Term
Summarize the Insuring Agreement for the following Extension of Coverage:
Debris Removal |
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Definition
| If the amount payable for the loss is greater than the amount of insurance, and additional 5% of that amount will be available to cover debris removal expense. |
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Term
Summarize the Insuring Agreement for the following Extension of Coverage:
Property Removed |
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Definition
| Property that has been removed from the premises to protect it from loss/damage is insured for 30 days or until the policy expires, whichever comes first. |
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Term
Summarize the Insuring Agreement for the following Extension of Coverage:
Moving to Another Home |
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Definition
| Property is covered in transit to and at the soon-to-be-occupied location of the insureds' new principal residence. Coverage is restricted to 30 days or expiry of the policy, whichever comes first. |
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Term
Summarize the Insuring Agreement for the following Extension of Coverage:
Change of Temperature |
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Definition
| If loss/damage ensues from a change in temperature arising from an insured claim, it will be covered. |
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Term
Summarize the Insuring Agreement for the following Extension of Coverage:
Freezer Food |
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Definition
Coverage up to $2,000 for food contained in the freezer on the insured's premises when loss is due to power failure or mechanical breakdown.
Does not include loss of power from operation of circuit breakers/fuses or disconnection of power supply. |
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Term
Summarize the Insuring Agreement for the following Extension of Coverage:
Tear Out |
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Definition
There is coverage for repairs of parts of the building, such as walls or ceilings, if they must be torn out to repair water damage from pipes or water containers.
Exclusion: Tear Out Extension does not apply to repair damage caused by swimming pools or public watermains. |
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Term
| State the basis of sttlement applicable to Personal Property. |
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Definition
Replacement cost basis unless:
- Article cannot be replaced because of its inherent nature.
- Age contributes to article's value
- Article not maintained in good/workable condition.
- Article no longer used for its original purpose. |
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Term
| State the basis of sttlement applicable to Dwelling Building. |
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Definition
Cost of repairs or replacement (whichever is less) without deduction for depreciation.
Must be in the same location, same occupancy, and of a similar quality of materials. |
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Term
| State the basis of sttlement applicable to Detached and Pricate Structures. |
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Definition
Cost of repairs or replacement (whichever is less) without deduction for depreciation.
Must be in the same location, same occupancy, and of a similar quality of materials. |
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Term
| State the responsibility of the Condominium Corporation respecting the purchase of insurance. |
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Definition
To insure the value of the building and all common elements.
The onus is on the owners to insure the contents of their units. |
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Term
| Explain why the condominium unit owner should purchase "Loss Assessment" coverage. |
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Definition
If coverage on the Corporation's policy is inadequate to cover a loss, they may levy an assessment on each unit owner to recover the shortfall.
Loss Assessment coverage would protect the unit owner against such an event. |
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