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required to fix the value of the thing Option to Rebuild Clause: Insurer has
insured. the option to reinstate or replace the
property damaged, instead of paying the
The policy cannot be transferred amount of the loss or damage.
Extra-expense without the consent of the insurer
Insurance
Valuation fixed in the policy shall
be binding on the parties Fall-of-Building Clause: If the building or any
part thereof falls, except as a result of fire, all
insurance by the policy shall immediately
Rent Insurance cease.
Losses Included
Fire
Alteration
Property Insured The contract is not affected by any act of the insured
Insurer's liability will only arise if
subsequent to the execution of the policy, which does
there is "Hostile Fire", as opposed to
not violate its provisions, even though it increases the
"Friendly Fire"
risk and is the cause of the loss
Lightning
Tornado
Windstorm The effect of alteration depends on
Hostile Fire: escapes from the
the nature of the alteration
place where it was intended to
burn A special ground for rescission by
the insurer; Requisites Adequate description is
required.
The use or condition of the thing is
Discharge of atmospheric
Resulting losses are specifically limited or stipulated in
electricity
covered if the wind is of the policy;
such force as to cause
damage
The alteration
increases the risk.
Courts will consider that the policy includes any building
which the parties manifestly intended to insure however
No fire: losses may still be The alteration is made inaccurate the description may be
If there's fire: loss is compensable Such use or condition as
covered without the consent of the The alteration is made by
because fire is the immediate cause, limited in the policy is altered;
insurer; means within the control of
as long as lightning is not an excepted
the insured;
peril