RMIN 5100S Chapter Notes - Chapter 2: Co-Insurance, Hvac

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CHAPTER 2
BPP Property Not Covered
- Exclusions meant to either decrease the amount of insurance needed to satisfy the
coinsurance requirements or because the type of property requires special
underwriting
- The policy can be amended to include these coverages (in an endorsement) but it
could increase insurance needed drastically and should be thought about carefully
Buildings and Other Real Property Exclusions
- Some of these should have other coverage already
- You can buy extensions for these but must have 80% coinsurance
- Insurance company can choose to add these back with certain conditions
Land
Water
o A BPP additional coverage provides limited coverage for removing
pollutants from land or water
Bridges
Roadways, walks, patios, and other paved surfaces
Retaining walls that are not a part of a building
Bulkheads, pilings, piers, wharves and docks
The cost of excavations, grading, back filing, or filling
Underground foundations (below the lowest basement floor)
Underground pipes, flues, and drains
o These are covered UNLESS they are underground
Plants and Outdoor Property Exclusions
- Some of these items are so susceptible to damage that insurance would cost more
than the insured is willing to pay
- Some coverage added back with extensions (all can be added with an endorsement)
Outdoor grain, hay, straw, and other crops
Growing crops and lawns
Outdoor radio or television antennas
o Including satellite dishes, their lead in wiring, masts, and towers
Outdoor fences
Outdoor trees, shrubs and plants
o Unless they are “stock” and are for sale or part of a vegetated roof
Unattached outdoor signs
Other Personal Property
- These are insurable under other insurance forms
Money, Securities and Similar Property
o Prefer to cover under commercial crime or inland marine
o Specifically excluded are: accounts, bills, currency, food stamps or
other evidences of debt, money, notes, or securities (lottery tickets
held for sale are covered)
Electronic Data and Valuable Papers
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