Adjuster Portion - Standard Fire Policy

The 1943 New York Standard Fire Insurance Policy (SFP) as modified by Georgia law

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Property only, no liability.

The SFP covers only these three perils:

• removal (for 5 days only);

• fire; and

• lightning.

SFP Exclusions

The SFP EXCLUDES coverage for these items:

• accounts and other evidence of debt;

• bills, currency, and other forms of money;

• deeds; and

• securities.

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Inception/Expiration Time for SFP

The inception and termination times are on the dates specified at 12:01 a.m. at the property’s location, not at the Insurer’s location.

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Cancellation for SFP

The Insurer may cancel the policy by giving the Insured 5 days’ written notice. All others say 30 days.

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Pro rata liability Clause

If the Insured has multiple policies, this Insurer has only pro rata liability

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Loss Requirements for SFP: The Insured must:

• give immediate written notice of the loss;

• protect the property from further damage;

• separate damaged from undamaged personal property (organized in best possible order);

• furnish an inventory of damaged and undamaged property showing the costs, actual cash value and amount of loss claimed;

• furnish a copy of all policies;

• furnish plans and specifications of any building, fixtures or machinery damaged;

• submit to examinations under oath;

• produce books, bills, and other records for examination;

• show the adjuster all that remains of any property; and

• file a signed and sworn Proof of Loss form within 60 days.

The Proof of Loss form for SFP must include:

• the time and the cause of the loss;

• the ownership interest of the Insured and of all others in the property; and

• the actual cash value of each item.

Mortgagee’s Interest for SFP

The Insurer must give the Mortgagee 10 days’ written notice of cancellation. If the Insured fails to file a Proof of Loss form within 60 days, the Mortgagee may file a Proof of Loss form within an additional 60 days.

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Appraisal for SFP

Upon the written demand of either party, each must select an appraiser within 20 days. The appraisers must select an umpire, but if they are unable to do so within 15 days, the umpire may be selected by a judge.

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Salvage for SFP

The Insurer may take all or any part of the property as salvage by giving 30 days’ notice of its intention to do so.

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Abandonment for SFP

There can be no abandonment of any property to the Insurer.

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Neglect for SFP

The SFP excludes losses caused by the Insured’s neglect – not using all reasonable means to protect the property after a loss.

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Loss Payment for SFP

The Insurer will pay the loss within 60 days after ascertaining the amount of the loss.

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Lawsuit Statue of Limitations for SFP

Any lawsuit against the Insurer must be brought within 24 months after the loss.

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Subrogation for SFP

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The Insurer may require an assignment of the Insured’s right to recover against any other responsible party.

Vacancy for SFP

The policy will not pay if the building was vacant or unoccupied for more than 60 days.

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The Extended Coverage Endorsement adds coverage for WC SHAVVER (SFP):

• Wind

• Civil Commotion

• Smoke

• Hail

• Aircraft

• Vehicles (we cover damage caused by vehicles but not if the vehicle was owned by the Insured)

• Volcanic Eruption

• Explosion (we cover exploding stoves, furnaces, and hot water heaters but not explosion of a steam boiler or machinery)

• Riot

Vandalism and Malicious Mischief Endorsement for SFP

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The Vandalism and Malicious Mischief Endorsement obviously adds vandalism coverage but:

• excludes theft;

• excludes vandalism damage to glass; and

• excludes any vandalism if the property has been vacant for more than 30 days