Term
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Definition
Covered Perils: Fire, lightning, and internal explosion.
Loses to the dwelling, other structures, and contents are paid on an actual cash value. |
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Term
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Definition
Perils covered: all of those under DP-1, with the ECE and VMM endorsement attached.
The burglary damage perild includes damage to the covered property caused by the burglars, but not theft of property. Does NOT include loss to fense, driveway, walkway, etc.
Losses to dwelling and other structures pain on RC. Losses to contents are paid on ACV. |
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Term
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Definition
Open peril, except for those specifically excluded. Theft of property that is part of the dwelling or other structures is covered as long as the dwelling or other structures are not under construction or vacant for more than 30 days immediately preceding the loss.
Personal Property or contents covered under DP-2.
Losses to dwelling or other structures paid on RC basis. Losses to contents paid on ACV. |
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Term
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Definition
Dwelling - this coverage applies to the dwelling described in the Declarations part of the policiy includuing structures attached to the dwelling. Carport, attached garage.
Includes coverage for materials, supplies, building equipment and outdoor equipment used for the service of and located on the described location.
does not apply to land. |
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Term
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Definition
Other Structures- Applies to structures on the described location that are detached from the dwelling. Detached garage, carport, etc.
Does not apply to land, however it is permissible for the insrure to rent a private garage to another for garage purposes.
Coverage B limit of insurance is up to 10% of Coverage A |
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Term
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Definition
Personal Property - Applies to household and personal property, usual and incidental to the occupance of the premises as a dwelling and owned by the insured or by members of the insured's family residing with the insured while it is on the described location.
Automaticall applies to personal property the insured removes from the old location to the new location for 30 days or until policy expires.
Specifically EXCLUDES: accounts, bank notes, coins, currency, animals, fish. Watercraft other than rowboats or canoes.
May use 10% of converage C limit of insurance for loss caused by an insured peril to coverd property. |
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Term
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Definition
Additional Living Expense- indirect property loss coverage that applies following a direct loss to property described in Coverages A, B, C by an insured peril and is automatically included only in Dp-2 and Dp-3.
Coverage can include increased auto expenses. The limit of insurance is 20% of the Coverage A limit. |
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Term
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Definition
The dwelling and other structures are insured for the broad form perils with the losses paid on a replacement cost basis.
Contents and personal property are insured for the broad form perils, with losses paid on on ACV.
Does NOT cover loss to a fence, driveway,etc cause by a vehicle owned and operated by the insured. |
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Term
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Definition
Dwelling and other structures are insured for risk of direct physical loss, with losses paid on replacement cost basis.
Coverage DOES include los to a fence, driveway, etc. caused by a vehicle owned and operated by the insured. |
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Term
| Ho-4 (Contents Broad Form; Aka Renters Form) |
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Definition
Broad Form named peril coverage is provided on the contents and personal property of the insured.
Losses paid on ACV. |
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Term
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Definition
Broad formed named peril coverage id provied on the property of a condo unit-owner.
Coverage includes real property for which the insrued is responsible under the assocaiations agreement, and the insured's personal property while anywhere in the world. |
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Term
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Definition
This form is used when insuring older homes where the replacement value and market value are disproportionate, or that would create a moral hazard if insurance were written in the amounts equal to 80%.
Insurance is written for the market value of the dwelling, and losses to the dwelling and contens are pain on an actual cash value basis. |
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Term
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Definition
| Provides an additional amount of insurance equal to 50% of the Coverage A amopunt. |
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Term
| Coverage D - Loss of Use (Indirect Loss) |
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Definition
| Additional Living Expense- If a property loss covered in Section 1 makes the residence premises unfit to live in, the coverage pays for any necessary increase in living expenses required to maintain the households normal standard of living. |
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