Who pays the condo master policy deductible?
An HO-6 insurer will pay a master policy deductible under Coverage A only if the association’s legal documents explicitly make the individual unit owner responsible for it. It won’t pay the deductible just because your client is getting billed for it.
What does HOA master insurance cover?
An HOA insurance policy (sometimes referred to as a master policy) covers you from liability should someone get injured in your common community space. For example, if you live in a condominium, the association policy will cover damage to the exterior walls of your home.
What is condo deductible assessment?
Definition: A financial charge levied on condominium unit owners by the condominium corporation, to cover deductibles or shortfalls in the corporation’s insurance. After the flood, the corporation issued a loss assessment of $2,500 to each of the unit owners.
What are examples of Section 1 Additional coverages?
The policy pays to remove debris from the premises after a covered loss. The expense is included in the applicable coverage limit. For example, if the cost for damages to the building and the debris removal is greater than the Coverage A limit, an additional debris removal limit applies.
What is Coverage C on a homeowners policy?
Coverage C: Personal Property. Covers damage to, or loss of personal property. Personal property includes household contents and other personal belongings used, owned or worn by you and your family.
What exclusions fall under Coverage E?
Exclusions specific to Coverage E include: contractual liability where the insured agrees to assume a legal liability; property owned by the insured, or property in the care of the insured that is damaged by an insured; and any injury covered by workers compensation insurance.
Which of the following is not covered under Coverage C personal property?
Under Coverage C of a Homeowners Policy, all of the following losses are included, except: Property of a roomer, boarder or tenant — Property of roomers, boarders, or tenants is not covered under the policy.
What are the three major parts of a homeowners policy?
Homeowners insurance policies generally cover destruction and damage to a residence’s interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value.
What is an HO 8 policy?
An HO-8 homeowners insurance policy – sometimes referred to as the modified coverage form – is a special type of home insurance designed for owner-occupied older homes. HO-8 policies cover losses caused by 10 specific perils, including: Aircraft. Civil unrest and riots.
What is an HO 7 policy?
HO-7 policies, or mobile home insurance, protects your investment against damage to the structure and your property inside. It also covers you against lawsuits or medical bills if someone is injured in your home.
Does HO8 cover collapse?
HO8 does not provide coverage for falling objects, like a tree branch crashing through your roof, unless you can prove the object fell because of one of the 10 covered perils.
What are the named perils on an HO 3 policy?
Falling objects. Volcanic eruption. Damage from the weight of snow, ice, or sleet. Water damage from plumbing, heating, or air conditioning overflow….What perils does an HO-3 policy protect against?
| Insurance Terminology | Property Covered Against | Home Contents Covered Against |
|---|---|---|
| HO 3 – Special Form | Open perils | Named perils |
What are the 3 categories of perils?
One of three broad categories of perils commonly referred to in the insurance industry which include not only human perils, but also natural perils and economic perils.
What are the 16 named perils?
The 16 named perils covered in insurance
- Fire or lightning.
- Windstorm or hail.
- Explosion.
- Riots.
- Aircraft.
- Vehicles.
- Smoke.
- Vandalism.
What are the 11 perils?
Basic form covers these 11 “perils” or causes of loss: Fire or Lightning, Smoke, Windstorm or Hail, Explosion, Riot or Civil Commotion, Aircraft (striking the property), Vehicles (striking the property), Glass Breakage, Vandalism & Malicious Mischief, Theft, and Volcanic Eruption.
Is mold a covered peril?
Typically, mold damage is only covered if it’s related to a covered peril. Mold damage caused by flooding would need to be covered by a separate flood insurance policy.
What is covered under all perils?
Things covered by all perils car insurance include theft, fire, falling objects and more. Collision coverage even includes some perils not covered under typical home peril insurance, like earthquakes and flood damage.
What perils are not covered on a homeowners policy?
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won’t be covered.