Would Harold's loss of the building by fire be covered under the Standard Property Policy? Other Commercial Propery Coverage Forms 5.21 S.3. ALA Architects, Inc, operates its business in an office suite in a building that is a condominium of commercial unit owners. AIA has installed a number of improvements and betterments in its unit to better work on large design docu- ments and store customer architectural plans and drawings. A fire erupts one night due to faulty electric wiring and damages part of the built-in desks and storage units. Would AIA's Condominium Unit-Owners Coverage Form cover the loss of the desks and storage cabinets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Gapenski's Healthcare Finance An Introduction To Accounting And Financial Management

Authors: Kristin L. Reiter, Paula H. Song

7th Edition

1640551867, 9781640551862

More Books

Students also viewed these Finance questions

Question

How did the plague contribute to the Renaissance?

Answered: 1 week ago

Question

Do you strive to create a diverse workforce?

Answered: 1 week ago