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19 Cards in this Set
- Front
- Back
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What is Dwelling Policy? |
It provides protection for individuals & families against loss to their dwelling & personal property. |
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What is the (2 main) differences between dwelling & homeowners insurance? |
*Dwelling provides more limited coverage *Unendorsed dwelling provides property coverage only, homeowners provides property & liability coverages |
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What does the Dwelling Basic (DP1) provide coverage for (4)? |
*A-Dwelling *B-Other Structures *C-Personal Property *D-Fair Rental Value |
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What does Coverage A-Dwelling cover? |
*The dwelling *Attached structures *Materials/supplies used for construction/repair of the dwelling *Outdoor equipment used to service the premises |
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What does Coverage B-Other Structures cover? |
Buildings on the premises (that are not used for commercial, manufacturing, or farming purpose). |
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What does Coverage C-Personal Property cover? |
*Personal property at the location *Guest/servants property at request *NOT included: money, electronic data, animals, aircraft, motor vehicles, boats, water, grave markers. |
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What does Coverage D-Fair Rental Value cover? |
*20% of dwelling insurance is available to cover cost that would be lost through nonrental due to it being uninhabitable. |
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DP2 & DP3 also cover Coverage E-? |
Additional Living Expense |
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What are the Other Coverages Dwelling Basic Form provides? |
*Other Structures (up to 10% of coverage A) *Debris Removal *Property Removed (covered for 5 days) *Reasonable Repairs *Improvements/Alterations/Additions (up to 10% of coverage C) *Fire Department Service Charge (up to $500) *Worldwide Coverage (10% of coverage C) *Rental Value (20% of coverage A - payable 1/12th of the 20% each month) |
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What does the Dwelling Basic Form exclude? |
*Changes that result in losses due to the law (except for safety glass) *Losses due to earth movement *Water damage *Losses due to power interruption that occurs away from the location *Failure to save property after a loss or protect it from loss *War *Nuclear hazard *Intentional damage *Destruction/confiscation/seizure by government/public authority |
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What does the Loss Condition state? |
Covered property losses are valued at ACV but cannot exceed the amount to repair/replace them. |
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What does Our Option Condition state? |
The insured has the right to repair/replace damaged property with material/property of like kind within 30 days. |
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What does the Deductible Clause state? |
Only the amount of loss over the deductible will be paid. |
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What does the Pair or Set Condition state? |
The insurance company is not required to pay the cost of the entire set. |
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What does the Loss Payment Condition state? |
The loss will be paid within 30 days of reaching an agreement with the insured. |
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What does the Recovered Property Condition state? |
If either the insured or insurer recovers property, the other party must be notified. |
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What is the Broad Theft Coverage Endorsement? |
It adds coverage for theft of personal property to the dwelling policy. Includes: theft, attempted theft, vandalism & malicious mischief (V&MM not covered if building is vacant for 60+ days before loss). |
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What is the Dwelling Under Construction Endorsement? |
The value increases as construction increases. |
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What is the Personal Liability Supplement? |
Coverage L. Provides coverage for damages that the insured becomes legally obligated to pay because of an occurrence to which the coverage applies that causes bodily injury or property damage. |
