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    Chapter 10: Personal Property and Liability Insurance

    Uploaded by

    Rakesh Sharma
    This document summarizes different types of personal and business property and liability insurance policies. It discusses homeowners insurance, including basic coverages and exclusions. It also describes personal auto policies, personal liability umbrella policies, and various business insurance policies like commercial package policies, inland marine policies, business owners policies, and professional liability insurance. The contractual conditions of homeowners and auto policies are also outlined.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd

    Chapter 10: Personal Property and Liability Insurance

    Uploaded by

    Rakesh Sharma
    43 views15 pages
    This document summarizes different types of personal and business property and liability insurance policies. It discusses homeowners insurance, including basic coverages and exclusions. It also describes personal auto policies, personal liability umbrella policies, and various business insurance policies like commercial package policies, inland marine policies, business owners policies, and professional liability insurance. The contractual conditions of homeowners and auto policies are also outlined.

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    This document summarizes different types of personal and business property and liability insurance policies. It discusses homeowners insurance, including basic coverages and exclusions. It also describes personal auto policies, personal liability umbrella policies, and various business insurance policies like commercial package policies, inland marine policies, business owners policies, and professional liability insurance. The contractual conditions of homeowners and auto policies are also outlined.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    43 views15 pages

    Chapter 10: Personal Property and Liability Insurance

    Uploaded by

    Rakesh Sharma
    This document summarizes different types of personal and business property and liability insurance policies. It discusses homeowners insurance, including basic coverages and exclusions. It also describes personal auto policies, personal liability umbrella policies, and various business insurance policies like commercial package policies, inland marine policies, business owners policies, and professional liability insurance. The contractual conditions of homeowners and auto policies are also outlined.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 15

    Chapter 10

    Personal Property and Liability Insurance

    Chapter 10: Personal Property and Liability Insurance

    Personal Property and Liability Insurance

    Homeowners (HO) insurance: basic coverages Section I coverages


    Coverage Coverage Coverage Coverage

    A: Dwelling B: Other structures C: Personal property D: Loss of use

    Chapter 10: Personal Property and Liability Insurance

    2001, Dalton Publications, LLC

    Personal Property and Liability Insurance


    (contd)

    Section I exclusions

    Movement of the ground Ordinance or law Damage from water War of nuclear hazards Power failure Intentional acts Neglect
    2001, Dalton Publications, LLC

    Chapter 10: Personal Property and Liability Insurance

    Section II Coverages

    Coverage E: Personal liability Coverage F: Medical payments to others Medical payment exclusions to Coverages E and F

    Exclusions to Coverage E only Exclusions to Coverage F only

    Chapter 10: Personal Property and Liability Insurance

    2001, Dalton Publications, LLC

    Homeowners Insurance: Basic Forms Available


    HO-1 HO-2 HO-3 HO-4 HO-6 HO-8

    Basic form Broad form Special form Contents broad form (tenants) Unit owners form (condos) Modified form

    Chapter 10: Personal Property and Liability Insurance

    2001, Dalton Publications, LLC

    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

    2001, Dalton Publications, LLC

    Homeowners Insurance Contractual Conditions

    Section I conditions Duties after a loss:

    1. Give notice immediately to insurance company or agent. 2. Protect the property from any further damage. 3. Prepare an inventory of loss to the building and personal property. 4. File written proof of the loss.
    2001, Dalton Publications, LLC

    Chapter 10: Personal Property and Liability Insurance

    Homeowners Insurance Contractual Conditions

    (contd)

    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

    2001, Dalton Publications, LLC

    Homeowners Insurance Contractual Conditions

    (contd)

    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

    2001, Dalton Publications, LLC

    Homeowners Insurance Contractual Conditions

    (contd)

    Sections I and II conditions


    Concealment or fraud Cancellation and non-renewal Assignment Subrogation

    Chapter 10: Personal Property and Liability Insurance

    2001, Dalton Publications, LLC

    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

    2001, Dalton Publications, LLC

    PAP Coverages Policy Definitions


    (contd)

    Part Part Part Part Part Part

    A Liability coverage B Medical payments C Uninsured motorists D Damage to your auto E Duties after an accident or loss F General provisions

    Chapter 10: Personal Property and Liability Insurance

    2001, Dalton Publications, LLC

    Personal Liability Umbrella Policy (PUP)

    Purpose

    To provide a catastrophic layer of liability coverage on top of the individuals homeowners and automobile insurance policies Standard coverage amount - $1 million or more

    Chapter 10: Personal Property and Liability Insurance

    2001, Dalton Publications, LLC

    Business and Professional Use of Property and Liability Insurance


    The Commercial Package Policy (CPP) Inland Marine Policies The Business Owners Policy (BOP) Business Liability Insurance Workers Compensation Business Auto Business Liability Umbrella
    2001, Dalton Publications, LLC

    Chapter 10: Personal Property and Liability Insurance

    Business and Professional Use of Property and Liability Insurance )


    (contd

    Professional Insurance Errors and Omissions

    Chapter 10: Personal Property and Liability Insurance

    2001, Dalton Publications, LLC

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