Ins Exam C - Dwelling Flashcards
Causes of Loss Forms: *
- DP-1
- DP-2
- DP-3
DP-1 = Basic - Named Peril DP-2 = Broad - Named Peril DP-3 = Special - Open Peril
Dwelling Policy Overview *
- available to owners of residential property
- Do Not Qualify: Rented to Others
Seasonal
Higher Risk - 3 Basic dwelling policies
- DP-1, DP-2, DP-3
- No theft or liability coverage
DP-1: Cause of Loss Form *
Basic
- Named Peril Contract - Building/Contents
- Most basic n least expensive form
- original standard Fire Policy
- Automatic coverage for loss by:
- FIRE
- LIGHTENING
- INTERNAL EXPLOSION
- incl removal of endangered property
Dwelling Policy DP-1 *
- Loss Form
- Coverages
- Named Peril Contract - Building/Contents
- Coverages:
A = Dwelling
B = Other Structures - Out Buildings (unattached garage) - 10% of A
C = Personal Property - all other - $ never covered - 50% of A
D = Fair Rental Value - Replace Income - 20% of A - USE AS A DWELLING
- no more than 4 apts
- LOSSES PAID ON ACV BASIS
> What is insured for? B is 10% of A
DP-1: OPTIONAL COVERAGE - EC **
Extended Coverage Perils (EC)
- may only be written w/ perils of fire or lightening, internal exposure
+VANDALISM or MALICIOUS MISCHIEF
- may only be written w/ EC
- vandalism or malicious mischief
- willful and malicious damage excluding damage to glass, theft, burglary, or larceny
DP-1: OPTIONAL COVERAGES **
WCSHAVVER
available @ an A/P
> Windstorm - tornadoes, hurricanes, high velocity winds
> Civil Commotion - pillaging and looting
> Smoke - unfriendly fire - faulty op of heating or cooling unit connected to chimney
> Hail - pellets of ice produced by tornadoes, hurricanes, high velocity winds
> Aircraft - physical contact w/ aircraft or spacecraft no sonic boom
> Vehicles - physical contact w/ non-owned on-road or rail vehicles
> Volcanic Eruption - lava
> Explosion - accumulated gases or unconsumed fuel in fire box water heater/oven
> Riot - pillaging and looting
DP-1: Optional Endt - Coverage E *
Coverage E - Additional Living Expenses
- covers increased living expenses resulting from a covered loss to Coverages A, B or C when described premises unfit for normal use
- coverage automatic on DP-2 & DP-3
DP-2: Dwelling Policy *
- Named Peril Contract - Building/Contents
- Coverages A, B, C, D & E
- Replacement Cost Settlement
- Coverages A & B
> must carry at least 80% of Replacement Cost
> if less than 80% co-ins formula applies
- Coverages A & B
Broad DP-2: Covered Perils *
- Same as DP-1 (Fire, Lightning, Internal Explosion, EC)
- Plus the following coverages: The BIG Affect
- Burglary (damage by) - Fire Place Smoke
- Ice, Sleet, Snow (weight) - Damage by Vehicles
- Glass Breakage
- Accidental Discharge of water
- sudden damage from artificial electrical currents
DP-3: Dwelling Policy
- Open Peril on Coverages A & B - Replacement Cost
- Named Perils on Coverage C - Named Excl
- Similar to DP-2 otherwise - All Risk
- Certain Perils are not covered if Dwelling Vacant for more than 60 days
- Vandalism or malicious mischeif
- Accidental discharge or water overflow
- Burglary damage
- Coverage D: Fair Rental Value - Replace Income Lost - 20% of A
DWELLING POLICY OTHER COVERAGES **
DP-2 and DP-3 same as DP-1 plus:
- Tree, Shrubs, and Other Plants
- 5% of Coverage A up to $500 per plant
Dwelling Policy Exclusions *
WATERCRAFT - other than canoes & row boats
- up to $1,500 or ACV
- CAN BE ADDED BY ENDT TO HO
The dwelling policy provide how much additional coverage for a fire department service charge?
$500
Additional Dwelling Endts *
THEFT COVERAGE of PERSONAL PROPERTY
- BROAD THEFT - avail only if insured is owner-occupant
- avail for both on & off premises exposures
- LIMITED THEFT - avail when insured is not owner-occupant
- incl some limitations & excls
Dwelling Under Construction - covers structure while under construction till completion date
Personal Liability - provides liab & medical coverage
- same as Section 2 HO Policy
