Please enable JavaScript.
Coggle requires JavaScript to display documents.
images SECTION 2: HOUSE HOLDER INSURANCE POLICY (SETTLEMENT OF CLAIM…
SECTION 2: HOUSE HOLDER INSURANCE POLICY
DIVISION OF HOME POLICY
building only policies
CONTENTS ONLY POLICIES
building and contents insurance together within one policy
combined policies covering buildings and contents, plus a range of optional extensions (such as personal possessions and freezer contents)
DEFINITION
household policies are package policies
combine, within a single document, a range of different covers; for injury to others or damage to their property
consist of one section and stated in section 2 under home policy
TYPE OF PAYMENT
Replacement Value
: Covers only the value of the possessions and the value of most items depreciated each year
New For Old
: covered for the full cost of replacing lost or damaged possessions with new possessions
SCOPE OF COVER
Household goods and personal effects of every description
covers the financial cost of repairing or replacing the household personal possessions, including furnishing from accidental loss or damage
relates to movable possession such as furniture and electrical appliances
belonging to you or any member of your family normally residing with you
INSURED PERILS
fire, lightning, thunderbolt, subterranean fire, domestic explosion
bursting or overflowing of domestic water tanks, apparatus or pipes
theft but only if accompanied by actual forcible and violent breaking into or out of a building or any such attempt
hurricane, cyclone, typhoon, windstorm, flood, earthquake, volcanic eruption
robbery and hold up in the premises of your property
CONTENTS
OF POLICY
loss/damage to contents
property temporarily removed
damaged to mirrors
compensation for death of the insured
servant's property
EXCLUSIONS
General Exception 1:
a) war, invasion, act of foreign enemy, hostilities, civil war
b) mutiny, riot, military or popular uprising, rebellion
c) any act of terrorism
General Exception 2:
a) caused by cessation of work, or by confiscation, commandeering, requisition or destruction of or damage to the property by order of the government or any public municipal or local authority of the country or area in which the property is situated
b) to property by its own fermentation, natural heating or spontaneous combustion or by its undergoing any heating or drying process
c) ionizing radiations and nuclear weapons material
General Exception 3:
Not cover consequential loss or damage of any kind except rent insurance
SETTLEMENT OF CLAIM
Insurable interest
no right of claim from any other person
insurer maximum liability
average
excess
other insurance
subrogation
fraud
right of access and control
arbitration
market value
limit to 3 paying guest only
MAKE A CLAIM
notice and proof of claim
building plants
liability claims
