Legislation & Evolution
Broadening the Contract
Commercial Policies
100
arises from direct loss; it encompasses other loss suffered as a consequence of the damage to or destruction of the physical property.
What is indirect loss
100
Ensures stock will be fully covered up to the peak values
What is Declaration Form
100
The limit and maximum recovery including debris removal expenses for growing plants, trees, shrubs, flowers - outside the building caused directly by the insured perils coverage other than loss by perils of windstorm or hail
What is 500 for each growing plant, tree, shrub or flower and $5000 for any occurrence
200
Builds on a standard policy that includes the insuring agreement, all normal exclusions, limitations, and Statutory and General conditions. This standard policy is adapted to specific needs by attaching riders to add or subtract perils or modify the standard policy terms.
What is specific policy
200
The two (2) exclusion for the peril of Windstorm or Hail include
What is damage to the interior of the building and to contents. However, contents are covered ONLY if the damage occurs at the same time and as a result from an opening caused by windstorm or hail
200
Each loss caused by earthquake shall constitute a single claim hereunder, provided that more than one earthquake shock occurring within any consecutive 168 hours during the term of this policy shall be deemed a single earthquake. State the exclusions for earthquake
What is -explosion, theft, flood, waves, tidal waves, high water, waterbourne, objects or ice -insured’s neglect to save and preserve property during and after an earthquake -wind, rain, hail or snow unless entering the building through openings in roofs or walls caused by the earthquake
300
Public and private fire protection as well as occupancy, construction and susceptibility are used in
What is common rating criteria for premium calculation
300
These are the most common additional perils, formerly known as Extended Coverage
What is explosion (beyong the Basic Fire Policy coverage), impact by aircraft and land vehicles, riot, vandalism or malicious acts, smoke, leakage from fire protective equipment, windstorm or hail
300
In a Homeowner’s policy form there is no limit! In a commercial policy the limit shall not exceed 25% of the sum of: a) total amount payable for the direct loss to insured property b) the amount of applicable deductible
What is limit of total amount payable for Debris Removal
400
Amount of stock at location/Total value of stock x The amount of insurance is an example of
What is average distribution
400
There are two set of exclusion to the peril of expolision, beyong the Basic Fire policy. The first set of exclusions include
What is steam boilers or generators as well as their attachements under steam pressure. • Combustion gases that may cause an explosion in a fire box or the flues of a furnace or boiler • Smelt dissolving tanks • Pressure vessel w/ an internal working pressure exceeding 103 kilopascals (15psi) • Machinery breakdown • Objects undergoing pressure tests • Explosion, rupture, or bursting of gas turbines
400
The maximum recovery in respect of any one officer/employee under Personal Property of Offices & Employees in Commercial Policy
What is $250
500
Amount of insurance carried/minimum amount of insurance required x amount of loss =
What is amount recoverable by insured/the coinsurance formula
500
These are the conditions that must be met for replacement cost
What is 1. Replacement must be made promptly 2. Replacement must be on the same site or an adjacent site 3. Payment will be limited to the cost of replacing, repairing, constructing, or reconstructing (whichever is least) on the same site which new property of like kind and quality and for like occupancy 4. Settlement will be made only when the work is completed and then for no more than the actual cost of the work 5. All other insurance covering the same perils (and the same interest) must have the same replacement cost provisions
500
5) This clause does not apply to property which is under the control of a common carrier. Warranted by the insured that any vehicle in which the insured property is carried is equipped with a fully enclosed body or compartment, and the insurer shall be liable in case of loss by theft from an unattended vehicle only as a direct result of forcible entry (of which there shall be visible evidence) into such body or compartment, the doors of which are securely locked and the windows closed.
What is Locked Vehicle Warranty
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