RMIN 5100S Chapter Notes - Chapter 11: Terrorism Risk Insurance Act, Boiler Explosion, Friendly Fire

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

Document Summary

Both basic & broad forms are named perils and special form is open perils. Need this linked to a coverage form in order to form a complete policy. Contracts of adhesion benefit goes to insured because insurance company wrote the policy. If a covered peril occurs, all related damages are covered. Perils covered by the basic and broad forms. Exact same wording for basic coverages as for broad. Not all covered perils are specifically defined (if not defined, common usage applied) Also cover other covered property damaged as proximate result of fire (fireman breaking windows) Lightning: no further description, electrical discharge from cloud to cloud, between cloud and earth, or from earth to a cloud (not artificially generated) Explosion: large scale, rapid or spectacular expansion or bursting out or forth, excludes: Rupture or bursting because of expansion or swelling of the contents of any building or structure caused by or resulting from water.