Introduction: The Building and Personal Property Coverage Form CP

Transcription

1 Table of Contents Introduction: The Building and Personal Property Coverage Form CP Property Coverage Forms...2 ISO Rules...3 Underwriting...5 The National Underwriter Company Coverage Guides...6 Chapter 1: The Insuring Agreement; Covered and Not Covered Property...7 Section A. Coverage...7 Section A.1. Covered Property...9 Section A.2. Property Not Covered...26 Chapter 2: Additional Coverages, Coverage Extensions, and Optional Coverages...35 Section 4. Additional Coverages...36 Section 5. Coverage Extensions...43 Optional Coverages...50 Chapter 3: Covered Causes of Loss Named Perils Forms...57 CP Causes of Loss Basic Form...58 CP Broad Form Causes of Loss...69 Exclusions that Apply to Both Named Perils Causes of Loss Forms...72 Subsection B.2. Exclusions...80 Special Exclusions...81 Additional Coverages...81 Chapter 4: Special Covered Causes of Loss Form (CP 10 30)...85 Similarities to Named Perils Forms...86 Open Perils Exclusions Section B Losses That Happen over Time Section 2.d.(1) to (7)...88 Other Exclusions...93 Concurrent Causation Exclusions...97 Special Exclusions...99 Limitations Property Limited to Specified Causes of Loss...102

2 Additional Coverages and Limitation Additional Coverage Extensions Chapter 5: Conditions Commercial Property General Conditions Cancellation Changes Examination of Your Books and Records Inspection and Surveys Premiums Transfer of Rights and Duties under This Policy Commercial Property Policy Conditions Concealment, Misrepresentation, or Fraud Control of Property Insurance under Two or More Coverages Legal Action against Us Liberalization No Benefit to Bailee Other Insurance Policy Period, Coverage Territory Transfer of Rights of Recovery against Others to Us Other Relevant Provisions of the Commercial Property Policy Limits of Insurance Deductible Loss Conditions Abandonment and Appraisal The Insured's Duties in the Event of Loss Loss Payment Actual Cash Value Defined Valuing Business Personal Property Recovered Property Vacancy Valuation Additional Conditions Coinsurance Mortgageholders Chapter 6: Builders Risk ISO Eligibility and Rules Covered Property Property Not Covered Covered Causes of Loss Additional Coverages Coverage Extensions...136

3 Trees, Shrubs, and Plants Limits of Insurance Deductible Loss Conditions Additional Conditions Builders Risk Coverage Options Building Renovations Builders' Risk Reporting Form Separate or Subcontractors Interest Collapse during Construction Theft of Building Materials, Fixtures, Machinery, Equipment Building Materials and Supplies of Others Chapter 7: Business Income Coverage Forms Coverage for Business Income When Coverage Applies Extra Expense Extended Loss after Operations Resume Blanket Coverage ISO Simplified Business Income Program Extra Expense Covered Causes of Loss Exclusions and Limitations Additional Limitation Additional Coverages Civil Authority Alterations and New Buildings Extended Business Income Interruption of Computer Operations Expense to Reduce Loss Coverage Extension Limits of Insurance Loss Conditions Loss Determination Other Loss Conditions Coinsurance Optional Coverages Maximum Period of Indemnity Monthly Limit of Indemnity Agreed Value Extended Period of Indemnity Extra Expense Insurance Insured May Need Both Extra Expense Coverage Form, CP Causes of Loss...175

4 Additional Limitation Interruption of Computer Operations Coverage Extension and Additions Limits Other Insurance Other Exposures Ingress and Egress Flood Absence of Profits Chapter 8: Other Coverage Forms Leasehold Interest Coverage Form, CP Mortgageholders Errors and Omissions Coverage Form, CP Tobacco Sales Warehouses Coverage Form, CP Condominium Associations Coverage Form, CP Commercial Condominium Unit-Owners Coverage Form, CP Legal Liability Coverage Form, CP Additional Conditions Chapter 9: Commercial Property Endorsements Additional Building Property, CP Additional Covered Property, CP Additional Exclusions, CP Additional Insured and Loss Payee (Building Owner) CP and CP Additional Locations Special Coinsurance Provisions, CP Additional Property Not Covered, CP Agricultural Products Storage, CP Alcoholic Beverage Tax Exclusion, CP Blanket Insurance Margin Clause Option, CP Brands and Labels, CP Broken or Cracked Glass Exclusion Form, CP Building Glass Under Tenant's Policy, CP Business Income Changes Beginning of the Period of Restoration, CP Business Income Discretionary Payroll Expense, CP Business Income Landlord as Additional Insured (Rental Value), CP Business Income Ordinary Payroll Limitation or Exclusion, CP Burglary and Robbery Protective Safeguards, CP Cap on Losses from Certified Acts Of Terrorism, IL Changes Electronic Data, CP Changes Fungus, Wet Rot, Dry Rot and Bacteria, CP Civil Authority Change(s), CP Condominium Commercial Unit Owners Optional Coverages, CP Contributing Insurance, CP Debris Removal Additional Insurance, CP Deductible Limitation, CP

5 Dependent Properties, CP Disclosure Pursuant to Terrorism Risk Insurance Act, IL Distilled Spirits and Wines Market Value, CP Earthquake and Volcanic Eruption Endorsement Form, CP Earthquake Inception Extension, CP Electrical Apparatus, CP Electronic Commerce (E-Commerce), CP Flood Coverage Endorsement, CP Functional Building Valuation, CP Functional Personal Property Valuation Other Than Stock, CP Grain Properties Explosion Limitation, CP Household Personal Property Coverage, CP Leased Property, CP Legal Liability Coverage Schedule, CP DS Loss Payable Provisions, CP Manufacturers Consequential Loss Assumption, CP Manufacturer's Selling Price (Finished Stock Only), CP Market Value Stock, CP Molten Material, CP Multiple Deductible, CP Multiple Location/Premium and Dispersion Credit Application, CP Newly Acquired/Constructed Property-Increased Limit, CP Off-Premises Services - Direct Damage, CP Ordinance or Law Coverage, CP Outdoor Trees, Shrubs and Plants, CP Outside Signs, CP Peak Season Limit of Insurance, CP Pier and Wharf Additional Covered Causes of Loss, CP Pollutant Cleanup & Removal Additional Aggregate Limit of Insurance, CP Protective Safeguards, IL Radio or Television Antennas, CP Radioactive Contamination, CP Report of Values, CP 13 60, and Supplemental Report of Values, CP Spoilage Coverage, CP Sprinkler Leakage Exclusion, CP Sprinkler Leakage-Earthquake Extension, CP Storage or Repairs Limited Liability, CP Tentative Rates, CP Terrorism Endorsements Theft Exclusion, CP Utility Services Direct Damage, CP Vacancy Changes, CP Vacancy Permit, CP Value Reporting Form, CP Vandalism Exclusion, CP

6 Water Exclusion, CP Watercraft Exclusion, CP Windstorm or Hail Percentage Deductible, CP Windstorm or Hail Exclusion - Direct Damage, CP Windstorm or Hail Exclusion, CP Your Business Personal Property Separation of Coverage, CP Chapter 10: The Commercial Properties Program of American Association of Insurance Services (AAIS) Building and Personal Property Coverage Part Supplemental Coverages Special Causes of Loss Form Other Coverage Parts Endorsements Chapter 11: E-issues under the Commercial Property Policy Intangible Property Insuring Intangible Assets The Meaning of Property E-Property Policies Newly Developed Policies Chapter 12: Miscellaneous Commercial Property Coverage Issues ISO Interline Terrorism Endorsements Catastrophic Weather Loss Claims Issues Wind, Water, and Wind-Driven Water Wind Percentage Deductible Chinese Drywall Emerging "Green" Coverage Issues Specimen Forms Building and Personal Property Coverage Form CP Condominium Association Coverage Form CP Condominium Commercial Unit-Owners Coverage Form CP Builders Risk Coverage Form CP Business Income (and Extra Expense) Coverage Form CP Legal Liability Coverage Form CP Leasehold Interest Coverage Form CP Mortgageholders Errors and Omissions Coverage Form CP Tobacco Sales Warehouses Coverage Form CP Commercial Property Conditions CP Causes of Loss Basic Form CP

7 Causes of Loss Broad Form CP Causes of Loss Special Form CP Common Policy Conditions IL Index...423