Mobile homes are more susceptible to loss from these perils:
- fire
- windstorm
- hail
- transportation
who would purchase a tenant’s package?
- those living in apartments
- those renting a dwelling or any portion of it
- those who, as part of their remuneration, receive the use of a dwelling.
- owners of a business who occupies private living quarters in a commercial building
define condominium
system of separate ownership of individual units in a multiple unit building
Two items that the Condo Corp must insure
- value of the structure
- value of the common elements
Identify four coverages available to condo unit owners
- personal property
- unit improvements/betterments
- loss assessment
- unit additional protection
When does loss assessment coverage kick in?
special assessment levied against each unit owner because of:
- under-insurance
- application of co-insurance penalty
- cause of loss not insured peril on condo corp’s policy
- breach of policy condition
what coverages are not insured on a dwelling under construction policy?
- theft of materials from construction site
- glass breakage due to vandalism or malicious acts
- water escape, rupture, freezing
what underwriting guidelines apply normally apply to a dwelling under construction policy?
- coverage limited to single/two family dwellings
- dwelling must be owner occupied upon completion of construction
- coverage must be purchased before completion of foundation
- amount of insurance purchased must cover estimated completed value
- coverage limited to one year.
Policies insuring rented dwellings or other revenue properties normally exclude:
- vandalism or malicious acts
- sewer back-up
- theft
When attached to a habitational policy, endorsements can:
- provide coverage for excluded property/perils
- increase limits for property subject to special limits
- broaden coverage
- decrease deductible
- remove coverage
Key exclusions of Fine Arts coverage
- breakage unless caused by perils named in this endorsement
- birds, vermin, rodents, insects
- any process or work
Identify 6 types of high value personal property that would be insured under a personal articles endorsement
- cameras, projectors, films, accessories.
- firearms
- furs
- jewellery, precious stones, watches, musical instruments.
- silverware
- stamps and coins
identify three underwriting considerations for the Fine Arts form
- all objects must be separately described and a specific amount set for each
- breakage exclusion can usually be deleted for an additional premium
- appraisal required for policies on a valued basis
