• Insurance for property that’s ineligible for coverage under other policies
• offering coverage with broader perils or a broader coverage
• perils that are specifically excluded under other coverage

• coverage used to insure moveable property against direct loss

added to HO/dwelling

OR

Separate Policy

Personal Inland Marine Insurance

(Personal Articles Floater/Scheduled Article Floater)

-Individual items

-Normally Actual cash value basis

-Worldwide (some exceptions wear and tear, insects or vermin, intentional loss, and war)

• valued or actual cash value basis
• contains a “Pair and Sets Clause"
• appraisal is required at or before the time insurance is bound
• New items = 30 days covers

• open peril coverage
• Covers items worn/carried by travelers
• Not insured at the home

• open peril coverage

• coverage for 90 days for new items(only floater 90 days)
• written on a valued, or agreed, basis

exclusions:

Loss due to repairing/restoration

mysterious disappearance

Breakage not due to:

fire, lightning, explosion, aircraft, collision, windstorm, earthquake, flood, malicious mischief, theft, or derailment or overturn of a conveyance

• items are scheduled
• blanket coverage: shades, filters, etc.
• 30 days at a limit of insurance up to 25% of the limit designated on the schedule

-No Coverage = played for remuneration, or a fee

-Playing for hire = endorsement and pay an additional premium

-30 days to report new items

Personal Watercraft Insurance

(Boatowners Policy)

• provides both property and liability coverage

Section I

-Open peril for hull, motor, trailer, equipment, accessories

-Actual cash value basis

Section II

-Watercraft Liability/med payments for passengers

-Uninsured Boaters coverages

-Does not include Personal Injury Liability(Slander)

Personal Watercraft Insurance

Yacht Policy

-providing property and liability coverage

Also Covers:

-legal liability for bodily injury and damage to property of others

-personal property covered on yacht

-Fuel spills,commercial towing, dighing

*Use of a special form designed to fill in the coverage gaps contained in a property policy

-open peril basis

-NOT contain a Coinsurance or Pro Rata Clause

-high deductible (10,000+)

Used For:

earthquake, flood, collapse, and subsidence

• earth movement, land shock waves or tremors, landslide, mudslide, mudflow, sinkhole, and the rising, sinking, or shifting of the earth
• occuring within 72 hour period = ONE occurrence

Federal program that enables certain property owners to purchase flood insurance

Dwellings eligible :

• 2+rigid outside walls/Secured roof/perm foudation
• Covers building and personal property
• NO coverage is provided for personal property in basements

Each property losee = $500 deductible

A loss that involves damage to both the building and contents would result in a $1,000 deductible (2 x $500 = $1,000).

Liability insurance provided on an excess basis.

• written in increments of $1 million
• single limit per occurrence covering Bodily Injury/Property Damage, and Personal Injury

Acts as primary -  pays a self-insured retention(cost sharing)

Primary policy pays its limit then drops- NO self-retention

All of the following are true regarding the Personal Umbrella Policy, except:

(acts as an EXCESS)

The Umbrella acts as a contributory liability policy

• written on an open perils basis
• losses to the mobile home valued on a replacement cost basis
•  items of property being valued on an actual cash value basis