Personal Lines: Umbrella, Watercraft & Mobile Homes. John Dismukes January 28, Property & Casualty Continuing Education Credits
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1 Personal Lines: Umbrella, Watercraft & Mobile Homes John Dismukes January 28, Property & Casualty Continuing Education Credits
2 PERSONAL LINES COVERAGES By John M. Dismukes, Jr., CIC, CPCU, AAI, AIS Dismukes Training & Consulting, LLC Tulsa, Oklahoma Introduction We will look at three types of presonal coverages Watercraft Mobile Home Personal Umbrella I will have to hit the highlights of each I have included sample policies of each WATERCRAFT COVERAGES 1
3 The Quick Way If you own a boat, wave runner, jet ski, or virtually anything that floats on the water ---- Buy insurance from your friendly insurance agent!! Watercraft Coverages 2
4 3
5 4
6 Coverage in the Homeowners Policy Section I - Property Coverages 4 $1,500 on watercraft of all types including their trailers, furnishings, equipment, and outboard motors Perils covered Wind and hail only if in an enclosed building No theft coverage off premises No usual watercraft perils such as sinking Coverage in the Homeowners Policy Liability Coverage - Section II 6-8 Definition of Watercraft Definition of Watercraft Liability Watercraft Liability exclusion So, What watercraft are covered for liability by the Homeowners policy? Homeowners - Covered watercraft for liability Stored watercraft Sailboats under 26 feet long with or without extra power Over 26 feet only if borrowed by the insured Inboard/outdrive Under 50 horsepower only if borrowed or rented Over 50 horsepower only if borrowed 8 5
7 Homeowners - Covered watercraft for liability 8 Outboards All under 25 horsepower (owned, borrowed or rented) Over 25 horsepower only if borrowed or rented All over 25 horsepower acquired during the policy period All over 25 horsepower if acquired before the policy period, BUT was declared at policy inception with the purpose to insure How to cover under the Homeowners policy 10 Watercraft Endorsement HO Only applies to section 2 - liability coverages NO PROPERTY COVERAGE FOR THE WATERCRAFT ITSELF Watercraft Insurance - Concepts 12 Warranty Private Pleasure only Navigation area or limit Navigation period 6
8 14 BOAT POLICIES Boat Policy Definition Property Coverage The boat The motor(s) Auxiliary or portable equipment The trailer Optional coverages Boat Policy Covered perils Typical exclusions Valuation Loss settlement Deductible 7
9 18-20 Boat Policy Liability Coverage Who s insured Supplementary payments Water skiing Typical exclusions Boat Policy Medical Payments Who s covered Water skiing Typical exclusions Who is an insured 24 Boat Policy Underwriting considerations Age Hull material Speed rating Navigation area Operator Credits 8
10 26 Personal Watercraft Watercraft Coverages - Questions? MOBILEHOME COVERAGES 9
11 10
12 40 Underwriting Considerations Owner occupied Minimum size Minimum limits Location 11
13 5 Underwriting Considerations Site set-up Tie-downs Skirting Foundation Age Others 42 Policy Provisions Definitions Bodily Injury Business Insured Insured location Motor vehicle Property damage Residence employee 44 Section I Coverages Mobile Home Direct, sudden, and accidental loss Must be described in declarations includes Original parts and equipment All items in the bill of sale Any attachments where valuse are included Does not cover transit! 12
14 44 Section I Coverages Adjacent Structures Direct, sudden and accidental loss Limit is amount shown Includes: Awnings Air conditioner units Steps Skirting Utility sheds Porches Carports Cabanas Only items covered are those listed in policy! 46 Section I Coverages Personal Effects Direct, sudden, and accidental loss Must be located in the home described Includes burglary or theft - with signs of entry No mysterious disappearance Five types of property not covered Eleven types of limited property 10% coverage off premises 48 Section I Coverages Additional Living Expense $20 per day for up to 60 days 13
15 48-49 Additional Coverages Fire Department service coverage Radio and television antennas Trees, shrubs, plants and lawns Tie down equipment Debris removal Emergency removal service Credit card and depositors forgery 50 Section I - Perils Risk of direct, sudden, and accidental loss 50 Section I - Exclusions Wear & tear, freezing, neglect, mechanical breakdown Backup of sewer or drain Flood Earthquake or landslide Enforcement of a code or law Use for illegal purposes Use for business or professional purposes 14
16 50-52 Exclusions - continued Intentional acts Misrepresentation Nuclear War Tires, wheels and axels Theft of personal effects if vacant for 30 days Conditions Insurable interest and limit of liability Duties after loss Loss settlement Pair or set Appraisal Increase in hazard Vacancy or un-occupancy Other insurance Conditions - continued Suit against us Subrogation Our option Loss payment Abandonment Lienholder Tie-downs Stolen property 15
17 56-58 Conditions - continued Automatic replacement coverage Bankruptcy No benefit to bailee Nuclear hazard clause Deductible 58 Liability Coverage 58 Personal Liability Pays for BI or PD Must be legal liability Provides defense Defense ends when limit is exhausted by payment for damages 16
18 60 Personal Medical Payments Per person up to a max of $25,000 Necessary medical expense for BI Must be incurred within one year Does not apply to residents Pays to a person on premises with permission Pays to a person off premises under certain conditions Liability Exclusions BI & PD Expected or intended Business Professional services Rented premises which is not an insured location Aircraft, watercraft, motor vehicles 62 Liability Exclusions Contractual liability PD to insured s property PD to property in insured s CCC Workers Compensation Nuclear 17
19 64 Additional Coverages Claim expenses First aid expenses Damage to property of others - $ Liability Conditions Liability Conditions Limit of liability Severability of insurance Insured s duties after loss Suit against us Service of suit Bankruptcy of an y insured Other insurance 18
20 68-70 Optional Coverages Trip Coverage Vendor s Single Interest Collision or upset Alteration Conversion Concealment Repossession expenses Vendor s Single Interest - continued 72 Deductible Exclusions General Conditions Other insurance Our right to recover from others What to do when a loss occurs Optional Coverages - continued 74 Flood coverage Will pay ACV or loan pay-off which ever is higher Can replace with like kind and quality What is a flood 19
21 74-76 General Conditions Policy period Concealment or fraud Waiver or change of policy provisions Changes in your policy Cancellation Assignment Death 76 Mobilehome Endorsements Tie Down endorsement Property Pollution exclusion Animal exclusion Swimming pool exclusion Farming exclusion Flood exclusion Satellite dish exclusion Questions? 20
22 Personal Umbrella/Excess 78 History of the PUP Introduction Factors contributing to the need Changing society Average size of awards Frequency of lawsuits Suit conscious society No page Claim Examples A four year old child wandered into a neighbor s back yard, fell in the pool and drowned. Judgment against the neighbor 1.5 million gross negligence as back yard gate was not locked and had been advised to correct it. A 12 year old girl fell off a trampoline and suffered permanent paralysis. 1.2 million 21
23 No page Claim Examples Auto accident several cars damaged and several persons injured. Total award against driver was 1.8 million RV accident (wave runner) young child injures a swimmer while driving reckless parents are hit with liability award of 1.2 million for negligent supervision and/or training No page John s Proverb You don t have to be a millionaire to be sued as a millionaire! 80 Basic Concepts Excess Policies Stand alone or following form Usually over a single policy Rarely broader Umbrella Policies Broader coverages than underlying Drop down feature Usually a stand alone policy Has an SIR 22
24 80 Hybrid Policies Basic Concepts Basically a combination Some umbrella coverges Some following form 82 Basic Functions of an Umbrella Provide higher limits Provide broader coverage 84 Concepts, Provisions, Features Concepts Common features Underlying insurance Exclusions Low cost Non standard forms Usually very profitable All Umbrellas have SIR s 23
25 84-86 Common Provisions Insuring agreement Pay on behalf Indemnify Defense Included in the limit Outside the limit Who conducts? 88 Underlying Insurance Primary insurance requirements Every umbrella/excess will have these They will vary by company Typical required policies Typical required limits 90 Underlying Limits Maintenance of those limits Usually maintenance is a warranty What happens when --- Limits not maintained Underlying policy is cancelled Underlying carrier is bankrupt 24
26 Retained Limit or Self Insured Retention Retained Limit 90 example Self Insured retention Example page Common Exclusions Intentional acts Workers compensation Pollution CCC Uninsured/underinsured motorists Criminal acts Directors and Officers exposures. 94 Common Exclusions Professional services Aircraft/watercraft Discrimination Injury to an insured 25
27 96 Common Definitions Personal In jury Insured Auto and recreational vehicle Occurrence Retained limit Bodily injury / Property damage A Quick look at a policy Page 1 of 7 Definition of auto (D) Page 2 of 7 Recreational vehicle (M) Insuring agreement (A) Defense (B) Page 4 of 7 Business exclusion (#4) A quick look at a policy Page 5 of 7 Exclusion 14, 19, 20, 21 Page 6 of 7 Maintenance of limits Policy territory 26
28 Personal Umbrella QUESTIONS??? THANK YOU!!! 27
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