Ch.6- SECT.1 Pers. Prop. (habitational) Ins. Flashcards
Definitions
RIBO page 1
Insured extended to include:
- student enrolled+attending school + dependent of insured or spouse (even if reside away from principal residence )
You/your
- you/your: insured, you, your His/her/husband/wife: spouse of insured entitled to make claim - if not name in policy, must prove: 1. Was living with insured continuously for 3 years 2. Parents of a child + living w/ insured 1 year Relatives of either: Incl children, parents, grandparents, other family who live w/ insured - no age limit Any person under 21 in their care: - even if not related -incl: foster kids, exchg students
Dwelling
Building/ portion of building/unit occupied by you as private res. For habitational (not biz) use
Business
Continuous + regular pursuit under take for financial gain
Premises
Dwelling and land contains writhing lot lines on which dwelling situated
Premises for tennant and condo
Incl garages, outbuildings, private approaches only for you
Vacant
- partially or fully furnished - occupants: 1. Moves out w/ no intention to return 2.newly constructed unit before occupants move in 3.occ. Moved out and no new occ moved in
Extensions of coverage:
RIBO of. 8-10 There Are 12
LIST:
Extensions of coverage : 1.debris removal
-Loss/ damage caused by insured peril - if any payable is more than any of ins. : + 5% of coverage A
Extensions of coverage : 2. Property removed
- removed to protect it from loss/damage - protected for 30 days or till policy expires
Extensions of coverage : 3.moving to another home
To insure property in transit /at another loderion to be occupied Canada only 30 days or till expiry of policy
Extensions of coverage : 4. Damage to dwelling (tenant)
-$500 Oc coverage C - if loss caused by theft or interior , caused my vandalism/ malicious acts
Extensions of coverage : 5. Fire department charges
Up to $1000, no deductible
Extensions of coverage : 6. Freezer food
up to $2000, no deductible
for loss/damage due to:
- Mechanical breakdown (will pay reasonable expenses to save/preserve food)
- Outside power interruption- no coverage of due to:
- Disconnection of power supply by pet or vacuuming
- Natural spoilage /natural change
Extensions of coverage : 7. Credit/Debit cards, forgery/ounterfeit money
- Insured if not caused by insured
- limits:
- $200/OCCURENCE for 1 tx (cdn/US)
- TOTAL LIMIT: $2000 during term
- no deductible
- EXCEPTION: not covered if use of card by person living in the home
Extensions of coverage : 8. Change of temperature
- if results from physical dmagae to dwelling/equipment by insured peril (causes of loss (i.e fire)
- indirect damage still covered with extension
- must prove:
- physical damage to bldg/equipmet id from insured preril
- property was in dwelling at the time of loss
Extensions of coverage : 9. Lock replacement
- up to $500
- no deductible
- will repalce if keys stolen during burglary/theft + REPORTED TO POLICE
*
Extensions of coverage : 10. Tear out
- repair walls/ceilings etc.. that must be torn apart for water damage to be repaired
- not incl damage caused by swimming pools or public water mains
Extensions of coverage : 11. Arson + Burglary conviction award
- $1000 for info that leads to conviction
- No deductible
- may incrase amt otherwise applicable (but not inc if multiple reports/ppl)
- not incl law enforcement
Extensions of coverage : Inflation protection
- built in to policy
- automatically imncreases amounts of ins by amt of inflation from either:
- inception of policy period
- last renewal/anniverssary
- date of most recent change
- applied to Section 1 coverage (see pic)
Extensions of coverage (12 ) LIST
- Debris removal
- Property removed
- Moving to another home
- Damage to dwelling (tenant)
- Fire dept expenses
- Freezer foods
- Credit/Debit cards, counterfeit money
- Change of temperature
- Lock replacement
- Rear oyt
- Arson/burglary/robbery conviction award
- Infaltion protection
Section 1 property Coverages x7 (LIST)
- Coverage:
- A: Dwelling bldg
- A1: Condo unit
- A2: Loss Assessment
- A3: Improvements/Betterments
- B: Detached Private Structures
- C: Personal Property
- on prem
- away from prem
- Special limits of ins.
- D: Addtional Living exp.’s
Coverage A: Dwelling/buildng perils
- Fire
- lightning
- explosion
- impact by aircraft/land vhicle
- riot
- vandalism/malicious acts
NOT COVERED:
- WINDSTORM, HAIL, THEFT
Coverage A: Dwelling bldg (HOMEOWNER)
- RIBO PG.3
- incl value of:
- dwelling, attached strutures
- outdoor swimming pool+attached ewquip.
- permanently installed outdoor equip.
-
Also covered ( w/Limits aka limits of ins.):
- Materials + supplies located adjacent to prem
- Bldg fixtures + fittings temporarily removed
- outdoor trees/shrubsa/plants
Coverage A: Limits of insurance
covered w/ limits:
-
Materials + supplies adjacent to prem
- for use in construction, alteration, repair
- no coverage for theft during period of construction
- theft only covered once dwelling ready to be occupied
-
bldg fixtures & fittins temporarily removed
- for repair, seasonal storage
- apply up to 10% of amt of ins.
-
Outdoor tress/shrubs/plants
- can apply up to 5% of amt of insurance
- max $500 for any 1 tree
Coverage A1: condominium unit owner
- RIBO PG.3-4
- $100,000 on insured unit (not incl improvements/betterments) if:
- no ins. by condo corp.
- ins by condo corp inadequate
Coverage A1: condo- also coveres
- Bldg fixtures/ fittings etc + permanently installed outdoor equip by condo corp
- bldg fixtures/fittings etc temporarily removed to repair/store
- up to 10% of insurance on unit
Coverage A2: LOSS ASSESSMENT (CONDO UNIT OWNER)
- ribo pg. 4
- if condo corp coverage inadequate to cover loss:
- special assessment for each unit oner
- coverage: $10,000, but can be increased
*
Coverage A3: UNit improvements and betterments (condo unit owners)
- improvements and betterments by unit owner
- max 100% limit if insurance of coverage A1 incl:
- all bldg structures, swimming pools on prem
- Materials and supplies on prem for use in improvements/betterments
- max 100% limit if insurance of coverage A1 incl:
Coverage B: Detached private structures (Homeowners)
- RIBO pg.4
- covers:any structure/bldg seperated from dwelling by clear space + not incl in cov.A
- also incl if connected by fence, utility line, etcc
Coverage C: Personal property- on prem
-
on prem
- can extend to incl uninsured property of others in dwelling
- persoanl property you own, wear, use while on prem
Coverage C: Personal property - OFF PREM
- off prem
- personal property temporarily away
- anywhere in the world
- can incl unisured pers. prop of tohers in possession (i.e residence employee)
- Personal property in storage: controlled access storage facility max 30 days(after 30 days, theft only)
Coverage C: Personal property- Students
property of students
temporarily living away from home to attend school
Coverage C: pEROSNAL PROPERTY
- DEPENDS ON WHERE PROPERTY LOCATED
- ON PREM
- OFF PREM
- STUDENT
Coverage C: Applicable to tennat
- RIBO PG.5
- Improvements/betterments made to rental are insured
Coverage C: Personal property: property not insured
- RIBO PG 5
- Motorized vehicles or other equipment
- except:
- motorized vehicles to maintain premises, wheelchanir/scooters for person w/ disability + watercraft
- except:
- campter units. trruck caps, trailers + equipment (see def.)
- Aircraft + ewquipment (see def.)
- personal property normally kept at any other location
- outdoor trees, shrubsa, plants, items grown for commercial use
Coverage C: Personal property: equipment
equipment: incl audio, visual, recording/transmittign equipment powered by electricl system of motor vehicle/aircraft
- not covered:
- tape decks, compact disk platers
- tc sets
- recording/transamitting equip
Sepcial limits of Insurance items 1-8
- RIBO PG.5
- max amt regardless of caUSE (set amt)- (unless spec. peril?) :
- business property: up to $2000
- Securities: up to $2000 in all
- money,cash, builllon(Gold): up to $500
- Garden type tractors: up to $5000
- watercraft: $1000 (theft only ?)
- Computer software: $2500 (SW not HW)
- Animals, birds, fish: $500 (not incl impact by air craft or land vehicle)
- spare auto parts : $1000 incl tires
Sepcial limits of Insurance items 9-14
- if specified peril: no limit
- only limit if THEFT
- NUMISMATIC PREPORTY (COINS) $500
- Jewellery, watches, gems, fur, $1000
- Manuscripts, samps, etc $1000
- bicylce, equip, accessories: $500
- collectible cards $1000
- personal property of student $2500
Special limits of Insurance: specified perils (11 +1)
- fire
- lightning
- explosion
- smoke (rules)
- falling object
- impact by aircraft/land vehicle
- riot
- Vandlism
- water damage (see rules)
- windstorm/hail
- transportation (collision, upset, overturn, derailment, etc…)
- theft (watercraft)
Coverage D: Additional Living expense (list)
- RIBO pg. 7
- 2 coverages:
- Additional living expense
- fair rental value
Coverage D: Additional Living expense: Additional living exp
WHEN:
- dwelling damaged by insured peril
- dwelling unfit to live in OR req to move out to be repaired
- pays additional living exp only (costs not present before the loss, above normal costs)
- covers expenses necessarily incurred in order to maintain standard of living
Coverage D: Additional Living expense: Fair rental value
- for ppl who rent out part of home
- lose rental income if loss
- insured for reasonable time req to repair/rebuil
-
prohibited access: pf.7
- max 2 weeks
- prohibited by civil authority
- mass evacuation b/c of sudden accidental event in cda/USA
*
- max 2 weeks
Coverage D excluded perils
- flood
- earthquake
- war
- terrorism
- nuclear incident/contamination of radioactive materials
Statutory conditions (15)
- Misrepresentaion
- property of other
- change of interest
- material change
- termination
- requirements after loss
- fraud
- Who may give notice and proof
- salvage
- entry,control, abandonment
- Appraisal
- when loss payable
- replacement
- action
- notice
*PACKAGE ORDER*
- Coverage (insured, not insured, special limits, insured perils)
- Extensions of coverage (incl optional ones)
- Insured perils
- common exclusions
