Personal and Business Property Table of Contents. Chapter One: Property Insurance Terms and Concepts 9-13

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1 Personal and Business Property Table of Contents Chapter One: Property Insurance Terms and Concepts 9-13 Insurance Insurable Interest Risk Hazard Peril Loss Proximate Cause Deductible Indemnity Actual Cash Value Replacement Cost Limits of Liability Co-insurance to Value Accident Occurrence Cancellation Nonrenewal Vacancy and Unoccupancy Liability Negligence Chapter Two: Common policy provisions and contract law Declarations Insuring Agreement Definition of the Insured Duties of the Insured Protect Prepare Cooperate Notify Obligations of the Insurer Mortgagee Rights Proof of Loss Notice of Claim Appraisal Other Insurance provision Assignment Subrogation Meaning and Elements of a Contract Offer and Acceptance Consideration Parties Legal Purpose Warranties and Representations Warranties Representations Concealment Material Misrepresentation

2 Binders Fair Credit Reporting Act Chapter Three: Personal Lines-Dwelling and Contents How the ISO serves the Industry Basic Dwelling DP 01 Named Peril coverage ACV basis Fire Lightning Internal Explosion Optional Extended Coverage Windstorm or Hail Expanded Explosion Smoke Aircraft and Vehicles Riot or Civil Commotion Volcanic Eruption Broad Form Dwelling DP 02 Replacement Cost Basis Additional Coverage for Perils Insured Burglary Falling Objects Weight of Ice or Snow/Sleet Tearing apart, Cracking, Burning or Bulging Accidental Discharge or Overflow Water/Steam Freezing of Plumbing Artificially Generated Electricity Damage to Lawns, Trees, Shrubs and Plants Breakage of Glass Collapse Special Form Dwelling DP 03 Open Peril (defined) Differences from DP 02 Chapter Four-Causes of Loss covered by the Dwelling Policies Property Coverages A-Dwelling B-Other Structures C-Personal Property D-Fair Rental Value E-Additional Living Expense Other Coverages Removal Other Structures on Premises Debris removal Reasonable Cost for Repairs Tenants Improvements, Alterations, Additions

3 Worldwide Personal Property Coverage Rental Value and Additional Living Expense Fire Department Service Charges General Ordinance or Law Earth Movement Water Damage Power Failure Neglect War Nuclear Hazard Intentional Loss Freezing of Plumbing Government Action Miscellaneous additional exclusions Special Form DP 03 Policy Period Insurable Interest and Limit of Insurance Loss Settlement Loss of one of a pair or set Other Insurer Suit Option to Repair or Replace Loss Payment Cancellation or Nonrenewal Liberalization Death Nuclear Hazard Recovered Property Volcanic Eruption Selected Endorsements Automatic Increase in Insurance (offset inflation) Broad theft coverage Dwelling under Construction Sinkhole Collapse Condominium Unit-owners Water Backup and Sump Pump Overflow Limited Theft Chapter Five: Personal Lines-Homeowners The 6-Coverage Forms H0-2 Broad Form H0-3 Special Form H0-4 Contents Broad Form H0-5 Comprehensive Form H0-6 Condominium and Unit Owners H0-6 Covered H0-6 Not Covered H0-8 Modified Homeowners-limited coverage H0-8 Limitations and Restrictions

4 Description of Perils Covered-Homeowners H0-2 H0-3 H0-4 H0-5 H0-6 H0-8 Important Key Terms Insured Residence Employee Residence Premises Additional Coverages H Section I-Property Coverages Coverage A-Dwelling Coverage B-Other Structures Coverage C-Personal Property Coverage D-Loss of Use Section II-Liability Coverages Coverage E-Personal Liability Coverage D-Medical Payments to Others Chapter Six-Causes of Loss covered by the HO Policies Perils Insured Against Insurable Interest and Limits of Liability Insured s Duties following a loss Loss Settlement Pair or Set Glass Replacement Appraisal Other Insurance Suit against Insurer Option to Repair or Replace Loss Payment Abandonment Mortgage Holders Clause No Benefit to Bailee Nuclear Hazard Clause Recovered Property Volcanic Eruption-single event period Concealment or Fraud Liberalization Waiver or change of Policy Provisions Subrogation Death Mobile Homes Flood Insurance Earthquake Coverage

5 Chapter Seven: Commercial Property Common Concealment, misrepresentation, fraud Control of Property Insurance under two or more coverages Legal Action against the insurer Liberalization No benefit to bailee Other Insurance Policy, period, coverage territory Transfer of rights of recovery against others (subrogation) Commercial Buildings Property Form Newly acquired or constructed property Personal effects and property of others Valuable papers and records Property off premises Outdoor property Nonowned detached trailers Abandonment Appraisal Coinsurance Duties in event of loss/damage Loss Payment Mortgage Holders Recovered property Vacancy Valuation Causes of Loss forms Basic Form with respect to Business Income Coverage Leasehold Specific Special Exclusion Broad Form Broad Form Additional Special Form Specified Causes of Loss Earthquake Business Income Business Income Additional Business Income Optional Coverages Extra Expense (consequential losses) Commercial Package Policy Policy Components Declarations Interline Endorsements Equipment Breakdown Selected Endorsements Business Income Refrigeration Interruption Refrigeration Interruption Report of Values Turbine Units Explosion Pressure Production Machinery Exclusion

6 Chapter Eight: Business Owners Policy (BOP) Package approach Include all one-ownership property Characteristics and purpose Common Policy Form Property Coverage Forms (Standard and Special) Coverage extensions in addition to the limit of insurance Causes of Loss Limits Deductibles Optional Coverages Selected Endorsements Protective Safeguards Utility Services War and Terrorism Exclusion Chapter Nine: Inland Marine Personal Floaters Commercial Floaters Coverage Forms Accounts Receivable Bailee s Customer Commercial Articles Contractor s Equipment Floaters Electronic Data Processing Equipment Dealers Property not covered Extensions of coverage Additional Installations Floater Jewelers Block Property not covered Transit coverage Optional coverages Method of Property Valuation Changes in Premises Signs Valuable Papers and Records Additional Coverages/Property in Transit Common Carrier Cargo Liability Bill of Lading Legal Liability Motor Truck Cargo Forms Transit Coverage Forms Camera and Camera Equipment Physician and Surgeon s Equipment Commercial Fine Art Film Coverage Unique

7 Floor Plan Merchandise Mail Theatrical Property Garment Manufacturer Floater Collapse of a Building Nationwide Definition Course Examination

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