FIRE AND EXTENDED COVERAGE POLICY
("Open Perils" form DP 00 03)
PRINCIPAL COVERAGES:
Fire | Smoke |
Lightning | Vandalism |
Windstorm | Building glass breakage |
Hail | Falling Objects |
Explosion | Collapse |
Vehicle or Aircraft damage | Freezing/Bursting of plumbing/ heating system |
Any other risk of physical damage to building not specifically excluded
Replacement cost coverage on building
PRINCIPAL EXCLUSIONS:
Theft, flood, earthquake, wear and tear, deterioration,
insect or animal damage, pollution, oil leaks
LIABILITY COVERAGE
Legal liability for bodily injury to others hurt on the premises
Legal liability for damage to property of others
RENTAL VALUE COVERAGE
Reimbursement for lost rents caused by a covered peril
AMOUNTS OF COVERAGE:
Building: | should be replacement cost of building |
Contents: | depreciated value of owner's personal property |
Liability: | usually $300,000 - can be increased |
Rental Value: | automatically 10% of building value; can be increased |
Automatic Increase in Coverage: | usually 2-4% per year |
DEDUCTIBLE CLAUSE:
Pays only for losses in excess of deductible selected. Many
companies have a $500 minimum deductible and a 2% (or more) wind
deductible
Information contained in this proposal is intended
to provide you with a brief overview of the coverages provided
for reference purposes only. It is not intended to provide you
with all policy exclusions, limitations and conditions. The
precise coverage afforded is subject to the terms, conditions,
and exclusions of the policies issued.