Property

Question 1

What is a sub-limit

Answer 1

A limit that are set within a policy for certain types of coverage or specific situations. These limits are usually lower than the overall policy limit.

For instance, in a property insurance policy, there may be a sub-limit for coverage on jewelry or artwork. Let’s say the overall policy limit for personal property coverage is $200,000, but there is a sub-limit of $5,000 for jewelry. This means that even though you have coverage up to $200,000 for personal property, the maximum amount the insurance company will pay for jewelry-related losses is limited to $5,000.

Question 2

What’s a reservation of rights letter.

Answer 2

A letter that explains that the insurance company is providing coverage for a claim, but they’re also saying that they later if there’s information that arises about the case they may decide that the claim is not covered.

Question 3

What does ESIL stand for?

Answer 3

Endurance Specialty Insurance Limited

Question 4

What trigger In Property

Answer 4

Loss Occurring

Question 5

Bermuda property policies try to add the following terms and conditions:

Answer 5

NY law provision
UK or Bermuda Arbitration Clause
Application of Sublimits Endorsement
Communicable Disease Exclusion ECP0519- post COVID
Cyber & Data Endorsement LMA5400
Terroism