Dwelling Property Forms Flashcards
Name eligible dwellings
1 - 1-4 family homes 2- rented to others 3 - owned by a corp or partnership 4 - Low valued 5 - Mobile homes
What is the standard deductible for a dwelling policy?
$500
What is included on a dwelling dec page?
- deductible
- rating info
- coverage forms (perils)
- mandatory and optional endorsements
- location
DP1
Dwelling Property Basic Form
Coverage A
Dwelling: including permanently installed building equipment and outdoor equipment to service the property
Coverage B
Other Structures: DETACHED; excluding commercial use
Coverage C
Personal property or contents; belonging to insured, family members, guest or servant
tenants and boarders are not covered
Coverage D
Fair Rental Value; rental monies which insured is entitled due to covered loss until property is restored
What coverage is not automatic under a DP1?
Coverage E is not automatic, it may be selected if desired as additional coverage
Coverage E IS automatic under DP2 and DP3
Other coverages means
Clarification of coverage
Other coverages on DP1
R: Rental value 20% of A
I: Improvement, alterations, additions applies only if insured does not own premises - 10% of C
O: Other structures - 10% of A not used in business
T: Temporary location when covered - property is removed to save from covered perils - 5 days
R: Repairs to protect from further damage
O: Off premises personal property - 10% of C worldwide excludes boats
D: Debris removal, cost of after a covered loss
DP1 named perils
Fire, Lightning, plus internal explosion (referred to as fire)
Add FLORIDA mandatory Endorsement: CGCC Catastrophic Ground Cover Collapse
Extended coverages may be purchased for a DP1. Name them
WHARVES & vmm
W: Windstorm H: Hail A: Aircraft R: Riot or civil commotion (not war) V: Vehicles, 72hrs after Volcanic Eruption E: Explosion S: Smoke excluding fireplaces
VMM: Vandalism or Malicious Mischief
What is excluded under a DP1?
W: water damage by flood, sewers, or underground seepage
O: ordinance or laws where enforcement causes increases in construction cost
P: power interruption damage if power source is away from premises
E: earth movement other than CGCC
R: rebellion, revolution, insurrections, war, govt action
DP2
Dwelling Property Broad Form
What changes from a DP1 to a DP2?
Coverages A thru D are almost the same as a DP1 but now Add coverage E which may be added to a DP1 by endorsement
Min limits for cov a - $12,000
Coverage E
Additional Living Expense - to maintain normal living standard while dwelling is being repaired
DP2 named perils
Fire, Lightning, and WHARVES
Add FLORIDA mandatory Endorsement: CGCC
VMM built into DP2
Vacancy
60 consecutive days
DP2 Additional Perils (not in DP1)
C: collapse caused by certain perils
A: accidental discharge or water/steam from household appliances such as ac, plumbing, heating
P: pipe damage from freezing of all plumbing systems
B: burglar damage to premesis
O: objects falling - excludes tv antenna, awnings, fences
B: Breakage of glass
B: bulging steam or hot water heating&plumbing systms
I: weight of ice, snow or sleet
E: electrical damage from artificially generated electrical current
DP2 Other Coverages
R: Rental value & additional living expenses - 20% of A
I: Improvement, alterations, additions applies only if insured does not own premises - 10% of C
O: Other structures - 10% of A not used in business
T: Temporary location when covered - property is removed to save from covered perils - 30 days
R: Repairs to protect from further damage
O: Off premises personal property - 10% of C worldwide excludes boats
D: Debris removal
S: Shrubs, trees, plants - max 5%of A, $500 max on each - are covered for FLAREV perils
FLAREV`
Fire Lightning Aircraft Riot Explosion Vandalism
Settlement under DP2
replacement cost - cov a & b only - pays new for old if property insured for 80% or replacement cost (must notify company within 180 days of intent to replace) if not repaired in a reasonable time, ACV is paid
Which dwelling policy is the CGCC mandatory endorsement added to?
DP1, DP2, AND DP3
