Property Chapter 3: Personal Lines- Dwelling Policy Flashcards
(15 cards)
Main difference between VARIOUS DWELLING POLICY (DP FORMS)
the property perils insured against.
What does DP policies not cover?
How can additional liabilities be added AKA?
At what costs?
Personal Liability
Added on with endorsements known as PERSONAL LIABILITY SUPPLEMENT
Additional Premium Charge
DP policies contain exclusions from BUT NOT (3)
damage due to war,
nuclear hazard,
flood but not wind.
On a Dwelling Policy, cov. b applies to
other structures coverage will apply to a structure rented out as a private garage.
DP policies EXCLUDE (3)
cover breakage of glass after 60 days of vacancy
freezing of plumbing unless the heat was left on.
THE LAND on which the insured dwelling
Inflation guard AKA
Must be added to?
AUTOMATIC INCREASE ENDORSEMENT
must be added to a DP policy by endorsement
A loss from Rain or Dust would ONLY be covered IF
an opening in the dwelling roof or walls was first created by wind or another covered cause of loss.
DP-1
a named or specified peril policy.
DP-1 excludes
does not provide additional living expense under coverage D; only fair rental value is provided.
The Extended Coverage Endorsement
added to the Standard Fire Policy to create the DP-1.
DP-2
named perils on both the dwelling and the contents.
DP-2 Cov. A and Cov B. coverage %
building structures (Coverages A and B) are written with an 80% coinsurance requirement.
In DP-2 broad form is what
Coverage B (other structures) is in addition to other coverage limits.
DP-3
the same coverage as the DP-2 (contents broad) for personal property coverage, should coverage for contents be declared.
Which DP INCLUDES and EXLUDES tree, shrubs, plants and lawns?
Included: DP-2&3
Excluded: DP-1
