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Causes of loss-Basic Form
Form that covers fire, lightning, explosion, windstorm, hail, smoke, aircraft, vehicles, riot, civil commotion, vadalism, sprikler leakage, sinkhole collapse, and volanic action
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Concurrent Causation Doctrine
Approach that a loss is covered when caused by two or more independent, concurrent perils if only one of the perils is covered-even if the other peril or perils are clearly excluded
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Causes of Loss-Broad Form
Form that covers basic form perils plus falling objects: weight of snow, ice or sleet; water damage; and collapse caused by certain perils
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Causes of Loss-Special Form
Form that covers "risk of direct physical loss" subject to the form's exclusions and limitations
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Builders Risk Coverage Form
Form that cevers buildings in the coarse of construction, including additions or alterations to existing buildings.
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Condominium Association Coverage Form
Form that covers buildings and business personal property of condiminium associations
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Condominium Commercial Unit-Owners Coverage Form
Form that covers business personal property and building property exposures of commercial condominium units
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Loss Assessment Coverage
Coverage for a commercial condominium unit owners share of any assesment made by the assosciation against all unit owners because of physical loss to condominium property caused by a covered loss
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Miscellaneous Real Property Ceverage
Coverage for real property that pertains only to the named insureds condominium unit or real property that the named insured has a duty to insure according to the condominium association agreement
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Insurance for highly pretected risk
Property insurance that large property risk with superior loss protection characteristics; has broader coverage than most commercial property policies and usually lower premium rate.
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Ordinance or Law Coverage endorsement
Endorasement that covers three types of losses resulting from the enforcement of building ordenances or laws: 1. the value of the undamaged protion of a building that must be demolished, 2. the cost to demolish the buildings undamaged portion and remove its debris, and 3. the increased cost to rebuild the property
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Spoilage coverage endorsement
Endorsement that covers damage to perishable stock due to power outages; on-premisis breakdown; or contamination of the insured's refrigeration, cooling, or humidity control equipment.
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Manufacturers consequential loss assumption endorsement
Endorsement that covers reduction in value of undamaged property due to physical loss to other property
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Brands and Labels endorsement
Endorsement that permits the insured, when the insurertakes damaged merchandise as salvage, to stamp the word "salvage" on the merchandise or to remove its brands or labels before sale
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Subrogation
The process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party who caused the loss or is otherwise legally liable for the loss
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Specific Rating
A rating approach that bases a buildings property insurance rate on inspecting and evaluating that particular building
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Class Rating
A rating approach that uses rates reflecting the average probability of loss for businesses within large groups of similar risk; the predominent method used for rating commercial properties
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