Property Covered:
- Building
- completed additions;
- fixtures, including outdoor fixtures;
- permanently installed machinery and equipment;
- personal property used to maintain or service the premises, such as fire extinguishers;
- outdoor furniture, floor coverings, and certain appliances; and
- if not otherwise covered, additions under construction and alterations or repairs to the building,
including materials, equipment, supplies, and temporary structures within 100 feet of the
described premises. - Business personal property
is covered while it is in the building, in the open, or in a vehicle within 100
feet of the premises. It includes:- furniture (desks, chairs, file cabinets, etc.);
- fixtures (lights, permanent shelves, bathroom fixtures, etc.);
- machinery;
- equipment;
- stock;
- the value of labor, parts, or services on the personal property of others (e.g., the business has invested money and labor in a tractor it is repairing for a farm customer);
- if the insured is a tenant, the improvements and betterments added by the insured; (Tenants’ improvements and betterments are valued at actual cash value)
- leased personal property (e.g., a copy machine) that the insured has a contractual responsibility
to insure, unless it’s otherwise covered.
Exclusions:
- Money, accounts, food stamps, notes, securities, and related property (lottery tickets held for sale
are not securities and are covered) - Animals, unless they are boarded or held for sale
- Autos for sale
- Bridges, roads, walks, patios, and other paved surfaces
- Contraband (property being illegally transported or traded)
- Cost of excavations and other ground preparation
- Foundations of buildings, structures, machinery, or boilers if their foundation is below the
basement level or below ground level if there is no basement - Land, water, growing crops, and lawns
- Retaining walls that are not part of a building
before
underground pipes - Bulkheads, pilings, piers, wharves, and docks
- Property covered under another policy in which it is more specifically described
- Underground pipes, flues, and drains
- The cost to replace or restore information contained in valuable papers or records, including
those that exist as electronic data, except as provided in the coverage extensions - Vehicles, including watercraft and aircraft, that are licensed for use on public roads
- The following property while outside of buildings, except as provided in the coverage extensions
– Fences
– Antennas (including satellite dishes)
– Signs that are not attached to the building (attached signs are covered for $1,000)
– Trees, shrubs, and plan
Additional:
Debris removal—remove debris of covered caused by a covered peril
• Up to 25% of the amount paid for direct loss to covered property plus the deductible
• Additional $10,000 if needed
• Property removal—30 days
• Fire department service charge—$1,000, no deductible
• Pollutant cleanup and removal—10,000 per policy period
• Electronic data $2,500 for all loss or damage sustained in any one policy year
Possible Additions: (Co-insurance 80%)
Newly acquired or constructed property
• $250,000—building
• $100,000—personal property
• Personal property of other—$2,500—not bailee
• Valuable papers and records—other than electronic data—up to $2,500
• Property off-premises—$10,000
• Outdoor property—fences, antennas, satellite dishes, trees, plants, and shrubs $1,000
• $250 limit applying to any one tree, plant, or shrub
• Nonowned detached trailers—$5,000
Conditions
loss payment, valuation, vacancy, mortgage holder, coinsurance
Special form:
Exclusions:
- wear and tear;
- rust, corrosion, fungus, decay, deterioration, and hidden or latent defects;
- smog;
- pollutants (unless the release, discharge, or dispersal is caused by a specified cause of loss);
- settling, cracking, shrinking, or expansion;
- damage caused by insects, birds, rodents, or other animals;
- mechanical breakdown;
- explosion of steam boilers, pipes, and engines;
- dishonest or criminal acts of the insured or the insured’s employees;
- voluntary parting with property if induced to do so by fraud or a trick;
- rain, snow, ice, or sleet damage to personal property that is not in a building;
- loss resulting from acts or decisions, or the failure to act or decide;
- collapse (other than that specifically included under the collapse additional coverage); and
- faulty planning, development, design, specifications, workmanship, or repair
Endorsements and Forms:
Builders Risk
Condominium
Business Income
Extra Expense and Legal Liability
–
Value Reporting
Ordinance or Law
Spoilage
Causes of Loss – Earthquaek and Volcanic Eruption