Forms and types of homeowner policies Flashcards
H-02
Broad forms covers broad perils , owner occupant, covers BIG AFFECT burglary, ice sleet and snow, glass breakage , accidental discharge of water or steam , freezing objects , falling objects , electrical currents, collapse , tearing asunder (sudden accidental tearing apart)
HO-3
Special forms - owner occupant. Most exclusive open peril coverage on dwelling and structures excluded perils intentional damage ,
BASIC PERILS ( BASIC BITCHES )
FIRE , LIGHTENING , INTERNAL EXPLOSIONS ( EXPLOSIONS INSIDE A COVERED LOCATION
EXTENDED COVERAGE EC PERILS - INCLUDED IN MOST STATE PLOCIES
WCSHAVVER :
WIND, CIVIL COMMOTION , SMOKE , HAIL , AIRCRAFT, VEHICLES , VOLCANIC ERUPTION, EXPLOSION, RIOT , & VMM VANDALISM AND MALICIOUS MISCHIEF ,
BROAD PERILS - AKA NAMED PERIL COVERAGE - LIST WHAT IS COVERED
ALL BASIC FORM PERIL ( basic bitches included , fire lightnening , internal explosion, + EC extended coverage WCSGAVVER V&MM + BIG AFFECT
BIG AFFECT = BURGLARY DAMAGE , WT OF ICE SLEET SNOW, GLASS BREAKAGE , ACCIDENTAL DISCHARGE OF WATER WITHIN PLUMBING FREEZING OBJECTS FALLING OBJECTS, ELECTRICAL CURRENT COLLAPSE , TEARING ASUNDER
SPECIAL PERILS (OPEN) ERRRTHANGGG , UNLESS I SAY NAH
coverage insures against all risks of direct physical loss , unless they specifically are excluded.
NAH NAH NAH NAH : flooding, earthquake , intentional damage caused by insured , losses due to enforcement of building codes, damage caused by power interruption occurring off premises, gov seizers,
HO-4 - TENANTS OR RENTERS
FOR RENT/ PERSONAL PROPERTY
HO-5
COMPREHENSIVE FORM ; OWNER OCCUPANT/ BEST
HO-6
CONDOMINIUM CONDO OWNERS- WALLS IN , CIELING /WALL.FLOORS AND PERSONAL PROPERTY
HO-8
MODIFIED FORM FOR SPECIAL RISKS ( OLDER HOMES / MODIFICATIONS.
DWELLING POLICIES
DP-1, BASIC FORM
DP-2 , BROAD FORM
DP-3 , SPELCIAL FORM
DP-1 - ALL THE BASIC BITCHES AUTOMATICALLY INSURED FIRE (unfriendly fire, friendly fire not covered )
lightening ( natural electrictiy )
internal explosion ( furnace , stove, hot water heater INSIDE DWELLING)
FOR ADDITIONAL PREMIUM. EC- WCSHAVVER AND V&MM
DP-2 - ALL THE BASIC BITCHES PLUS… BIG AFFECT :
basic ( fire, lightening, intenral explosion,
exclusions , WT OF SNOW AND ICE FALLING OBJECTS, NOT COVERED on awnings , fences, patios, swimming pools, docks, retaining walls , accidental dischage of water FROM CONTINOUS LEAKS / flood . burglary from vacant 60 days buildings.
DP- 3 - RISK OF DIRECT PHYSICAL LOST ARE COVERED! -OPEN - DWELLING AND OTHER STRUCTURES ;;;;; EXCLUDES, intentional damage, theft, freezing of plumbing if unoccupied and care not taken , wear and tear, foundations.
COMMERCIAL LINES
COMMERCIAL PACKAGE POLICYS (CPP)
BEGINS WITH COVERAGE FOR PROPERTY / GENERAL LIABILITY INSURANCE AND THEN OTHER FORMS OF INSURANCE ARE ADDED ON TO CREATE A “BUNDLE”
ELIGIBLE COVERGES : building and personal property, builders risk, condominium association, condominium commercial unit owners, business income , extra expense, COMMERCIAL INLAND MARINE, COMMERCIAL CASUALTY FORMS. commerical auto, general liability, crime, farm liabiity,
CPP - CANNOT INCLUDE : workers comp, life insurance , health and disability insurance , certain types of professional liability , CPP MUST INCLUDE AT LEAST ONE PROPERTY COVERAGE AND ONE CASUALTY COVERAGE.
COMMERCIAL PROPERTY
BUSINESSES NEED: PROPERTY INSURANCE ( coverage on real property, office buildings, factories, warehouses,
NEED: INSURANCE ON BUSINESS PERSONAL PROPERTY examples. fixtures , machinery, inventory, machinery.
COMMERICAL PROPERTY…
MUST INCLUDE: COMMERIAL PROPERTY DECLARATIONS FORM
COMMERCIAL PROPERTY CONDITIONS FORM, ONE OR MORE COMMERCIAL PROPERTY COVERAGE FORMS. - CAUSES AND LOSS FORM. & MANDATORY ENDORSEMENTS.
COMMERCIAL PROPERTY DECLARATIONS FORM
PROVIDES ADDTIONAL INFORMATION ABOUT THE PREMISES BEING INSURED & THE SPECIFIC PROPERTY FORMS THAT WILL APPLY.
NAME / ADDRESS OF ANY MORTGAGE LEIN HOLDERS
COMMERCIAL PROPERTY COVERAGE FORMS
DESCRIBES SPECIFIC COVERAGES BEING PROVIDED TO THE BUSINESS
DEFINES PROPERTY IS COVERED, WHT PROP IS NOT COVERED, HOW LIMITS AND DEDUCTIBLES APPLY, WHT SPECIAL CONDITIONS APPLY.
can be added; building & personal property , builders risk , condo association, condominium commercial unit owner, business income with extra expense, legal liability ( considered property insurance . )
Commercial building & Business personal property form.
- most commonly purchased form.
- core of the commercial property coverage part, the building and personal property coverage
COVERS buildings, the insureds business personal property, the personal property of others located at the buisness premises, COVERAGE IS ONLY provided for coverages that have a limit of insurance shown in the declarations.
INCLUDES; completed additions, fixtures, (including outdoor) , personal property used to maintain the premise, fire extinguishers, outdoor furniture, floor coverings, certain appliances,
WITHIN 100 FT OF PREMISE additions under construction and alterations or repairs to the building materials, equipment, supplies
business personal property: covered while it is in the building , in the open or in a vehicle within 100 ft of premise. (includes furniture, fixtures, machinery, equipment, stock. value of labor + parts, if insured is a tenant the improvements + betterments added by insured, leased personal prop
not covered in BUIDLING AND PERSONAL PROPERTY COVERAGE FORM
money accounts, food stamps, notes, securities, animals unless they are boarded or held for sale , autos for sale , bridges, roads, walks, patios, other paved surfaces. conraband, cost of excavations other groud prep. bulkheads, underground pipes and drains, watercrafts and air crafts lic for public use, the follwoing while outside buildings except as provided in coverage extensions ( fences, antennas, signs that are not attached, trees shrubs, plants.
CAUSES OF LOSS FORMS ( BBS)
..LIST THE PERILS THT THE PROPERTY IS INSURED AGAINST, 3 forms.
- BASIC - CP1
- BROAD - CP2
- SPECIAL- CP3 ( OPEN)
BUSINESS INCOME (BUISNESS INCOME COVERAGE FORM)
PAY FOR LOSS OF INCOME THAT THE INSURED SUSTAINS DUE TO A DIRECT PHYSICAL LOSS FROM A PERIL INSURED AGAINST THT FORCES THE INSURED TI SUSPEND OPERATIONS DURING RESTORATION.
RESTERATION BEGINS: date of direct physical loss, ends when property can be repaird/rebuilt/replaced. time element coverage: coverage for the loss of business income over a period of time tht resulted in direct physical loss , net income//continuing normal operations. payroll.
extra expense: COVERAGE FOR A BUISNESS THT MUST CONTINUE AT ALL COST (; NEWSPAPER, BANK)
the coverage that reimburses the insured for expenses incurred to keep a business going after a loss caused by a covered peril.
BUSINESS INCOME with extra expense coverage form - includes extra expense coverage tht reimburses the insured for money spent to avoid or minimize business shut down. (covers expenses the insured would not have incurred if the property had not been damaged) BANK MOVE TO TEMP LOCATION
BUSINESS INCOME WITHOUT extra expense coverage form: replaces the extra expense coverage with EXPENSES TO REDUCE LOSS COVERAGE , ( without extra expense don’t need coverage , ex restaurant closes and then repens.
equipment breakdown “
means the following types of direct loss, that cause damage to covered equipment, requiring the equipment’s repair or replacement
COVERS” FAILURE or pressure / vacuum equipment, mechanical failure including rupture or bursting caused by centrifugal force, electrical failure, including arcing,
NOT A MAINTENANCE POLICY: does not include,,, malfunction, defects leakage, damage to any vacumm TUBE, GLASS TUBE OR BRUSH, damage to any structure or foundation supporting the covered equipment or any of its parts, , cracking of any part of an internal combustion. gas turbine
BUSINESS OWNERS POLCIY (BOP)
MOM AND POP (SMALL - MED SIZED BUSINESS) less than 100 employees
- 6 million or less in revenue
business occupying 35,000 square feet.
COMPLEX CPP .. SIMILAR TO THE HOMEOWNERS ( HO) POLICY for individuals in that property, liability and other coverages are automatically included. additional coverages can be added for small premium.
Builders risk
- personal inland marine forms. - BRAODER COVERAGE FOR PERSONAL PROPERTY , inland marine insurance originally developed from ocean marine insurance
ocean marine insurance - provides coverage for property being transported over water.
inland marine insurance- same type of broad, flexible, coverage for personal portable property ON LAND (INLAND) AKA FLOATERS.
2 MOST COMMONLY USED PERSONAL INLAND MARINE FORMS ARE
PERSONAL ARTICLES/ PERSONAL EFFECTS
PERSONAL INLAND MARINE FLOATERS PROVIDE OPEN PERIL COVERAGE , FEW EXCLUSIONS , war, nuclear hazard wear and tear graudual deteriotation , insects, vermin and inherent vice
