It's a Lost Cause
Found on all coverage forms, this is the most the insurer is obligated to pay under a policy.
What is a Loss Limit?
While typically excluded, this coverage is for computer hardware and software.
What is Electronic Data Processing or EDP?
A penalty for not carrying enough insurance, this policy condition can lead to a greatly reduced claims payout for the insured.
This valuation leads to the insurer paying the cost of an item at the time of loss inclusive of depreciation.
Wat is Actual Cash Value?
The date on which insurance coverage starts on at 12:01am.
What is the effective date?
This cause of loss form is the simplest, and may leave insured's bare of certain coverage unless their specific peril is named.
What is Basic Form?
When it's time to hit the slopes, this endorsement would provide additional limit for a ski lodge during their busiest time of year.
What is the Peak Season Limit of Insurance Endorsement?
When an owned building is unoccupied for more than 60 consecutive days prior to a loss, this loss condition comes into question.
What is Vacancy?
Waiving the dreaded coinsurance, this BPP valuation type is typically backed by an appraisal to determine the most accurate values.
What is Agreed Value?
Also known as contents, this type of property can include anything from a desk to heavy manufacturing equipment.
What is Business Personal Property or Personal Property?
All except specific exclusions are covered by this all-risk coverage form.
What is Special Form?
Sometimes you have to build it back better - this coverage allows insureds to meet building, zoning or land use law requirements when rebuilding after a loss.
What is Ordinance or Law Coverage?
This notice is provided by the insurance carrier to the first named insured when the carrier no longer wishes to provide coverage. 10 days in advance due to nonpayment and 30 days in advance for any other reason.
What is Notice of Cancellation?
What is Business Income Agreed Value?
This core insurance principle states recovery cannot be in excess of the insured's actual loss sustained.
What is the Principle of Indemnity?
Fire, Lightning, Explosion, and Falling Objects are a few of the named perils covered under this coverage form.
What is Broad Form?
Under the BPP Coverage Extensions, this allows the insured to store covered property at a non-covered location.
What is Property Off-Premises?
Notifying the police, protecting property from further loss, and cooperating with the insurer to name a few...
What are Duties in the Event of Loss?
This optional coverage automatically increases the limit of insurance by the % shown on the Policy Dec page.
Founded in 1971, this advisory and rating organization has helped standardize insurance forms, codes and regulations for the property casualty insurance industry.
Who is Insurance Services Office (ISO)?
A loss is covered when caused by two or more independent, concurrent perils if at least one of the perils is covered under the policy wording.
What is Anti-Concurrent Causation Wording?
Under the Special Form, this additional coverage covers the cost to tear out and replace any part of the building in order to repair damage from water or other liquids.
What is Water Damage, Other Liquids, Powder or Molten Material Damage?
This commercial property condition automatically applies any revision that would broaden the insureds coverage when adopted by the insurance carrier.
What is Liberalization?
This Business Income coverage option typically provides coverage for a tenant.
What is Business Income including Rental Value?
This program was established as part of FEMA to help cover catastrophic losses due to flood.
What is the National Flood Insurance Program?