Other Coverages

1
Other Coverages

• Lecture 12

2
Other - dwelling

• Dwelling program
• Similar to HO
• Ineligible for HO, or HO too broad
• Mobile Home
• Endorsement to HO2 or HO3
• Must be at least 10 ft wide 40 ft long

3
Other Inland Marine Floater

• Insurance can be tailored to specific property
• Desired amount can be selected
• Broader and more comprehensive coverage can be
  obtained
• Most cover insured property anywhere in world

4
Personal Articles Floater (PAF)

• All direct losses covered, except those
  specifically excluded
• Examples
• Jewelry
• Furs
• Cameras, stereos, musical instruments
• Golf equipment
• Fine arts stamp and coin collections

5
Boat Owners Package

• Physical damage to boat, equipment, motor,
  trailer
• Liability coverage
• Medical payments coverage
• Uninsured boaters
• Boat owners / Yacht insurance

6
Federal insurance

• Flood (homes in flood zones)
• Private insurers write coverage
• Reimbursed by federal government if losses exceed
  premiums, less expenses, and investment income
• Why is government needed? (adv. Selection,
  correlated losses, catastrophic)
• FAIR plans Crop insurance

7
Title insurance

• Protects owner or lender against unknown defects
  in the title to the property
• Premium is paid only once
• Policy term is indefinite
• Insured indemnified up to policy limits

8
Personal umbrella coverage

• Excess liability coverage that pays only when the
  underlying insurance has been exhausted
• Underlying contracts must be carried equal to
  certain minimum amounts
• Coverage in large amounts available at reasonable
  cost
• Self-insurance retention must be met
• Exclusions most same as before