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HOUSEOWNER INSURANCE (UNDERWRITING CONSIDERATIONS FOR HOUSEOWNER’S…
HOUSEOWNER
INSURANCE
3 main types of
policies to
protect home:
1)Basic Fire Policy
2) House owner Policy
3) Householder Policy
WHAT SHOULD HAVE IN THE POLICY ?
i) PREAMBLE PART
THE HEADING
• Insurer’s name
• Address of registered office
ii) BODY PART
•Conditions
•Warranties
•Exclusions
•Specialties
•Endorsement
iii) CLOSING PART
Attestation clause
•The Sets the legal requirement the document must satisfy.
•The policy is signed by the authorized official of the insurer
UNDERWRITING
CONSIDERATIONS FOR
HOUSEOWNER’S INSURANCE
amount of coverage
location
claim
credit score
GENERAL EXCEPTIONS
GENERAL EXECPTION 3
(CONSEQUENTIAL LOSS)
GENERAL EXECPTION 2
(EXCLUDED RISKS)
GENERAL EXECPTION 1
(EXCLUDED PERILS)
HOUSEOWNER’S INSURANCE
SECTION I-LOSS OR DAMAGE TO THE BUILDINGS
“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
SECTION III-
OTHER CONTIGENCIES
A) RENT INSURANCE
The Insured are Covered for loss of rent in the event Your
Private Dwelling House as stated on the Schedule is no
longer habitable
B) LIABILITY TO THE PUBLIC
Insurance Company will indemnify the insured or Spouse insured
legal liability in respect of accidents or series of accidents arising
out of one Occurrence, during the Period of insurancej