Which statements are true regarding the causes of loss in a commercial policy?

The correct understanding regarding the causes of loss in a commercial policy is that they are documented separately from the declarations page. This is important because the declarations page typically outlines basic information about the policy, such as the insured parties, the coverage amounts, and other vital details.

However, the causes of loss—specifically detailing what is covered and under what circumstances—are found in separate documents or forms known as the Causes of Loss forms. These forms outline the specific risks covered by the policy, such as theft, fire, or natural disasters. Therefore, it's crucial for policyholders to reference these separate documents to fully understand the extent of their coverage, as they provide detailed information that may not be found in the declarations.

The other choices do not align correctly with how causes of loss are handled in commercial insurance policies. For instance, while coverage options can vary from policy to policy, they are not optional for all policies, as some levels of coverage are mandatory. Additionally, causes of loss are not standard across all insurance types, as different types of insurance cover different risks and may have unique causes of loss provisions.