If the owners of building insured under commercial general liability policy purchase another building in the same risk class, how soon will coverage on the second building go into effect? Immediately after the closing of the purchase of the second building When the owners notify their insurance producer of the purchase When the owners notify their insurance company of the purchase When the owners pay the required additional premium

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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If the owners of building insured under commercial general liability policy purchase another building in the same risk class, how soon will coverage on the second building go into effect?

  1. Immediately after the closing of the purchase of the second building
  2. When the owners notify their insurance producer of the purchase
  3. When the owners notify their insurance company of the purchase
  4. When the owners pay the required additional premium
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