RMIN 5100S Chapter Notes - Chapter 5: Co-Insurance

• School: University of Georgia
• Department: Risk Management and Insurance
• Course: RMIN 5100S
• Professor: Atkinson

Document Summary

Subject to the common policy conditions and the commercial property conditions. The most an insurer will pay for any one occurrence is the limit listed on the declarations page. None of the bpp coverages are subject to a yearly aggregate cap except additional coverages for pollution cleanup and removal and electronic data. Normally do not define occurrence (earthquake and liability generally do) insureds benefit from broad interpretation because deductibles apply per occurrence. Recovery for outdoor signs (attached and not) limits ,500/occurrence. Blanket limits: can do building and contents together limit, deductible, and coinsurance would apply to both as one. Standard = but can be much higher (premiums should go down but not significantly) Insured not required to pay unless loss exceeds deductible. Deductible applied only once per occurrence (even if there are more items damaged)* Deductible comes of the loss not the limit.