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Chapter 10. Personal Property and Liability Insurance. Homeowners Insurance. Homeowners (HO) insurance: basic coverages Section I coverages Coverage A: Dwelling Coverage B: Other structures Coverage C: Personal property Coverage D: Loss of use. Homeowners Insurance (cont.).

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Chapter 10

Personal Property and Liability Insurance

Chapter 10: Personal Property and Liability Insurance


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Homeowners Insurance

  • Homeowners (HO) insurance: basic coverages

  • Section I coverages

    • Coverage A: Dwelling

    • Coverage B: Other structures

    • Coverage C: Personal property

    • Coverage D: Loss of use

Chapter 10: Personal Property and Liability Insurance


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Homeowners Insurance (cont.)

  • Section II Coverages

    • Coverage E: Personal liability

    • Coverage F: Medical payments to others

Chapter 10: Personal Property and Liability Insurance


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Basic Named Perils

1. Fire 2. Vehicles

3. Lightning 4. Smoke

5. Windstorm 6. Vandalism

7. Hail 8. Explosion

9. Riot 10. Theft

11. Aircraft 12. Volcano

Chapter 10: Personal Property and Liability Insurance


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Broad Named Perils

Basic Named Perils 1-12, plus:

13. Falling objects

14. Weight of ice, snow, sleet

15. Accidental overflow of water

16. Sudden bursting of appliances

17. Freezing of system or appliance

18. Damage from electrical current

Chapter 10: Personal Property and Liability Insurance


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Exclusions for Open Perils Policy

  • Movement of ground

  • Ordinance or law

  • Damage from water

  • War or nuclear hazard

  • Power failure

  • Intentional act

  • Neglect

Chapter 10: Personal Property and Liability Insurance


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Coinsurance

If a loss occurs, the insured will receive the greater of:

  • ACV

  • (Amt. of Ins. ÷ Coinsurance) x Loss

Chapter 10: Personal Property and Liability Insurance


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Homeowners Insurance: Forms Available

  • HO-2 Broad form

  • HO-3 Special form

  • HO-4 Contents broad form (tenants)

  • HO-5 Comprehensive form

  • HO-6 Unit owners form (condos)

  • HO-8 Modified form

Chapter 10: Personal Property and Liability Insurance


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Homeowners Insurance: Available Endorsements

  • Replacement cost for personal property

  • All-risks coverage for personal property (open perils)

  • Inflation protection

  • Earthquake insurance

  • Sewer backup coverage

  • Personal injury

  • Business pursuits

  • Watercraft

Chapter 10: Personal Property and Liability Insurance


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Homeowners Insurance Contractual Conditions

  • Section I conditions – Duties after a loss:

    • Give notice immediately to insurance company or agent.

    • Protect the property from any further damage.

    • Prepare an inventory of loss to the building and personal property.

    • File written proof of the loss.

Chapter 10: Personal Property and Liability Insurance


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Homeowners Insurance Contractual Conditions (cont’d)

  • Loss settlement

    • This condition specifies how certain property items will be valued (ACV basis or a replacement cost basis).

    • The coinsurance provision of the policy is also contained in this clause.

Chapter 10: Personal Property and Liability Insurance


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Homeowners Insurance Contractual Conditions (cont’d)

  • Section II conditions

    • Limit of liability

    • Duties after a loss

    • Duties of an injured person – Coverage F

    • Payment of claim – Coverage F

    • Bankruptcy of an insured

Chapter 10: Personal Property and Liability Insurance


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Homeowners Insurance Contractual Conditions (cont’d)

  • Sections I and II conditions

    • Concealment or fraud

    • Cancellation and nonrenewal

    • Assignment

    • Subrogation

Chapter 10: Personal Property and Liability Insurance


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Personal Auto Policy (PAP) Coverages

  • Eligible autos – four-wheel passenger automobiles, pickup trucks, and vans owned by individuals or leased for at least six months.

  • Important policy definitions

    • “your covered auto”

    • Parts A through F

Chapter 10: Personal Property and Liability Insurance


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PAP Coverages – Policy Definitions (cont’d)

  • Part A – Liability coverage

  • Part B – Medical payments

  • Part C – Uninsured motorists

  • Part D – Damage to your auto

  • Part E – Duties after an accident or loss

  • Part F – General provisions

Chapter 10: Personal Property and Liability Insurance


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Legal Liability

  • Breach of Contract

  • Public Wrongs

  • Torts

    • Intentional Interference

      • Slander

      • Libel

    • Strict & Absolute Liability

    • Negligence

Chapter 10: Personal Property and Liability Insurance


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Personal Liability Umbrella Policy (PLUP)

  • Purpose

    • To provide a catastrophic layer of liability coverage on top of the individual’s homeowners and automobile insurance policies

    • Standard coverage amount – at least $1 million

Chapter 10: Personal Property and Liability Insurance


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Business and Professional Use of Property and Liability Insurance

  • The Commercial Package Policy (CPP)

  • Inland Marine Policies

  • The Business Owner’s Policy (BOP)

  • Business Liability Insurance

  • Workers’ Compensation

  • Business Auto

  • Business Liability Umbrella

  • Malpractice Insurance

  • Errors and Omissions

  • Product Liability

Chapter 10: Personal Property and Liability Insurance