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CPCU 551 - Ch3

Chapter 3 study notes

QuestionAnswer
Causes of Loss - Basic Form Fire,Lightning,Explosion,Windstorm,Hail,Smoke,Aircraft,Vehicles,Riot,Civil Commotion,Vandalism,Sprinkler Leakage,Sinkhole Collapse,Volcanic Action
Causes of Loss - Broad Form Basic Form Perils Plus Falling Objects Weight of Snow, Ice, or Sleet Water Damage Collapse Caused by Certain Perils
WHARVES Wind Hail Aircraft/Vehicles Riot/Civil Commotion Vandalism Explosion Smoke
Concurrent Causation If there is a loss that is caused by two perils, one covered and one not, the policy forbids recovery for the part of a loss caused by the excluded peril.
Perils Subject to Anti-concurrent Causation Language Ordinance or Law Earth Movement Governmental Action Nuclear Hazard Utility Services War and Military Action Water Fungus, Wet Rot, Dry Rot, and Bacteria
Perils NOT Subject to Anti-concurrent Causation Language Artificially Generated Electrical Energy Explosion of Steam Boilers Mechanical Breakdown Neglect
Special Form Exclusions Dishonest or Crim Acts Vol Parting Unauth Instruct Inv Shortages Unexplained Disappearance Theft of Build Mats Spec Theft Limits Excl to Match Broad Form Conds Maint Perils Pollution Concurrent Causation Prod Errors
What losses does the fire peril cover in addition to loss of property actually burned by fire? Heat and Smoke damage caused by a hostile fire, as well as damage resulting from attempts to extinguish the fire.
What limitation applies to building interior or contents damage caused by wind-driven rain, snow, sand, or dust? The force of wind or a substance driven by the wind must first damage the exterior of the building, allowing the rain snow, sand, or dust to enter.
What limitations apply to the aircraft or vehicles peril? Physical contact
What is the difference between volcanic action and volcanic eruption? Volcanic Action - refers only to the airborne blast or shock waves; ash, dust, or particulate matter; and lava flow. Volcanic Eruption - Earth movement
Special Form - Special Theft Limits $2,500 for: furs patterns, dies, molds, forms jewelry, watches, watch movements, precious and semi-precious stones, bullion, gold, silver, platinum $250 for stamps, tickets, including lottery tickets for sale
Created by: Johnnc