Miscellaneous Personal Lines Ch.8

Inland Marine Coverage

Coverage = Open Perils for moveable property

Personal Articles Floater VS Personal Effects Floater

Coverage for jewelry, cameras, instruments, silver/ gold ware, golf equipment, fine arts, stamp + coins, China and crystal

Items worn by tourists/ travelers

Personal Jewelry Floater AND Fine Arts Floater

Jewelry on Valued OR ACV

• pair set

• Appraisal

• Report New items in 30 days + pay premium

Covers paintings, etchings, pictures, art glass etc.

• coverage Valued OR Agreed

• Automatically covers for 90 days

Mobile Home Coverages

A) Mobile home + permanent install prop.

B) other structures

C) personal prop. 40% Cov. A

D) loss of use

E) liability

F) medical payments OTHERS

Loss Valuation: RC = Cov. A + ACV Cov. C

Earthquake Coverage?

Endorsement

• earthquakes

• Shock waves

• Tremors

Single occurrence: within 72 hrs

Floater Types?

Personal Articles Floater: (Open Peril)

Personal Effects Floater: (cap on coverage)

Personal Jewelry Floater: (ACV)(“pair-set-clause”)(30 days)(Appraisal Required)

Fine Arts Floaters: (Valued OR Agreed Basis)(90 days)

Earthquake Coverages under endorsement?

• Earthquakes

• Shock Waves

• Tremors

1 claim = all earthquakes in 72 hr period

NFIP & FEMA

National Flood Insurance Program:

• insurance

• Floodplain management

• Floodplain mapping

Coverage = Property ..

• 2 walls and roof

• Above ground

• NOT over water

LOL = $250k personal structures

$100k personal contents

WAITING PERIOD: 30 Days

Loss: RC to single dwelling if 80% coinsurance

Federal Emergency Management Agency:

Falls under the NFIP

WYO + DIRECT differences?

Write your own - Insurance company writes own flood policy

Through NFIP

Umbrella Policy

Provides EXCESS liability coverage to primary coverage (underlying policy)

• Increments of $1 million

Differences in Conditions

Fill coverage gap

High deductible ex: $10,000

Used if insured can’t get NFIP coverage

Boat Coverage 2 types?

Homeowners Policy: inboard 50 HP, onboard 25 HP, sailing 26ft long, $1,500 coverage

Boatowners Policy: Part A Liability - bodily injury + prop. Damage AND towed behind vehicle

SIR

Self-Insured Retention (Deductible - ONLY if Umbrella Policy pays 1st)

FAIR

Fair Access to Insurance plan = too HIGH RISK areas provided Basic Property Insurance