Dwelling Policy

The New York Standard 165-Line Fire Policy, first sold in New York in 1943

Personal lines are are residential home or dwelling and Commercial Lines are office buildings ect.

Theft of contents and it does not contain any liability coverage.

Endorsement

D - Declarations I - Insuring Agreement C- Conditions E- Exclusions

States names of insurance company and insured, address of property, amount of coverage, premium, and policy period.

Contains the Consideration clause, Effective time (Inception and expiration), effective Location, Actual Cash Value, limitation, company options, Direct versus Indirect losses, Insurable interest, and Perils Covered (or excluded)

Conditions apply both to the insuurer and the insured; for example; the insured must give the insurance company immediate written notice of any loss.

Exclusions specify losses not covered by the policy; for example, there is no coverage for loss caused by war or theft.

In essence, the applicant's consideration is the amount of the premium paid and the company's consideration is its aggrement to abide by the provisions contained in the policy and to pay covered claims

When the policy starts and ends

The maximum amount the insurer will pay and is indicated in the Declarations

In the event of a claim the insurer will pay the policy limit or the actual cash value which ever is less.

It is about 1% per year, the max is 40%. example a building is 10 years old and costs $100,000 to replace the (ACV) is 90,000. (1% per year)

If a business burned down the loss of the building would be a direct loss, if you couldnt