Property Coverage Definitions
Covers for “sudden & Accidental” loss due to negligence on part of the insured causing damage or injury to third party and their property. Provides coverage anywhere in the world if you are found negligent for an occurrence. For example, if you lit a candle in your building then left and the building ended up burning you would be found legally liable. This is when your insurance would kick in.
What is Personal Liability .
When making a change a UW message may fire off in Intact portal preventing binding until approved by an internal UW team, form request for review is generated through teams.
(what is the name of the process)
What is EBA
What 4 separate details must be confirmed in Epic for all outbound and inbound calls?
1) First & Last Name
2) Full address including postal code
3) Phone number
4) Email address
What is the term for when an insured defaults on policy payments and the policy in cancelled .
What is cancellation for non-payment
(When there are 2 or more in a 3-year period the insured will not be eligible for a monthly payment plan)
This coverage protects the insured’s vehicle against any peril other than collision or upset. If it is not excluded by the policy, then it is covered.
What is Comprehensive Coverage
This property endorsement when added to an Intact policy will provide coverage for both Sewer back up and Overland water coverage
What is Enhanced Water Damage Coverage.
Intact portal specific: We would delete the vin of the existing vehicle and write over top of the existing vehicle
(what type of change is being started)
What is A vehicle substitution on Intact portal.
What Document needs to be sent when sending Pac forms or other documents to sign through docusign.
What is a BrokerLink Cover letter.
What Market will take this driving history:
-3 or more at fault claims in the last 5 yrs
-5 or more convictions in 3 yrs
-1 or more criminal code conviction in 3 yrs
-3 or more instances or Misrep
- 1 or more Freud convictions related to auto insurance (may have resulted in a claim being denied)
(and many many more)
What is Nordic
This endorsement protects the driving record after an at fault accident involving the vehicle to which this endorsement applies
What is SEF 39 - Accident Forgiveness
If the home is a total loss, the insurance company will pay whatever it costs above the limit of insurance to rebuild the home at the same location.
What is Guaranteed replacement cost
This type of risk has is typically written on a standard form, is tie downs, and may require a CSA label for most of the main markets?
What is a mobile home
What activity is opened by a broker when a UW contacts BrokerLink by call possibly requesting details?
INQU - Underwriter Inquiry
The type of condominium where the owners each own their individual lot or plot of land. Any structure built on the land is the sole responsibility of the owner, while any common land areas or common use structures or recreational buildings are the responsibility of all owners collectively. A residence designated as a this type of risk can be a detached home, townhome, row house, duplex, or triplex. The risk generally needs to written as a home policy not a standard condo policy.
What is a Bareland condo
This endorsement allows the insured to receive settlement on a replacement cost basis without depreciation up to the actual purchase price of the vehicle. The vehicle must be new or a demo under 5000 kms, and the endorsement will usually only cover the vehicle for 24-30 months after the delivery date depending on the insurance company.
What is SEF 43R - Limited Waiver of Depreciation
Condo Specific: This coverage will cover the improvements that the unit owner may decide to do such as addition of a whirlpool tub, replacing kitchen cabinets, new flooring, etc. There may be different limits depending on the insurance company.
What is Betterments and Improvements
What endorsement when added to a policy suspends the coverage of the automobile it is associated with.
SEF 16 -suspension of coverage
Pop quiz: tell me the difference between SEF 16 and regular insurance.
What activity is generated when sending a manual change request in by endorsing and revising the policy line in epic (when changes cannot be completed in the portals)
What is a CHGR Activity (change activity)
What red flag plumbing type used between the 70's -90's that is a refer to UW, requires possible additional water mitigation to be in place or maybe a decline to write from some mareket?
What is Poly B Plumbing
Similar to comprehensive coverage but there is only coverage for the listed perils. These are fire, lightening, theft or attempted theft, hail, rising water, falling or forced landing of aircraft, explosion, riot or civil commotion, windstorm, earthquake, or the stranding, sinking, burning, derailment or collision of any conveyance in or upon which the automobile is being transported (on land or on water). This coverage is mainly used for recreational vehicles and motorcycles. There is no coverage for vandalism, falling/flying objects or impact with an animal with this coverage
What is Specified Perils
Condo Specific :
Condo owners share common property, such as roofing. If there is a loss to shared property by an insured peril, loss assessment coverage could help if the condo association’s insurance is insufficient.
What is Loss Assessment Coverage
What are the steps of sending a text to an insured..
click SMS action button, compose message for insured in message box, attach to activity, send text
This endorsement will provide you and your family member injury or death coverage in case of a not at fault accident caused by an uninsured or underinsured driver.
What is SEF 44 - Family Protection