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FIL 350 - Chapter 3

Causes of Loss Forms

QuestionAnswer
Causes of Loss in basic form Fire, lightning, explosion, windstorm/hail, smoke, aircraft/vehicles, riot/civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action
Causes of Loss in the broad form All 11 basic form perils plus falling objects, weight of snow, ice, or sleet, water damage. Collapse is covered under an additional coverage
Conditions for Fire Peril Must involve flame or glow, rapid oxidation, and must be a hostile fire
Hostile Fire A fire that breaks out of its intended receptacle
Conditions for Explosion Peril Includes combustion explosion; does not include explosions resulting from water or pressure relief devices (steam boilers, air tanks, hot-water tanks)
Conditions for Smoke Peril Limited to smoke causing sudden and accidental loss including smoke originating on or of the insured’s premises and from friendly fire. Excludes agricultural smudging and industrial operations
Aircraft or Vehicles Peril Direct physical contact of an aircraft, spacecraft, self-propelled missile, vehicle, or an object thrown up by a vehicle with covered property
Riot or Civil Commotion Peril Covers civil unrest including acts of striking employees while occupying the described premises and looting at the time and place of the riot/civil commotion
Conditions for Sinkhole Collapse Peril Sudden sinking of collapse of land into underground empty spaces, not including man-made underground cavities (mines); land damage and cost of filling sinkholes is not covered
Conditions for Volcanic Action Peril Direct damage from a volcanic eruption when caused by airborne volcanic blast or airborne shock waves, ash, dust, or particulate matter, or lava flow; does not include volcanic debris removal costs unless debris caused physical damage
Conditions for Falling Object Peril Covers damage resulting from falling objects with exception to personal property in the open and damage to the interior of a building unless the roof or outside wall is damaged first
Conditions for Water Damage Peril Covers accidental discharge or leakage of water or steam as the direct result of the breaking apart or cracking of a plumbing, air conditioning, heating system or appliance on the described premises. excludes continuous leakage which occurs over 14 days
Ordinance or Law Exclusion Increased cost of building reparation due to ordinances and laws regulating building construction is excluded
What is the single coverage extension listed in the causes of loss - special form? Personal property in transit - $5,000 for damage to the insured’s personal property in or on a motor vehicle (owned, leased by, or operated by the insured) that is more than 100 feet from the described premises; only covered against specified perils
Water Damage, Other Liquids, Powder or Molten Material Damage Extension (Special Form) The cost of tearing out and replacing parts of the building to repair damage to a system or appliance from which water or other liquid, powder, or molten material has escaped and caused damage is covered
What perils are specifically defined in the Basic Form? Aircraft or vehicles, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action
What additional covered peril is specifically defined in the Broad Form (in addition to the basic form perils)? Water Damage
Conditions for windstorm or hail Excludes frost or cold weather, ice, snow or sleet (whether driven by wind or not). Also, damage to the interior is only covered if external damage is caused first
conditions for aircraft and vehicles peril Damage caused by vehicles owned by the named insured or operated in their business
What are the eight exclusions subject to anti-concurrent causation language? Ordinance or Law, Earth Movement, Governmental Action, Nuclear Hazard, Utility Services, War and Military Action, Water, and Mold
What are the four exclusions that are not subject to anti-concurrent causation language? Artificially Generated Electrical Energy, Explosion of Steam Boilers, Mechanical Breakdown, and Neglect
What are the Theft-Related Exclusions in the Special Form? Dishonest or Criminal Acts by Certain Individuals, Voluntary Parting (unless trickery or armed robbery is used), Unauthorized Instructions, Inventory Shortages, Unexplained Disappearance, Theft of Building Materials (unless held for sale)
What categories of property have internal limits under the Special Form Causes of Loss? $2,500 for furs, jewelry, dies/molds, $250 for tickets and stamps
What are the "specified causes of loss" and how are they used in the causes of loss forms? They are broad form perils and are used to limit the covered perils for certain categories of property (e.g., fragile items, animals, personal property in transit)
What are the three causes of loss forms? Basic, broad, and special form
Created by: FIL350