Вы находитесь на странице: 1из 1

An independent appraiser may be

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.

No valuation in the policy; measure of


May be covered by insurance
indemnity is the expense it would be to the
with time element
insured at the time of the commencement
No policy of fire insurance shall be pledged, hypothecated, or of the fire
Non-Alienation Clause transferred to any person, firm, or company who acts as Valued Policy
agent for or otherwise represents the issuing company, and
any such pledge, hypothecation, or transfer made shall be
Business Interruption VOID and no effect insofar as it may affect other creditors of
Insurance Open Policy
the insured. Intentional
Types
Acts
Indirect Losses

The policy may exclude specific perils War and


Exceptions from coverage, such as: Related RIsks

Direct Losses Policy


Prohibitions
Warranty
Types of Losses
Usually covered by a separate The policy may contain express warranties
policy or extension regarding the use and condition of the
insured premises
Co-insurance Clause
Earthquake
Fire Insurance
Insured shall be paid only in the proportion that
Other allied risks
Oxidation of a degree that is the amount of insurance purchased bears to
Subsequent Acts of the the minimum amount of insurance that the
sufficient to produce a visible
Insured contract requires the insured to carry
Friendly Fire: burns in an flame
intended place

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

Вам также может понравиться