RMI 3504 Lecture Notes - Lecture 3: Subrogation, Types Of Volcanic Eruptions, Property Insurance

• School: Temple University
• Department: Risk Management and Insurance
• Course: RMI 3504
• Professor: Wilkins

Document Summary

Declaration page: level of coverage, premium, description of the property, kinds and amts. Of coverage: list of mortgagees- banks have insurable interest, amts. Of deductibles: list of property coverage forms and endorsements, the applicable coinsurance percentages, any optional coverages. Building and personal property coverage form (bpp: bpp can cover any combination of three broad categories of property. Think about where building is and what is around it. Covers the removal of debris from a covered property that suffers covered loss. Could cover debris removal of non-covered property: ex. Will remove pollutants from the building but not from land/water. Not allowed to just replace due to ordinances regulating the repair, rebuilding, or replacement of damaged portion of covered buildings. Small amt. of additional coverage: ,000 or more, 5% of policy, whichever is less. Limit for this additional coverage is very low. Most coverage will be provided by another policy: causes of loss forms.