Ins 22 Chapter 5

The one family dwelling where the insured resides, the 2,3,4 family dwelling where NI resides in at least one of the units, that part of the building where NI resides, and other structures and grounds, all at the location shown on the dec. pages.

Structures on the residence premises other than the dwelling building, that are not attached to the dwelling.

Coverage for any direct physical loss to property unless the loss is caused by a peril specifically excluded by the policy: also called " all-risks" or open perils coverage.

Type of deterioriation that is characteristic of a material: eg- the tendency of metal to rust.

Loss caused bya peril that occurs after or as a resutl of an initial peril, eg: fire damage following an earthquake.

Perils listed and described in the policy as being covered, also called specified perisl or specified causes of loss.

A loss involving two or more perils, occuring either simultaneously or sequentially.

Interest in property that exists if a person could suffer a financial loss if the property is damaged or cannot be used.

Document that describes the details of the loss, property values, and interests in the property.

A procedure prescribed by a provision in a property insurance policy, for the insured andthe insurer to settle disputes regarding the value of a covered loss.