Property Insurance
Provides protection against most risks to property, such as fire, theft and some weather damage.
Section 1: Structure
Section 2: Liability
Package Policy
Insurance policy that combines coverage from two or more types of insurance (such as property and liability) into one policy.
Liability Insurance
Policy that covers civil liabilities to third parties, arising from bodily injury, property damage, or other wrongs due to the action or inaction of the insured.
Basic Coverage
A - Dwelling Coverage
B - Other Structures Coverage (10%of A)
C - Personal Property Coverage (70-75% of A)
D - Loss of Use
E - Personal Liability Coverage
F - Medical Payments Coverage
Actual Cash Value
A method of valuing insured property.
Replacement Cost
Normal cost of exact duplication of a property as of a certain date.
Umbrella Policy
Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Also called excess insurance.
Property Insurance
Provides protection against most risks to property, such as fire, theft and some weather damage.
Liability Insurance
Policy that covers civil liabilities to third parties, arising from bodily injury, property damage, or other wrongs due to the action or inaction of the insured.
Package Policy
Insurance policy that combines coverage from two or more types of insurance (such as property and liability) into one policy.
Monoline Policy
A policy containing a single coverage part plus the common policy conditions and common declarations.
Actual Cash Value
A method of valuing insured property.
Replacement Cost
Normal cost of exact duplication of a property as of a certain date.
Deductible
The amount of expenses that must be paid out of pocket before an insurer will pay any expenses.
Umbrella Policy
Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Also called excess insurance.
Basic Policy
HO-1
Broad Form Policy
HO-2
Special Form Policy
HO-3
Cooperative Owners Policy
HO-4
Comprehensive Form Policy
HO-5
Condominium Owners Policy
HO-6
Market Value Policy
HO-8
Monoline Policy
A policy containing a single coverage part plus the common policy conditions and common declarations.
Package Policy
A homeowner's policy is typically
75 (Percent %)
Personal Property Coverage typically amounts to a percentage of Dwelling Coverage.
A commercial policy covers:
Bodily injury, personal injury, advertising injury, and property damage.
NYPIUA - New York Property Insurance Underwriting Association
A formation that addresses the difficulty to obtain insurance along the shoreline, in storm sensitive areas.
National Flood Insurance Program
FEMA issued flood insurance policy, only available from the federal government