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Related Flashcards
Related Topics
Cards In This Set
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Coverage Extensions (additional coverages)
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These extensions insure incidental loss exposures that are not encompassed by the policy's basic insuring agreement.
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Debris Removal Extension
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Coverage in which the insurer agrees to pay the cost of removing debris of covered property resulting from a covered cause of loss.
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Pollutant Cleanup and removal Extension
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Covers such costs, up to a stated dollar limit, if the release of pollutants results from a covered cause of loss.
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Newly Acquired Property Extension
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Provides for temporary coverage on such property, giving the insured a reasonable time (often thirty days) to report newly acquired property or locations.
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Fire Department Service Charges Extension
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Provides for coverage to pay the charges that may result from either a contractual assumption or a requirement in a local ordinance. This extension provides for such charges up to a stated dollar limit.
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Removal Extension
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(aka: Preservation of Property). This extension covers the property while being removed from the insured's premises and for a specified number of days after it is removed. Traditionally, the removal extension covers any direct physical loss to the property, even by perils that are ordinarily not covered by the policy.
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Earthquake Exclusion
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An exclusion on the policy excluding coverage for earthquake.
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Food Exclusion
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An exclusion on the policy excluding coverage for flood.
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War Exclusion
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An exclusion on the policy excluding coverage for war.
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Nuclear Hazard Exclusion
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An exclusion on the policy excluding coverage for nuclear hazard via hostile deterioration or peaceful uses of nuclear reaction.
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Governmental Authority Exclusion
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An exclusion on the policy excluding coverage loss resulting from acts of governmental authorities.
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Dishonest Acts Exclusion
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An exclusion on the policy excluding coverage for dishonest or criminal acts purported by employees of the assured.
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Voluntary Parting Exclusion
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An exclusion on the policy excluding coverage for loss resulting from the insured being tricked into handing over covered property to a swindler or fraud artist.
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Unauthorized Instructions Exclusion
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An exclusion on the policy excluding coverage for loss resulting from "unauthorized instructions to transfer property to any person or to any place".
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Unexplained Disappearance Exclusion
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An exclusion on the policy excluding coverage for a loss situation whereby property has disappeared without any explanation.
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