Mod 6 Study 4 + 5 Flashcards
Condo Owners Policy contains the following sections of coverage - and is also eligible for additional coverage floaters
personal property personal liability Additional living expenses unit improvements and betterments loss assessments unit additional protection
Loss assessment coverage helps protect you financially if there is a liability claim made against the condo that exceeds the coverage limit.
What are 4 reasons this could occur
Underinsurance
Application of a penalty under a coinsurance clause
The cause of loss is not an insured peril
Breach of c policy condition by the condo corp
Who is personal-lines insurance for and what does it exclude
Families and individuals as opposed to business insurance and commercial insurances.
Excludes auto insurance
Specified perils or named-perils is also known as:
Basic
This HO coverage is a combination of comprehensive and basic coverage
All-risk on building
Named-perils on contents
Broad policy
This policy covers against all risks of direct physical loss or damage subject to exclusions
Comprehensive HO Policy
What is an inherent vice
A quality within an object that makes it tend to destroy itself
Ex rust - metal naturally rusts on it’s own
How are Special Limits typically described
Personal property that is portable and attractive to thieves.
Ex jewelry, furs, stamp and coin collections, bikes
In a Homeowners policy Personal Liability Coverage covers what:
Bodily injury or property damage arising out of daily activity for which you or a member of your household is responsible
An endorsement can be added to cover Identity Theft. What costs are covered if this happens?
Legal fees
Costs of notarizing affidavits or sending certified mail
Earnings lost due to time away from work
Tenants forms contain two sections of coverage, Personal property insurance and…
Personal liability insurance
Paying for the costs incurred if the insured goes to court for which the insured is liable.
Tenants forms contain two sections of coverage, Personal liability insurance and…
Personal property insurance
coverage for the cost of repairing or replacing the contents of the dwelling damaged by an insured peril
How is the % of Additional Living Expenses calculated in Tenants insurance?
It is a percentage (typically 20) of the personal property insurance limit.
Loss Assessment shows up under which policy?
Condo owner
