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INSURANCE OF PROPERTY EXPOSURE (HOME INSURANCE) (Underwriting…
INSURANCE OF PROPERTY EXPOSURE
(HOME INSURANCE)
SECTION III- OTHER CONTIGENCIES
A) RENT INSURANCE
As an Occupier, Insurance Company will pay for reasonable additional expenses incurred at a hotel, lodging house or boarding house, as a result of an Insured event, for the period necessary for reinstatement.
The total limit of liability shall not exceed 10% of the Total Sum Insured on Buildings and/or Contents.
The Insured are Covered for loss of rent in the event Your Private Dwelling House as stated on the Schedule is no longer habitable, as a result of an Insured event for the period necessary for reinstatement.
B) LIABILITY TO THE PUBLIC
Insurance Company will indemnify the insured or Spouse insured, accidents during the Period of insurance to property or bodily injury to another person, who is not a member of the Family, Household or service:
Liability as owner of the insured Building caused by a defect in the buildings.
Liability as an Occupier in respect of accidents which occur in or about the private dwelling house.
SECTION I : LOSS OR DAMAGE TO THE BUILDING
Private Dwelling House also refer to buildings or Flats and Apartments.
When Blocks of Flats or Apartments are insured, Private Dwelling House will refer to the Private Flats or Apartments.
The company will indemnify the insured against loss or damage caused by any of above mentioned perils to the buildings of the Private Dwelling House.
“Buildings” means buildings of a Private Dwelling House at the Premises and includes:
1) All domestic offices, stables;
2)Garages and outbuildings on the same Premises used solely
3) In connection to it and on the same Premises; fixtures and fittings; walls, gates and fences around the Premises.
There are 3 main types of policies to protect home:
House owner Policy
– provides additional coverage compared to basic fire policy. Includes loss or damage due to flood, burst pipe etc.
Householder Policy
– covers household contents and includes coverage for fatal injury to insured.
Basic Fire Policy
– provides coverage for building only & covers loss or damage by fire, lightning or explosion.
Insured Peril
Source of the damage or loss which covered by the insurence policy
GENERAL EXCEPTIONS I and III
EXCLUDED PERILS (I)
CONSEQUENTIAL LOSS (III)
Underwriting Considerations
Credit Score
The amount of coverage
Location
Condition, material and age of the home
Claims