Cpcu 551 Chapter 3

Front 1

cause of loss - basic form

Back 1

form that covers fire, lightning, explosion, wind, hail, smoke, aircraft, vehicles, riot, civil commotion, vandalism, sprinkler leakage, sinkhole collapse and volcanic action

Front 2

cause of loss - broad form

Back 2

form that covers basic form perils plus falling objects, weight of snow, ice or sleet, water damage and collapse caused by certain perils

Front 3

limitation for vehicle and aircraft peril

Back 3

must physically touch the building. . no cov if veh is owned by insured

Front 4

vandalism peril exclusion

Back 4

no coverage for loss caused by theft other than damage cause to enter the building

Front 5

volcanic action

Back 5

only to the airborne blast or shock waves, ash, dust and lava. specified cover loss on basic and broad form

Front 6

volcanic eruption

Back 6

includes movement of volcano

Front 7

limitation for fungus

Back 7

limited to no more than $15,000 per policy period

Front 8

property insurance policy response to concurrent causation doctrine

Back 8

certain exclusions apply even if coverage is afforded else where in the policy

Front 9

losses excluded by utility service exclusion

Back 9

eliminates coverage for loss caused by failure of power if failure originates away from the described location or originates at the location but involves equipment used to supply utility service

Front 10

advantages of special form

Back 10

* certain cause of loss are covered that was omitted from broad form

* covers losses that insured might have not anticipate

* shifts burden of proof from insd to insurer

Front 11

special form exclusions

Back 11

wear and tear, rust, smog, settling, insects, animals, mechanical breakdown, dampness in the atmosphere

Front 12

loss of damage to products exclusion

Back 12

eliminates coverage for damage to merchandise resulting from production error

Front 13

theft that is excluded under special form

Back 13

* dishonest acts of insured

* voluntary surrendering of property

* loss of construction material not attached

* loss of property that is missing