What are the basic named perils in property insurance?
Fire, lightning, and internal explosion
Basic named perils provide fundamental coverage in property insurance policies.
What does WCSHAVVER stand for in extended coverages?
Wind, Civil commotion, Smoke, Hail, Aircraft, Vehicles, Volcanic eruption, Explosion, Riot
WCSHAVVER is an acronym used to remember extended perils covered under named peril policies.
What does V&MM stand for?
Vandalism and malicious mischief
V&MM is often included in property insurance policies as part of extended coverage.
Is theft automatically covered in dwelling property policies?
No
Theft coverage is typically included in homeowners policies but not necessarily in dwelling property policies.
What does the vehicle peril cover?
Damage to the dwelling, other structure, or personal property caused by a vehicle not owned or operated by the insured or resident
This coverage addresses specific damages related to vehicles impacting insured properties.
Under what condition is interior damage from a windstorm or hail covered?
Only if the wind or hail first makes an opening in the building
This condition limits coverage to instances where external damage leads to internal issues.
What type of equipment is covered only while inside fully enclosed buildings?
Watercraft, outboard motors, and related equipment
This limitation applies to protect certain types of property from theft or damage when stored outdoors.
Is smoke from agricultural smudging or industrial operations covered?
No
Specific exclusions in policies often clarify what types of smoke damage are not covered.
When are vandalism or malicious mischief losses not covered?
If the dwelling has been vacant for more than 60 consecutive days
This policy condition is intended to limit risk associated with unoccupied properties.
Complete the fill-in-the-blank: Theft coverage does not include _______.
[specific exclusions not listed in the content]
The specifics of what theft coverage excludes were not detailed in the provided text.
