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Chapter 10

Chapter 10. Personal Property and Liability Insurance. Homeowners Insurance. Levels of coverage Basic named perils Broad named perils Open perils Perils generally excluded. Basic Named Perils. 1. Fire 7. Hail 2. Vehicles 8. Explosion 3. Lightning 9. Riot

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Chapter 10

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  1. Chapter 10 • Personal Property and Liability Insurance

  2. Homeowners Insurance • Levels of coverage • Basic named perils • Broad named perils • Open perils • Perils generally excluded

  3. Basic Named Perils • 1. Fire 7. Hail • 2. Vehicles 8. Explosion • 3. Lightning 9. Riot • 4. Smoke 10. Theft • 5. Windstorm 11. Aircraft • 6. Vandalism 12. Volcano

  4. Broad Named Perils • 12 basic named perils + • 13. Falling objects • 14. Weight of ice, snow, sleet • 15. Accidental overflow of water • 16. Sudden bursting of appliances • 17. Freezing of system or appliance • 18. Damage from electrical current

  5. Exclusions in Homeowners Policies • Movement of ground • Ordinance or law • Damage from water • War or nuclear hazard • Power failure • Intentional act • Neglect

  6. Section I Coverage—Coverage A • Coverage A—dwelling • Covers repair or replacement of damage to dwelling • Also covers attached structures and building materials on the premises • Replacement cost • Coinsurance requirement

  7. Section I Coverage—Coverage B • Coverage B—other structures • Typically 10% of Coverage A (dwelling) limit • Includes detached garages, small greenhouses, storage buildings, gazebos, and so forth

  8. Section I Coverage—Coverage C • Coverage C—personal property • Typically 50% of Coverage A limit (dwelling) • Covers personal property of policyowner and resident family members • Actual cash value • Limits of liability

  9. Section I Coverage—Coverage D • Coverage D—loss of use • Additional living expenses • Loss of fair rental value • Typically 20% of Coverage A limit (dwelling)

  10. Section II Coverage • Coverage E—personal liability • Protects homeowner and all family members for bodily injuries and property damage for which they are legally responsible • Coverage F—medical payments to others • Pays necessary medical expenses of others that result from bodily injuries • No-fault coverage

  11. Section II Coverage—Exclusions • Medical payment exclusions to Coverage E and Coverage F • Exclusions to Coverage E only • Exclusions to Coverage F only

  12. Homeowners Insurance—Available Forms • HO-2—Broad Form • HO-3—Special Form • HO-4—Tenants or Renters • HO-5—Comprehensive Form • HO-6—Condominium Owners • HO-8—Modified Form for Special Risks

  13. Homeowners Insurance—Additional Coverages and Endorsements • Additional coverages • Available endorsements • Replacement cost for personal property • Inflation protection • Earthquake • Other endorsements

  14. Homeowners Insurance—Contractual Conditions • Section I conditions • Section II conditions • Section I and II conditions

  15. Personal Auto Policy (PAP) Coverages • Eligible vehicles • Policy design • Part A: Liability coverage • Part B: Medical payments coverage • Part C: Uninsured motorists coverage • Part D: Coverage for damage to your auto • Part E: Duties after an accident or loss • Part F: General provisions

  16. PAP Part A: Liability Coverage • Covered persons and autos • Exclusions • Coverage limits • Increased limits in another state • Loss sharing with other coverage

  17. PAP Part B: Medical Payments • Optional, no-fault, first-party coverage • Who is covered • Exclusions

  18. PAP Part C: Uninsured Motorists • Purpose • What is covered • Who is covered • Definitions of uninsured or underinsured motorist • Exclusions and limitations

  19. PAP Part D: Damage to Your Auto • Two coverages available • Collision • Comprehensive • Dispute resolution • Loss payment • Loss sharing with other policies • Exclusions

  20. PAP Part E and Part F • Part E: Duties after an accident or loss • Part F: General provisions

  21. Legal Liability • Torts (civil wrongs) • Breach of contract • Crimes (public wrongs) • Types of torts • Intentional interference • Strict and absolute liability • Negligence

  22. Personal Umbrella Liability Policy • Purpose • Provide catastrophic liability coverage on top of the individual’s homeowners and automobile insurance policies • Standard coverage amount at least $1 million • Characteristics • Exclusions

  23. Business and Professional Use of Property and Liability Insurance • Commercial package policy (CPP) • Inland marine policies • Businessowners policy (BOP) • Business liability insurance • Workers’ compensation • Business auto • Business liability umbrella • Malpractice insurance • Errors and omissions • Product liability

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