DP3 Policies
DP 3 policies do not provide this type of coverage without an endorsement which is different than HO 3 policies.
1. theft coverage for personal property
2. Liability Coverage
This is the initial phase of a community's participation in the National Flood Insurance Program, in which property owners in flood areas can purchase limited amounts of insurance at subsidized rates.
An Inland marine policy is often referred to as this
____ ____ ______ to cover valuable property that frequently moves from one location to another.
What is Inland Marine Floater?
Accidental causes of loss that are peculiar to the sea and other bodies of water.
What are perils of the sea?
A program allowing private insurers to write flood insurance under the National Flood Insurance Program.
What is a Write Your Own Policy?
Covered perils under DP3 include _____ _____
coverage for dwelling and other structures and
______ _______ for damage to personal property caused by burglars, unless the dwelling has been vacant for more than 60 days, but not theft of the personal property.
What are open perils and named perils?
A map that shows the exact boundaries for special flood hazard areas, the various flood zones, and base flood elevations.
These are the 3 general forms used for personal property coverage under an inland marine policy.
What are...?
1. Personal Articles Standard Loss Settlement Form
2. Personal Property Form
3. Personal Effects form.
Type of boat coverage for boats over 26 ft long
What is a Yacht Policy?
This coverage includes physical damage that includes the boat, equipment, and accessories, motor and trailer.
What is Hull Insurance?
Dwelling Properties Cover these 6 types of Properties. Name 3
What are
1. Owner-Occupied 1-4 family dwelling
2. Tenant-Occupied 1-4 family dwelling
3. Dwelling in the course of construction
4. Mobile homes at a permanent location
5. Houseboat, in some states
6. Certain incidental business uses by the owner or tenant
Two ways Communities become eligible for NFIP Flood Insurance.
What are
1. By application
2, By being identified as flood-prone
This form is designed for frequent travelers and provides special coverage on personal property such as luggage, camera, clothes and only while it is away from the insureds residence.
Umbrella Insurance Policies cover whom
Who are
1, Named insured
2. Relative who live with him/her
3. People who have permission to the named insured's owned or rented cars, motorcycles, recreational vehicles, or watercraft
4. Anyone younger than 21 who is the care of the named insured or of a resident relative
Insurance for property specifically listed (scheduled) on a policy, with a limit of liability for each item.
What is scheduled coverage?
John Doe's mobile home is burglarized and $400 cash is stolen from under a mattress as well his guitar. He files a claim under DP3. Is this a covered loss under DP3?
What is no, theft of personal property is not covered nor is coverage for money?
This is the difference between NFIP's emergency program and NFIP's Regular Program
What is once under the regular program, property owners can purchase higher amounts of flood insurance.
There are 5 perils excluded by Inland Marine Coverage. Name 3
What are..?
1. War
2. Nuclear hazard
3. Government Action
4. Intentional loss
5. Neglect
Property and Liability Coverage for watercraft can be provided by these 4 types of policies.
What are:
1. Small Boat Policies
2. Boatowners and Yacht Policies
3. Homeowners Policies
4. Personal Auto Policies
A promise made by an insured that guarantees compliance with the insurer's conditions.
What is Warranty?
Excluded causes of loss include
What are
1 ordinance or law
2.earth movement such as earthquake
3. Water damage such as flood or sewer/drain backup
4. Power failure that occurs off described location
5. Neglect on part of the insured
6. war
7. nuclear hazard
8. intentional loss
9. weather conditions that contribute to the preceding excluded causes of loss
These are the 3 Types of Flood Insurance Policies
What are
1. General Property Policy Form
2. Dwelling Policy Form
3. Residential Condominium Building Association Form
These are the 5 characteristics of Inland Marine Policies.
What are...?
1.Tailored coverage
2. Customized policy limits
3. No deductible
4. Special form coverage
5. Structure
These are the 4 Umbrella Policy Exclusions.
What are
1. Insured intentionally causes injury to another
2. If insured is using his/her own vehicle as a taxi ie; Uber/Lyft
3. Aircraft or any other watercraft not covered by another underlying homeowner policy or other type of policy.
4. Workers Comp
Property Insurance Coverage covering all causes of loss not specifically excluded.
What is special form coverage?