Important Property Insurance Concepts

Front 1

Cause of Loss Form

Back 1

State the perils that are to be insured against

Front 2

Named Peril vs. Open Peril

Back 2

named peril- lists the specific perils to be covered in the policy

open peril- does not list the perils but provides broader coverage

This means that all perils are covered except the perils listed in the Exclusions section of the policy

Front 3

Basic Types of Construction

Back 3

Refers frame, masonry, metal, brick veneer, fire resistive, etc. The better the construction the lower the fire rate.

Front 4

definition of an insured

Back 4

- have an insurable interest in the property who would suffer a financial loss if the property were damaged by an insured peril
-In personal ins this can include family members without listing their names on the declarations page of the policy
-Additional insureds such as a lien holder

Front 5

Basis for insuring property

Back 5

Specific Basis
Blanket Basis
Reporting Form

Front 6

Loss Payable Clause

Back 6

Similar to the mortgage clause but applies to chattel property

Front 7

Casualty Insurance Type Policies

Back 7

Personal auto, Commercial auto, General liability, Professional liability, Umbrella, and Personal Liability (including boats & yachts)

Front 8

Defenses Against Negligence

Back 8

Contributory Negligence, Comparative Negligence, Assumption of Risk, Intervening Cause, Statute of Limitations

Front 9

Parts of a Liability Contract

Back 9

Insuring Agreement
Exclusions
Definitions
Conditions
Policy Territory
Cancellation and Nonrenewal