NC Homeowners, Dwelling, Mobile Home, and Watercraft

Question 1

Homeowners policy endorsements

Answer 1

• Scheduled personal property (for full coverage of new items insured must report within 30 days or 90 days for fine art, otherwise the lesser of the 25% or $10,000): jewelry, furs, cameras and equipment, musical instruments, silverware, goldware, and pewterware, golfer’s equipment, fine arts, postage stamps, rare and current coins. No deductible.
• Personal injury (liability coverage for injury to others): Slander, invasion of privacy, wrongful eviction, or wrongful entry, etc.
• Personal property replacement cost: Excludes antiques and fine art, collectors items and memorabilia, non working items, non-usable, obsolete items.
• Permitted incidental occupancies: Business supplies, equipment and furnishings under coverage C. Business is not primary use of premises, but rather residency is.
• Watercraft liability (HO 24 75) (excludes racing vessels (except sailing), rental watercraft, and craft used to carry people for a fee): More than 25 hp and sailboats 26 ft or more long.
• Water backup and sump discharge or overflow ($250 deductible) (Excludes damage to the sump pump equipment itself and water damage caused by flood)
• Refrigerated property coverage (HO 04 98): up to $500 with $100 deductible; loss caused by mechanical failure of properly working unit or interruption of electrical service. Power failure exclusion does not apply and does not increase coverage C limit.
• Business pursuits (HO 24 71) personal liability and medical payments for business pursuits. (Doesn’t apply if insured is the owner or partner, to any liability arising out of professional services, or out of the use of aircraft, hovercraft, motor vehicles, watercraft, or draft animals for training purposes.

Question 2

Loss of use Manufactured homes

Answer 2

MH (F) covers any increase in expenses caused by the loss up to limit in dec page; MH (C) provides up to $10 per day for reasonable living expenses up to 60 days.

Question 3

MH (C) and MH (F) valuation

Answer 3

is ACV (replacement cost minus depreciation) as the default; unless Replacement Cost coverage is specifically chose and paid for.

Question 4

HO policy exclusions

Answer 4

• Absolute windstorm and hail exclusion

- Home daycare business liability exclusions and limited property coverage.

Question 5

Is there a grace period for MH (F) or MH (C)?

Answer 5

No

Question 6

Watercraft policy structure

Answer 6

• Part A- Liability
• Part B- Medical payments
• Part C- Uninsured boater
• Part D- Coverage for damage to your watercraft
• Additional coverages under part D
  
  • Salvage expense
    
    • Covers the cost of salvaging sunken craft or other items
    • Only applies if the recovery is required by maritime law
    • Pays up to 25% of the Part D limit as additional coverage
  • Towing and assistance expense
    
    • Covers expenses related to disabled watercraft, including towing, labor, fuel, delivery and roadside repairs to the watercraft trailer
    • Limit: $500 per occurrence and $1000 per policy period
    • No deductible; does not affect the overall policy limit.
  • Personal effects
    
    • Covers losses to personal property while in or on the watercraft or during loading and unloading
    • Pays up to $500 as additional coverage
    • Does not cover animals, jewelry, money and watches
• Part E- insured’s duties after an accident or loss
• Part F- general provision.

Question 7

Yacht policy structure

Answer 7

• Part A- Definitions
• Part B- Property Coverages
• Part C- Liability Coverages