Chapter 10 - C12 Insurance on Property

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Terms	Definitions
What Homeowners form covers all risks on all items?	the homeowners comprehensive form (IBC form 1144)
The definitions of what 15 terms in the Homeowners Broad Form are the same as in the Homeowners Basic Form?	business, coverage summary page, data, domestic water container, dwelling, ground water, insured, premises, resident employee, spouse, surface waters, terrorism, watermain, we us our, you or your
How is the definition of vacant in the Broad Form different from the definition in the Basic Form?	the reference to a newly constructed house is new to the Broad Form.
Which perils in Coverage C of the Broad Form are the same as their counterparts under Insured Perils in the Basic Form?	fire or lightning, explosion, smoke, falling object, riot, vandalism or malicious acts, water damage, electricity
What peril found in the Basic Form is omitted in the Broad Form? Why?	glass breakage is omitted due to it concerning loss of the building while broad form concerns only personal property loss.
Which two exclusions under the Theft peril in the Basic Form have been omitted from the Theft peril in the Broad Form and relocated to the Exclusions?	basic form - excludes property under construction and theft by trickery.  they have been relocated in exclusions in the comprehensive form.
How does the Property Lawfully Seized exclusion in the Broad Form differ from its counterpart in the Basic Form?	under broad from, exclusion appears in the first group concerning Property Not Insured. In basic form, appears under group of exclusions concerning Loss or Damage Not Insured.
What is the Wear and Tear exclusion, and what is its purpose?	excludes loss due to wear and tear deterioration, defect or mechanical breakdown. Its purpose is to dispute about what a risk is. Inevitable or inherent loss.
What are the two parts of the Data or Data Problem exclusion? What exception is made in the second part of the exclusion?	1. loss of or to data. data not tangible and so are not property under property insurance policy. 2. loss due to data problem. the exception is loss by fire, explosion, smoke or water damage is covered.
What is the purpose of the Water Damage exclusion in Coverage C of the Broad Form?	it is needed to ensure that the same coverage is provided for Water Damage throughout the entire policy, under Coverages A, B, and C.
What are Specified Perils? Identify five of them in the Broad Form.	fire, lightning, explosion, smoke, riot.
What is the difference between Coverage A in the Broad Form and Coverage A in the Comprehensive Form?	vandalism and malicious acts is absent under the comprehensive form.
How is property stored in a warehouse covered under Coverage C of the Comprehensive Form?	loss is not restricted to theft but it is limited to 30 days for any peril other than theft.
How many Special Limits are there in the Comprehensive Form? How many groups are they divided into?	there are 13 special limits divided into 2 groups. group 1. loss or damage caused by a specified peril. 2. apply to loss or damage caused by any insured peril.
Which Special Limits in the Comprehensive Form do not apply to loss or damage caused by a Specified Peril?	1. jewellery, watches, gems, fur garments 2. numismatic property (e.g. coin collections) 3. manuscripts, stamps  4. collectible cards  5. bicycle and its equipment and accessories
What are the eight Special Limits that apply to loss or damage caused by any insured peril?	1. business property 2. securities 3. personal property used by an insured student 4. money, including cash cards, bullion 5. garden-type tractors 6. watercraft 7. computer software 8. spare auto parts
What exclusions appear in the Exclusions section of the Comprehensive Form but do not appear in the Exclusions section of the Broad or Basic Form?	1. sporting equipment exclusion 2. animals, birds or fish exclusion 3. scratching, abrasion, chipping or breakage exclusion
Which of the three Homeowners forms provides the greatest coverage against scratching, abrasion, chipping, or breakage?	under separate policies or as separate riders attached to the homeowners policy.
In what way is the Property Being Worked On exclusion in the Comprehensive Form different from the corresponding exclusion in the Basic and Broad Forms?	it broadens the exclusion to include property undergoing any process or while being worked on.
Where is the Theft by Tenant exclusion found in Broad Form? Where is it found in the Comprehensive Form?	broad form - under Coverage C comprehensive form - appears as a policy exclusion