Term
| Increased Cost of Loss and Related Expenses for Green Upgrades |
|
Definition
| Amends replacement cost coverage to include green upgrades in the event of a covered loss to covered property. Not subject to coinsurance clause. Contamination by pollutants or fungus and remedial action are not covered. |
|
|
Term
| Ordinance or Law Coverage |
|
Definition
Addresses the Ordinance or Law Exclusion from the Causes of Loss Forms
Coverage A: Covers loss to undamaged portion of the building for its loss of value as a consequence
Coverage B: Pays to demolish and remove undamaged portion of the same building
Coverage C: Covers increased cost to repair/replace when increased cost is required to comply with minimum standards of law or ordinance |
|
|
Term
| Pollutant Cleanup and Removal Additional Aggregate Level of Insurance |
|
Definition
| Allows for limits higher than the $10,000 provided in the Additional Coverages of the Commercial Property Coverage Form |
|
|
Term
| Increase in Rebuilding Expenses Following Disaster |
|
Definition
- Additional Expense coverage on an aggregate basis
- When authorities declare disaster, covers the increase in expense of building materials |
|
|
Term
|
Definition
- Identifies safeguards and outlines insured’s maintenance and upkeep responsibilities
- Safeguards include: Fire alarm, security systems, fire suppression/sprinklers, security services, etc. |
|
|
Term
| Debris Removal Additional Insurance |
|
Definition
| - Allows limit of insurance to be increased from $25,00 |
|
|
Term
| Functional Building Valuation |
|
Definition
- Allows insured to insure a building based on the building’s use rather than its construction
- Limit of insurance usually reflects cost to rebuild a cheaper structure
- Coinsurance requirement does not apply |
|
|
Term
|
Definition
| - Covers loss of perishable stock due to Breakdown, Contamination, or Power Outage at the premises |
|
|
Term
|
Definition
| - Full coverage even if premises are vacant for over 60 days |
|
|
Term
|
Definition
- Amends 31% minimum occupancy usage to another percentage
- All other terms and conditions remain the same |
|
|
Term
| Earthquake and Volcanic Eruption Endorsement |
|
Definition
- Adds Earthquake and Volcano to Basic, Broad, and Special coverage forms
- Does not affect exclusion of Earth Movement |
|
|
Term
| Theft of Building Materials and Supplies (other than Builder’s Risk) |
|
Definition
| - Causes of Loss - Special Form: adds coverage for theft of building materials etc. within 100 feet of the premises |
|
|
Term
| Flood Coverage Endorsement |
|
Definition
- Primary or excess insurance
- Coverage delayed 72 hours after effective date |
|
|
Term
|
Definition
- Amends Loss Payment/Loss Condition
- Allows others with insurable interest to be named and included in payments |
|
|
Term
| Additional Insured - Building Owner |
|
Definition
| - When tenant is required to insure, allows owner to be added as a Named Insured for direct physical loss or damage |
|
|
Term
| Peak Season Limit of Insurance |
|
Definition
- Allows insured to increase limits on personal property inventories for specified time periods
- Additional premium charged during these periods |
|
|
Term
| Limitation on Settlement - Blanket Insurance (Margin Clause) |
|
Definition
- When coverage is written on a blanket basis, may be used to place a limitation on the maximum loss payment amount for an individual property
- Done by applying selected margin clause percentage to the value of the covered property |
|
|
Term
| Joint or Disputed Loss Agreement |
|
Definition
- Should be included when insured has purchased Equipment Breakdown Coverage from a different insurer
- Designed to make loss payment available immediately in case of delay due to multiple insurers |
|
|
Term
|
Definition
| - For businesses with fluctuating values, allows defined time period reporting of values and adjusts the coverage and premium to match |
|
|
Term
| Additional Covered Property |
|
Definition
| - Property such as fences, foundations, patios, retaining walls, etc. that are excluded under Property Not Covered |
|
|
Term
| Additional Building Property |
|
Definition
| - Allows insured to identify some Business Personal Property as Building, resulting in a lower rate |
|
|
Term
| Additional Property Not Covered |
|
Definition
| - When coverage is unnecessary for certain property, excluded these properties and lowers premium |
|
|
Term
| Outdoor Trees, Shrubs, and Plants |
|
Definition
- Permits limits of insurance to be modified/increased
- Includes debris removal expense
- Limit of insurance can apply to each item |
|
|
Term
|
Definition
| - Can increase coverage from $2,500 |
|
|
Term
|
Definition
- Allows additional limits and coverage
- Expands definition of antenna for broader coverage |
|
|
Term
|
Definition
- Provides enough coverage for personal property leased to the insured to be considered Business Personal Property rather than Personal Property of Others
- Allows for specific valuation of this property |
|
|
Term
| Building Glass - Tenant’s Policy |
|
Definition
| - Provides coverage for building glass when the tenant is contractually liable |
|
|
Term
| Food Contamination (Business Interruption and Extra Expense) |
|
Definition
- Pays increased expenses when a covered business is closed by a government authority for suspicion of food contamination
- Covers cleaning of the equipment, replacing food, advertising to recover lost business, etc. |
|
|
Term
| Business Income from Dependent Properties - Broad Form |
|
Definition
- Covers direct loss to dependent property (Contributing, Recipient, Manufacturing, and Leaders)
- Can also cover direct losses to secondary contributing and recipient dependencies
- Dependent locations must be named in this endorsement |
|
|
Term
| Ordinance or Law - Increased Period of Restoration |
|
Definition
| - Increases the period of restoration with respect to the suspension of operations as a result of a requirement to comply with any ordinance or law applying to the covered property |
|
|
Term
| Extra Expense from Dependent Properties |
|
Definition
- Can modify Extra Expense Coverage form
- Separate from the insured’s Extra Expense limit
- Applies to dependent property and secondary dependent property |
|
|
Term
| Utility Services - Time Element |
|
Definition
- Covers suspension of operations due to disruption of utilities
- Applies to power supply, communications, water supply, and wastewater removal |
|
|
Term
| Radio or TV Antennas - Business Income or Extra Expense |
|
Definition
| - Removes exclusion of antennas from Cause of Loss form for Business Income lost and Extra Expense incurred due to antenna damage |
|
|
Term
| Business Income Changes - Beginning of Period of Restoration |
|
Definition
| - Reduces 72 hour waiting period to 24 hours, or removes it entirely |
|
|
Term
| Your Business Personal Property - Separation of Coverage |
|
Definition
| - Allows insured to set up specific limits for property and select applicable causes of loss |
|
|
