-
Business
any continuous or regular pursuit undertaken for financial gain, including a trade, profession, or occupation
-
Coverage Summary Page
aka Declarations
-
Data
- representations of information or concepts in any form
- data does not mean computer software
as simple as an email or as complicated as a scientific research paper
-
Data problem
- erasure, destruction, corruption, misappropriation, misinterpretation of data
- error in creating amending, entering, deleting or using data
- inability to receive, transmit, or use data
not necessarily electronic; applies to problems with data of any kind
-
Domestic water container
- a device or apparatus for personal use on the premises
- for containing, heating, chilling or dispensing water
- hot water heating tanks
- bathtubs, sinks, toilets
- aquariums or waterbeds
- outdoor swimming pools
- fish ponds
- hot tubs
-
Dwelling
- the building described on the Coverage Summary Page
- wholly or partially occupied by the insured as a private residence
- the term dwelling is used to distinguish the residence building from the outbuildings
- important bc coverage for the residence building is separate from coverage for detached private structures
-
Fungi
- any form or type of mould, yeast, mushroom, or mildew
- whether allergenic, pathogenic, or toxigenic
- any substance, vapour or gas produced by, emitted from, or arising out of any fungi or spores or resultant myotoxins, allergens or pathogens
-
Ground water
- found in the cracks and spaces in soil, sand and rocks beneath the ground surface
- including water in wells and in underground streams, and percolating waters
- may constitute the water table or water from heavy or prolonged rain or melting snow, hail or ice that is percolating to the water table
-
Insured
- the person named as insured in the Coverage Summary Page
- the insd's spouse
- the relatives of either the insd or insd's spouse
- any person under 21 in their care
-
Premises
- the land contained within the lot lines on which the dwelling is situated
- does not include municipal property adjacent to the insd premises, such as boulevards, sidewalks or roadways
-
Residence employee
- works for the insd, under insd's direction
- part-time or full-time
- in connection with the maintenance or use of the premises
- but not with the insd's business
- includes a babysitter, gardener, snow removal, butler
- does not include a contractor
-
Spores
- spores are a part of a fungi or mould
- can form as quickly as 24 hours after a loss
- one or more reproductive particles or microscopic fragments produced by, emitted from, or arising out of any fungi
-
Spouse
- in accordance w/the Charter of Rights and Freedoms
- includes not only legally married partners
- but also heterosexual and same-sex partners who live together in a conjugal relationship outside marriage
- and have continuously done so for at least 3 years
- if the parents are natural/adoptive parents, period is reduced to 1 year
-
Surface waters
- water on the surface of the ground that is not usually there
- could be due to heavy downpour of rain
- or rapid melting of snow/ice
- that cannot dissipate quickly enough
- may also include escape of water from any source which travels over the source of the ground
-
Terrorism
- ideologically motivated unlawful act(s)
- including use of violence or force or threat of violence
- committed on or behalf of any group, organization or government
- for the purpose of influencing any government and/or instilling fear in the public
-
Vacant
- all occupants have moved out
- with no intention of returning
- and no new occupant has taken up residence
- regardless of the presence of furnishings
- in the case of a newly constructed house, no occupant has yet taken up residence
-
Unoccupancy
- building with no people in it but they intend to return
- not the same as vacancy which people don't intend to return
-
Watermains
- pipes forming part of a water distribution system
- conveys consumable water
- not waste water
-
We, us, our
- Insurer
- company providing the insurance
-
-
Personal property
- All moveable or temporary property
- furniture, clothing, even stocks/bonds
- the opposite of real property (fixed property such as land or buildings)
-
Civil authority
- Any person acting under the Governor General in Council of Canada or the Lieutenant Governor in Council of a Province, and/or
- any person acting with authority under a Federal, Provincial, or Territorial legislation
- with respect to the protection of persons and property in the event of an emergency
-
Guaranteed replacement cost
- insurer will not only ignore depreciation, but in some cases pay more than the amount of insurance
- extends the concept of replacement cost
- offers what is effectively unlimited coverage to replace the dwelling building, on condition that:
- 1) the amt of insurance on the dwelling be kept at not less than the cost to replace the dwelling (determined by valuation guide)
- 2) the amt of insurance on dwelling not be reduced below the amt (determined by valuation guide)
- 3) the insd notify insr within 90 days of the start of work on any improvement, extension, or addition to the dwelling
- Many insr's have been moving away from GRC
- b/c disasters often lead opportunistic contractors to artificially inflate the true cost of reconstruction, especially when they know that the insd's policy includes GRC
|
|