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36 Cards in this Set
- Front
- Back
Homeowners eligibility |
Owner occupied only no more that 2 families no more than 2 boarders standard deductible $250 |
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Homeowners policies |
HO2- broad form- named peril
HO3- special form - open peril
HO4- Tenants broad form- contents broad form-apartments
HO6- condo unit-owners broad form
HO8- Modified form- historic homes
** Personal property in both dwelling and homeowners policies are written on a named peril basis.... unless an HO15 is endorsed |
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property damage |
physical injury to destruction of or loss of use of tangible property (other people's stuff) |
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HOP's section 1 Coverages |
coverage A) dwelling
coverage B) other structures
coverage C) personal property
coverage D) loss of use |
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Residence premises |
dwelling, other structures and grounds, or that part of any other building where the named insured lives |
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HO's additional coverages |
1) removal coverage for 30 days
2) costs for reasonable repairs (not additional)
3) fire department service charges: $500 from a covered peril deductible does not apply
4) lawns plants shrubs and trees: $500 per item, max 5% of coverage A on HO 1,2,3 and 8
5) Debris removal: covers reasonable removal related to insureds property loss, if over policy limit then 5% of coverage A
6) Credit card, fund transfer card, forgery: $500 for theft or forgery. no deductible, it is in addition
7) Loss assessment: $1000 limit on for shared charge made by an association of property owners
8) collapse of building: covers collapse caused by broad form perils or hidden decay insects or vermin, not in addition
9) Breakage of glass or safety glazing material: coverage will be suspended if the premises is vacant for 30 consecutive days
10) landlord furnishings
11) Building additions
12) ordinance law |
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HO exclusions |
Land
Other structures used for commercial perposes
Other structures held for rent to non-tenants (garage rented to a student for parties)
Accounts, bank notes, bills, bullion, deeds, goldware/ silverware
aminals, birds, fish
losses caused by flood, earth movement, acts of war or nuclear hazards
motor vehicles |
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HO2 broad form coverages |
FL REV CV SHAW VMM THEFT
Coverage A) given Coverage B) 10% of A Coverage C) 50% of A Coverage D) 20% of A
+6 ADDITIONAL COVERAGES
damage from falling rocks
damage to a building or its contents caused by to heavy ice, snow sleet. damage to a fence, awnings, pavements, swimming pool and foundations are not covered.
accidental discharge or overflow of water or steam from plumbing
sudden and accidental tearing apart or cracking
freezing of plumbing heating or air
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HO3 Exclusions |
1) freezing of plumbing in a vacant or unoccupied, or under construction
2) Freezing, thawing, pressure, or weight of water or ice to a fence, pavement, patio, swimming pool, foundation
3) Theft in or to a dwelling under construction
4) damage by wind, hail, ice, snow, or sleet to outdoor radio, or t.v. antennas, lawns, trees, shrubs, Plants
5) VMM/theft if dwelling has been vacant for 30 consecutive days prior to the loss
6) constant or repeated seepage or leakage of water or steam
7) wear and tear
8) discharge of pollutants
9) settling or cracking bulging or expansion
10) loss caused by birds vermin insects domestic animals
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HO3 Special form coverages |
Coverage A) Given Coverage B) 10% of A Coverage C) 50% of A Coverage D) 20% of A
coverage C personal property is on a named peril basis. same as HO2 broad form.
Coverage A and Coverage B are on an open peril basis
FL REV CV SHAW VMM THEFT
+6 ADDITIONAL COVERAGES
damage from falling rocks
damage to a building or its contents caused by to heavy ice, snow sleet. damage to a fence, awnings, pavements, swimming pool and foundations are not covered.
accidental discharge or overflow of water or steam from plumbing
sudden and accidental tearing apart or cracking
freezing of plumbing heating or air |
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HO4 and HO6 |
HO4- Coverage A) n/a Coverage B) n/a Coverage C) Given Coverage D) 20% of C
HO6- Coverage A) $1000 flat rate but can buy more Coverage B) n/a Coverage C) Given Coverage D) 40%of C forms provide coverage based on HO2 broad form perils
HO4 and HO6 primarily provide coverage for coverage C and D loss of use
HO6 provides a flat $1000 coverage A dwelling |
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HO8 coverage |
FL REV CV SHAW VMM THEFT |
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Basic Dwelling Policy Pays on an |
ACV basis |
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Broad and special dwelling as well as homeowners pays on a |
replacement cost basis |
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within coverage C there are special sub limits that apply to personal property |
$200 for loss of money, silver, coins, bank notes, medals
$1000 for loss of theft by jewelery, watches, furs |
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Loss settlement: coinsurance problem |
DID/SHOULD x LOSS= claims payment
**SHOULD= 80% x replacement cost |
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HO Coverage E- Personal Liability |
limit $100,000 can endorse more
at its own expense the insurer will provide legal defense against claims. Obligations end when the insurer pays damages equal to the policy limit for any one occurrence. deductibles do not apply. |
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Coverage F Med Pay to others |
within 3 years of bodily injury
basic limit $1000 |
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Frequently used HO endorsements |
Scheduled Personal Property or Personal articles floater: Specifies the $$ amount on personal property that exceeds the sub-limits
Originally an inland marine policy; can be sold separately or as an endorsement
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inland marine insurance |
a branch of insurance developed from insuring shipments which DID NOT involve ocean voyages
also insures bridges and tunnels
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Personal injury endorsement |
injury other than bodily injury arising from false arrest detention malicious prosecution wrongful entry or eviction libel slander etc. |
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personal property replacement cost |
changes the property damage recovery to replacement cost from ACV |
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Watercraft |
liability for bodily injury and property damage arising out of ownership maintenance of or use of excluded watercraft used for pleasure. boats under 26 ft. |
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guaranteed replacement cost of dwelling endorsement |
provides that if Coverage A amount is not enough to replace the dwelling the insurer will automatically increase the coverage A to provide the full replacement cost |
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refrigerated property coverage |
$500 for items that spoil due to loss of electricle power due to mechanical failure |
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NC amendatory endorsement special provisions HO-32-32 |
theft of firearms in increased 10% of coverage C or $10,000 whichever is greater. Theft of goldware silverware and pewterware is increased 25% of coverage C or $10,000 whichever is greater |
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mobile home policy |
provides dwelling coverage, personal property, and liability coverage for owner-occupied homes. includes flood and theft as a covered peril |
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farmowners policy |
Allows for the merging of dwelling and commercial coverage. the HO coverage does not cover crops.
4 programs: basic form broad form special form farm tenants broad form
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Farm personal property |
includes livestock poultry farm machinery etc. |
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Comprehensive personal liability (CPL) |
separate policy that provides that same coverage as section 2 of the HO Policy
someone who lives in a home they don't own |
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National Flood insurance program (NFIP) |
government underwrites these.
two progrms: Emergency: dwellings limit $35,000 personal property $10,000. deductible $1000 each one
Regular: dwelling limit $250,000 personal property limit $100,000. deductible $500 each
30 day waiting period unless the application is in conjunction with a mortgage closing |
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watercraft/yacht |
insurance exposures. for pleasure crafts. available as part of a HO policy, inland marine policy, and ocean marine policy |
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Outboard Policy |
insuring outboard motors, motorboats against direct loss covers: motors, motorboats, accessories, and trailers Named or open peril |
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Hull coverage |
perils are damage by waves, sinking, stranding on reefs or rocks, lightning, collisions, fire, pirates, thieves, jettison, barratry, and damage caused by the insured to other vessels
Liability and indemity coverage protection picks up when Hull coverage is not enough |
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ocean marine insurance |
provides protection against loss to the insureds ship and its cargo machinery equipment and merchandise in transit
Includes liability to in the event of a collision with another ship and liability for injuries or damage to other property
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personal umbrella policy |
used with HO policy and personal auto policies it is excess coverage increased limits from from the homeowners and auto are paid first then the umbrella minus the deductible pays the excess |