Mac bought a new gas grill from a local department store. D. Coverage D of a Homeowners Policy covers additional living expenses. The different classes of property that are eligible for coverage . Under the HO-4 and HO-6, personal property is covered on which basis? Which coverage applies under an Ocean Marine policy when cargo is jettisoned to save the ship? D. Territorial Limits. According to Menger, what was the main concern of individuals in early trade situations? As an example, your policy may state that it will cover a maximum of $1,500 for losses of watches, precious stones, and other jewelry. Of the following statements concerning Homeowners policies, which is correct? For example,traditionalcoverage may cover the loss from a fire or theft. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. These items of personal property are subject to dollar limits and should be insured under a scheduled personal property endorsement. Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. A Fine Art Floater: is the worlds leading manufacturer of construction and mining equipment. With scheduled personal property, you also. Coverage D of a Homeowners Policy includes loss of income from an incidental business ---Coverage D does not cover loss of income from an incidental business. Homeowners policy endorsement that covers the insured's business activities conducted on the residence premises. Iacouva Company reported the following on the companys income statement for 2014 and 2013: a. The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not, The permitted incidental occupancy endorsement, Deletes exclusions in the policy pertaining to a business conducted on the resident premises The court orders that the animal be put to sleep. Coverage does not apply to property damage covered under Section I of the policy. \text{\$400} & \text{1.5\\% compounded semlannualiy} & \text{4 yr} & \text{b. A. golf clubs Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? Liability for loss to use of another's property C. a leased warehouse $74,850.0035,798.00. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? 10% ---As with the Dwelling Policy, Coverage B is provided at 10% of the Coverage A limit. He has a homeowners policy and wonders if it covers the business equipment. | Allstate Personal property coverage is designed to help protect your belongings. D. floaters, Each of the following is covered by Inland Marine EXCEPT: Scheduled personal property covers additional risks that your standard homeowners policy doesnt cover. Gabriella lives in a multi-unit dwelling. A. A. birthday gifts This modifies the basis of loss settlement from ACV to replacement value. - any other residents who are under 21 and in the care of any member of the insured's family A standard homeowners policy typically includes coverage for: Homeowners policies typically pay a percentage of your dwelling coverage limit to repair or replace your clothes, furniture, and other personal property. Which type of liability limit applies to Medical Payments coverage? Debris removal A. On what form is Albert's homeowners policy written? C. The insured's tenant Coverage applies because the limitation on property usually located at other residences does not apply to temporary locations. B. domestic shipments of goods, An insured has how many days grace period to get newly purchased fine art scheduled? Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. Bridget reported the theft of her Rolex watch to her insurance company. claim expenses The policy details the dollar amount for the standard coverage of various categories. D. It covers injury to attendees while loading or unloading them from draft or saddle animals. fire Customer Bailee Floater A Personal Article Floater can cover: Which of the standard homeowners policies includes malicious mischief as a named peril? B. provides all-risk coverage. Which of the following is true regarding the HO-3 (Special Form)? }\\ D. loading docks and cattle shipped to market, All-risk policies cover: Scheduled Personal Articles Insurance Coverage, Other structures that are not attached to your house, including fences and storage sheds, Additional living expenses if you move out of your house (loss of use coverage), Medical bills for someone injured on your property. Tom and Ann have just bought a condominium for their residence. Covered up to 10% if kept at a location other than the main residence, True or False replacement cost coverage is available by endorsement, for an additional premium. D. Installation Floater. On Halloween night a group of pranksters spray-painted graffiti on Sebastian's garage door. Samuel has the 2011 edition of the ISO homeowners policy. C. Home schooling is covered under a Homeowners Policy What is the ppp-value? Which of the following is not an option available to Laura? However, which type of property is covered? B. Dwellings under construction are covered for theft C. An attached garage B. a mobile home that is owner-occupied B. Insects and vermin A. Which would NOT purchase a bailee's floater? Commercial floaters cover: C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence How was this claim paid? Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? The Tuttles are willing to compromise on insurance coverage to reduce their expenses in maintaining the home. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. Animals, birds, fish The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. Learn more about how endorsements can affect your coverage. George just returned from Europe with a beautiful Swiss watch valued at $10,000. A. domestic transportation shipments It includes various perils outside your typical dwelling coverage. Which of the following pays all necessary medical expenses to others incurred within 3 years of an accident that causes bodily injury? "Homeowners Insurance Guide." Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . She wonders what the endorsement does. If the shrubs in front of a house burn when the house catches fire, how much is the insured entitled to recover for the shrubs under his HO-3, 5% of the limit of Coverage A with a maximum of $500 for any 1 shrub, In the HO-4 and HO-6, the limit for trees, shrubs, or plants is __% of the coverage C limit or a maximum of $___ for one tree, plant, or shrub. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement D. Section I limits coverage on utility trailers up to $500 The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. His insurance agent suggests that he add which endorsement to adequately cover his watch? 30 People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. B. Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage D) Personal property replacement cost endorsement. Coverage D of a Homeowners Policy includes loss of income from an incidental business Scheduled personal property coverage is an endorsement you can add to your home insurance. A rare and expensive gun was stolen from it. pools B. actual cash value, The least likely method of payment for loss under a Floater is: B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? Bodily injury sustained by an employee in the course of employment, damage arising out of boats rented to others, and damage arising out of watercraft being operated in a race are not covered. Bernard and Maureen own expensive jewelry, fine arts, and a rare coin collection. B. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. Personal Injury Endorsement - The Personal Injury Endorsement provides coverage for injuries to others that are not of a physical nature. A. a stated value basis. Determine the number of times interest charges are earned for 2014 and 2013. What endorsement do you recommend? C. reservations Physicians and Surgeons Floater Damage caused intentionally by the insured's 10-year-old son ----Intentional damage by a child under age 13 is covered. Joaquin wants both property and liability insurance in one policy. Policyholders receive a full copy of their policy, which usually runs at least 20 pages. how would a loss be adjusted under a homeowners policy with an insurance-to-value clause if a homeowner failed to carry coverage of at least 80% of the replacement cost of the home? What is the act of knowingly transferring or using, without legal authority, the identification of an insured with the intent to commit illegal activity? What endorsement changes Coverage C- personal property in the HO-3 from a named peril to open peril? The peril causing this loss is malicious mischief. You also have up to $500 of coverage for unauthorized use of your credit cards. The dwelling on the residence premises C. buildings But here are the steps you can take to get the right amount of scheduled personal property insurance: You may need to take a picture of your item on top of the appraisal or receipt if youre insuring jewelry. all of the following are special personal property limits under a homeowners policy EXCEPT: a. What homeowners policy form would best suit the Tuttles' needs. Marilyn and Dan live in an apartment. Liability - Section I of the Homeowners Policy contains the Property Coverages. Which of the following would not be an insured under Section II of the Homeowners Policy? storage shed. D. Any person legally responsible for watercraft owned by an insured. Credit cards, All of the following properties can be insured under an unendorsed homeowners policy except Losses to dwellings and other structures are paid at replacement cost. Scheduled Vs. Unscheduled Personal Property Coverage | Grange Insurance Association Grange Insurance Association's (GIA) Annual Policyholder Meeting will be held on Monday, March 20, at 10:00 a.m. Covers people who conduct business at home and have a person injured on their property, The HO-3 provides _____ peril coverage on dwelling and _____ peril coverage on personal property, Standard exclusions in the homeowners forms, Earth movement