unit6 Flashcards
what is unique about a dwelling policy
not required to be owner occupied
covers risk like rental property, older homes, and hunting cabins
3 dwelling polices
DP-1 Basic
DP-2 Broad
DP-3 Special
monoline policies because they insure only property
dwelling policy eligibility
1-4 unit dwellings with boarders, vacation, rental mobile, under construction homes
farms not eligible
dwelling policies can provide what coverages for the named insured
A-dwelling
B-other structures (detached) 10% of A
C-insured’s personal property on premise
off premise 10% limit
D-fair rental value 20% of A
E-additional living expense 10% of A. included in DP-2 and 3 can be added to DP-1 by endorsement
other coverages are not included for an additional premium
insurance residents not commercial business
other coverages included in DP-1
1 .debris removal
- property removed-5 days
- reasonable repairs
- tenant’s improvements 10%C
- fire department 500
- world personal property 10% of C
other coverages included in DP-2 and 3
- trees max $500 each total 5% of coverage A
- collapse
- glass
- ordinance or law 10% of A
- property removed- 30days (5 days DP-1)
how losses are paid for DP-1,2,3
DP-1 ACV (replacement cost - depreciation)
DP-2 and 3 to the dwelling and other structures on a replacement cost basis no deduction for depreciation
perils automatically covered by DP-1
Fire covers unfriendly fire not friendly (fireplace), lighting, internal explosion
are extended coverage perils automatically included in dwelling policy.
No, but can be added for additional premium.
what is basic peril coverage
EC perils of WCSHAVVER and the perils of V&MM
basic and broad form policy covers what
only named perils
covered perils for DP-2
this broad form peril covers All DP-1 (Basic +EC) and Big affect
what is DP-3
special form coverage
open peril coverage -dwelling and other structures
Broad perils - personal property
DP-2 Broad Exclusions Weight of ice, snow, or falling objects on what
awnings, fences, patios, swimming pools, docks, and retaining walls
General exclusions in All dwelling policies
- ordinance or law
- earthquake
- flood
- war
- nuclear
- intentional losses
- government seizure
loss settlement condition
DP-2 and 3 to personal property paid on ACV
losses to dwelling paid on replacement cost basis if carries insurance equal to 80%
dwelling policy property insurance condition
our option - gives insurer the right to repair or replace damaged property with similar material within 30 days of receiving statement of loss
Loss valuations
conditions concerning how losses will be paid.
Loss settlement 80% Our option 30 days Deductible Pair or set Loss payment (paid within 60 days) Other insurance Recovered property
what is coverage L
coverage M
personal liability-L
medical payments to others -M 3yrs 1,000 limit
what 3 additional coverages to personal liability an d medical payments are included
claim expenses, first aid to others, and damage to property of others
if insured causes damage to the property of other…
the policy will provide replacement cost coverage of up to 1,000 for each occurrence or loss
BAILED
additional coverages
Bonds Aid (first aid) Interest Loss earnings Expenses Defense costs
theft coverage may be added with what
A broad theft coverage endorsement or a limited coverage endorsement.
not automatically included in dwelling policy
limited theft coverage available for what
dwelling not owner occupied
broad theft only available for what
owner occupied dwellings applied on and off premise theft
residential theft coverage endorsement exclusions
animals,
credit cards,
property in mail,
aircraft,
other insurance property, tenant’s property, business property, property in custody or
9. others motor vehicles (unless assisting disabled)
the policy minimum limit for coverage L-personal liability is
$100,000
special limit for firearms, silverware, goldware, or pewterware
limit for money
$2,500
limit for money is 200
damage to an attached garage is covered under what
coverage A, because it is seen at apart of the main dwelling. not coverage B which is other dwellings
