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Consequential Loss (Fire) Policy Coverage

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Consequential Loss (Fire) Policy Coverage

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Questions and Answers

What cost is not recoverable under the extension of consequential loss insurance?

Additional cost to restore damaged property to its original new condition
Cost incurred in compliance with Regulations or Bye-laws before the damage (correct)
Amount of any rate, tax, or duty payable due to property capital appreciation
Cost incurred in complying with Regulations or Bye-laws after the damage

Under consequential loss insurance, what is excluded in terms of undamaged property?

Property damaged or destroyed after extension of the insurance
Foundations of the undamaged property
Entire undamaged property or portions of it
Undamaged portions of property other than foundations (correct)

What type of charges are not recoverable under consequential loss insurance?

Charges from regular property tax payments
Charges related to capital appreciation or property compliance costs (correct)
Charges due to non-compliance with Regulations or Bye-laws
Charges arising from property maintenance

Which of the following is not a recoverable cost under consequential loss insurance?

Cost to restore damaged property to new condition post-compliance with Regulations (D) Signup and view all the answers

What is specifically excluded from coverage under consequential loss insurance?

Foundations of undamaged property (B) Signup and view all the answers

Consequential loss insurance does not cover the cost incurred in complying with Regulations or Bye-laws related to:

Regulations after the extension of the insurance (A) Signup and view all the answers

What amount is not recoverable under consequential loss insurance related to capital appreciation charges?

$10,000 development charge due to property value increase (D) Signup and view all the answers

What type of damage cost cannot be claimed under consequential loss insurance?

$100,000 cost for restoring damaged property to new condition (D) Signup and view all the answers