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Miscellaneous Personal Lines Coverage

TermDefinition
Personal Inland Marine Insurance is a form of coverage that is written on a homeowners policy by endorsement or as a stand-alone policy. It insures moveable property against direct loss. 7.1
Personal Articles Floater (Scheduled Article Floater) provides worldwide coverage when used to insuring individual personal property on an itemized or scheduled basis.
Coverage under a Personal Articles Floater is covered on an open perils basis, and claims are settled on an actual cash value basis with some exceptions.
exclusions in a Personal Articles Floater include wear and tear, insects or vermin, intentional loss, and war. Specific classes of property also have additional exclusions.
Specific classes of property insured are jewelry, furs, cameras, musical instruments, silverware and gold ware, golfer’s equipment, fine arts, stamp collections, coin collections, and china and crystal.
Boatowners policy is a package policy that provides both property and liability coverage and is used to insure boats that can be towed by a car.
Yacht policy designed for larger vessels with crew members and includes Hull Insurance: protection and indemnity coverage, medical payments coverage, personal property coverage for property on the yacht, coverage for fuel spills, and commercial towing.
Lay Up Warranty applies when the insured boat or yacht is in storage and allows for a return of premium due to the reduced risk of loss while the boat is laid up. If the insured operates or lives on the craft during the lay–up period, no coverage applies.
Difference in Conditions (DIC) Insurance is an open perils policy with a high Deductible. It is used to fill coverage gaps in a property policy such as the perils of earthquake, flood, collapse, and subsidence.
Earthquake Endorsement covers earth movement that is excluded on virtually all property policies, and in some jurisdictions may also be purchased as a separate policy.
National Flood Insurance Program is a federal program administered by FEMA, which enables property owners to purchase flood insurance. Losses are paid or subsidized by the federal government.
Write Your Own (WYO) Program Flood policies are available from participating private insurers under the Write Your Own (WYO) Program, as well as directly from the NFIP.
flood control program in order to participate in the NFIP. Only property located in participating communities is eligible for flood insurance.
Flood is a general and temporary condition of partial or complete inundation of at least 2 acres of normally dry land. It involves the overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters, mudflow, or collapse or dest
Emergency Program applies when a community is in its earliest stage of participation in the NFIP.
Write Your Own (WYO) Program is a cooperative effort involving FEMA and the private sector that allows existing property and casualty insurance companies to write, issue, and service flood insurance under their own names.
FAIR plan, provides basic property insurance to property owners who are unable to secure coverage in the standard property market place A Fair Access to Insurance Requirements program
Earthquake Endorsement The Earthquake Endorsement covers the perils of earthquake, earth movement, land shock waves or tremors, landslide, mudslide, mudflow, sinkhole, and the rising, sinking, or shifting of the earth.
Earthquake Endorsement All earth movements occurring within a 72-hour period are considered a single occurrence of earth movement.
self-insured retention, a form of cost-sharing, if the personal umbrella policy drops down to cover a loss not insured by an underlying primary policy.
Created by: kita1506
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