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6 Cards in this Set
- Front
- Back
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Selected endorsements |
-Automatic increase in insurance endorsement -broad theft coverage endorsement -dwelling under construction endorsement -personal liability supplement |
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Automatic increase in insurance endorsement (DP 04 11) |
- automatic, pro rata increase in coverage a and B limits of insurance is applied by percentage shown on the endorsement. - This Endorsement used to help offset inflation is also called inflation guard Endorsement -increase is calculated Per day, will increase dwelling coverage as well as the premium annually when coverage renews - If loss occurs throughout year it’s covered on a pro rata basis |
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Broad theft coverage endorsement ( DP 11 43) |
-can be added to any of the dwelling forms if the described location is owner occupied. -if dwelling is tenant occupied the limited theft coverage endorsement must be used 1) broad theft coverage -provide insurance for perils of theft, attempted theft, and then the Lizum or malicious mischief that results from theft or attempted that A) no VMM coverage applies if the dwelling was vacant for more than 60 consecutive days immediately before the loss B) on premise coverage is provided for covered property located at that describe location occupied by insured C) off premise coverage is provided when covered property is away from the described location but the property must be owned or used by insured or residence employee 2) limited theft coverage (tenants) - VMM 60 day same as BTC - on premises coverage only if property is owned or used by the name insured or residence employee at that describe location |
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Dwelling under construction endorsement (DP 11 43) |
-endorsement is needed because to be eligible for dwelling property coverage requires insured dwellings to be occupied for residential purposes but dwellings under construction are not occupied so when this endorsement is added the name insured agrees to advise the insurer when construction is complete -The limit of liability for coverage A is provisional and based on the buildings value upon completion. The limit of insurance in place at any time prior to completion is a percentage of the coverage a limit that equals the proportion of the actual value bears to the value on the date of completion -once construction is complete the named insured must notify the insured to obtain consent to occupy the dwelling and adjust the policy premium. Occupancy of the building under cover A as a dwelling is permitted for 30 days after completion |
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Personal liability supplement |
-dwelling forms only provide property coverage, if personal liability coverage is desired you must buy it in an endorsement and add to dwelling policy -coverage L is personal liability coverage this applies to claims made or suits brought against an insured for damages because of bodily injury or property damage caused by an occurrence to which the policy applies. Payment will be made up to the limit of liability appearing on the declarations for which an insured is legally liable. Coverage is also provided for defense in addition to the limits of liability -coverage M - medical payments to others applies to claims for the necessary medical expenses incurred or medically ascertained within three years from the date of the accident causing bodily injury -medical expenses are reasonable charges for medical, surgical, x-ray, dental, ambulance, hospital, professional nursing, and funeral services - does not apply to expenses incurred by name insured or regular residence of the named insured household except residence employees - coverage applying to others must arise out of injury to a person on an insured location with the insured’s permission, or to persons off an ensure location if the injury is caused by the activities of an insured or residence employee while in the course of employment by the insured - also covered our injuries to persons caused by an animal owned by or in the care of an insured or that arise out of conditions on an insured location or Waze immediately a joining it -also provides additional coverages for claim expenses, first aid expenses, and damage the property of others |
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What are the exclusions of coverage M -medical payments to others |
1) expected or intended injury 2) Business 3) professional services 4) war 5) communicable disease 6) sexual molestation 7) corporal punishment 8) physical or mental abuse 9) controlled substance |
