What is a mobile home? and 4 major causes of losse
A factory built home on its own chassis that can be easily moved
Major causes of loss include fire, windstorm, hail, and transportation.
How is the **Dwelling definition and emergency removal expense unique under a mobile home policy compared to the homeowners form?
- Dwelling- Includes skirting, carports, and built-in appliances
- Emergency removal expense- when a mobile home is threatend by an insured peril, covers costs to disconnect utilities and tow mobile home out of harm’s way (5% of insurance amount)
What are the exclusions of a mobile home insurance policy?
- Loss or damage when moving
- Conversion or embezzlement
What is the loss settlement of a mobile home insurance policy?
- Mobile home: ACV
- Personal property: RC
Who is eligible for a tenants package form?
- Apartment dwellers
- Tenants in rented homes
- Living in a home as part of remuneration
- Those living in quarters of business
Explain coverage C Personal property and D additional living expenses on a tenants package form.
- C: Improvements and betterments made by tenant, up to $500 when the rented premises itslef is damged due to theft or vandalism
- D: Additional living expenses, 20% of coverage C
Define a condominium.
A system of separate ownership of individual units in a multiple unit building
Involves two parties: individual unit owners and the condominium corporation.
What does a condominium corporation insure?
- Value of building
- Value of common elements
This insurance protects shared and structural aspects of the condominium.
What coverages are available to condominium unit owners?
- Personal Property
- Coverage U1 – Unit Improvements and Betterments
- Coverage U2 – Loss Assessment
- Coverage U3 – Unit Additional Protection
These coverages address the unique needs of condominium owners.
What is seasonal dwelling insurance?
Coverage offered for seasonal homes limited to named perils only
Named perils do not include transportation or theft perils.
When is the homeowners basic form available for seasonal dwellings?
- Home insured with the same insurer
- Constructed as a year-round home & occupied one day in every 60 days
- Not rented
- Heating must be thermostatically controlled
- Year-round accessible to roadway
These conditions must be met for broader coverage.
When will insurers provide broader coverage on Dwellings in the course of construction?
- Home will be 1 or 2 family home
- Owner occupied upon completion
- Coverage must be purchased when foundation built
- Completed value must be insured
- Limited to one year coverage
These criteria ensure adequate protection during construction.
What is an endorsement and why is it used?
An extra sheet or slip of paper that attaches to the policy for agreed changes in contract terms
Used to increase limits, broaden coverage, decrease deductibles, or remove coverage.
Explain the fine arts endorsement.
- Covers paintings, pictures, art, valuable rugs
- Includes marring/scratching, smoke damage, theft by tenant, flood
- Section A: coverage on premises
- Section B: coverage while on public display & transported
Valued coverage available with an appraisal.
What are the exclusions of a fine arts endorsement?
- Breakage unless caused by insured peril
- Birds, vermin, rodents
- Any process or work
These exclusions limit the coverage provided.
Explain the personal articles endorsement.
Provides coverage for high valued personal property items beyond ‘Special Limits of Insurance’
May expand perils insured and reduce or eliminate deductibles.
Explain the Television and Antenna endorsement.
Broadens coverage for television, radio sets, and antennas, including installation warranty
This endorsement enhances protection for electronic devices.
Explain the increased cost demolition or construction endorsement.
Pays additional costs to comply with building bylaws
Includes costs for rebuilding with sprinklers and additional rebuilding costs due to new building codes.
Explain the personal computer endorsement.
Enhances coverage for personal computers, RC available if usable at time of loss
Exclusions include costs of gathering info and erasure of info.
Define media and software.
- Media: material on which electronic data is stored
- Software: information stored on the media
These terms are essential in understanding electronic data coverage.
Explain the residence glass endorsement.
Usually purchased to lower deductibles on insured glass breakage losses
This endorsement provides specific coverage for glass.
Explain the sewer back up endorsement.
Provides coverage for losses from backing up or escape of water from various sources
This endorsement is crucial for protecting against sewer-related damages.
Explain the earthquake endorsement.
Enhances coverage on homeowners form with a deductible of 10% of coverage amount
This endorsement is important for areas prone to seismic activity.
Explain the vandalism or malicious acts endorsement.
Designed for seasonal dwellings, excludes coverage for vacant or under-construction properties
This endorsement addresses specific risks associated with seasonal properties.
