Chapter 3 Notes
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| What are the three main causes of loss forms? | Basic Form, Broad Form, and Special Form
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| List the perils covered by both the basic and broad form. | Fire, Lightning, Explosion, Windstorm or Hail, Smoke, Aircraft or Vehicles, Riot, Vandalism, Sprinkler Leakage, Sinkholes, and Volcanic Action.
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| List perils the broad form covers that basic does not. | Falling objects, weight of snow and ice, water damage.
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| What is excluded from the explosion peril? | Rupture or bursting from pressure due to water (ie steam pipes, boilers etc.)
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| Relative to sprinkler leakage what is the "Protective Safegaurds" policy that may be included by insurers? | Fire coverage is automatically suspended if an insured knows that a sprinkler system is not functional.
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| What is excluded from the sinkhole peril? | Damage to land, refilling sinkhole, sinking due to manmade underground cavities.
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| What does the falling objects peril exclude? | Damage to personal property in the open, and damage to the interior of a building or property in building unless the falling object first damages the roof or outside wall.
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| What is excluded from the water damage peril? | flooding, surface water, sprinkler leakage (because it is already covered), discharge from roof drains and gutters, sump pump failure.
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| Basic and Broad Form additional coverages? | Fungus, Collapse,
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| Basic rules for Fungus coverage. | Max coverage is $15k per policy period, only applies of caused by one or more covered causes of loss.
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| Basic rules for collapse coverage. | Building has to actually have collapsed, caused by any cause of loss on broad form plus hidden building decay, weight of people, hidden insect damage, weight of rain, use of defective materials.
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| List the three parts of the set of exclusions separate of the general limitations and exclusions provided in both the Broad and Basic Form. | 1) A group of 8 exclusions with lead in wording containing anti concurrent causation language. 2) A group of 4 exclusions that does not contain anti concurrent causation language. 3) A group of special exclusions that apply only to certain coverage outsi
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| Define anti concurrent causation | It is language stating that exclusions apply to loss or damage caused directly or indirectly by any of the excluded causes regardless of any other cause or event that contributes concurrently or in the sequence of the loss.
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| List the 8 exclusions containing anti-concurrent causation language. | Ordinance of law, earth movement, governmental action, utility services, war, water,nuclear hazard, fungus.
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| Ordinance of law exclusion (define) | Excludes loss resulting from enforcement of ordinances regulating property (example is costs of having to upgrade due to laws regulating construction).
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| Water exclusion- Defined | This deals with flood damage (not water damage included in other ways).
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| List the 4 exclusions that do not contain anti concurrent language? | Artificially generated electricity, explosion of steam boilers, mechanical breakdown, neglect.
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| What is the purpose of the "Special Form" of exclusions. | Covers losses considered fortutious (occurs by chance and is not expected)
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| List the exclusions contained in the "Special Form" | Theft Related, Voluntary Parting, Unauthorized Instruction, Inventory Shortages, Unexplained Disappearance, Theft of Building Material
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| Describe how the special form is different from the broad form relative to theft? | The special form covers theft losses with the exception of dishonest employees, an exception is that it does cover destruction by dishonest employees.
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| What is voluntary parting? | Exclusion dealing with insured or entrusted individual of insured who voluntarily hands over property as a result of false pretenses or trick.
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| Describe the limits on theft listed on the special form? | $2500.00 or $250 for stamps, tickets, letters of credit.
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| Describe the limitations listed in the special form? | Windstorm or Hail, Smoke vapor or gas, (Rain, snow, sleet to personal property in open), continues seepage or leakage, Leakage from freezing, collapse.
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| List the types of property covered by special form for specified causes of loss. | Animals, fragile articles, builders machinery, tools, and equipment
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| Describe the Maintanence Exlusion included in the special form? | Eliminates coverage for losses that can be avoided through ordinary property maintanence or occur with ordinary passage of time.
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| List the 2 extensions provided for in the special form. | Property in transit (up to $5k), Water Damage (pays for tearing out and replacing any part of a building from water damage).
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