Insurance Coverage and Terrorism Laws

<p>After direct physical loss or damage to covered property (D)</p> Signup and view all the answers

<p>Reimbursement applies for physical damage occurring more than 100 feet from the described premises. (A)</p> Signup and view all the answers

<p>85% (B)</p> Signup and view all the answers

<p>Secretary of the Treasury (B)</p> Signup and view all the answers

<p>Pay nothing for losses exceeding $100 billion (D)</p> Signup and view all the answers

<p>It decreases by 1 percentage point each year (A)</p> Signup and view all the answers

<p>$100 billion (A)</p> Signup and view all the answers

<p>Nuclear, war or military action (C)</p> Signup and view all the answers

<p>Chicago, IL (C)</p> Signup and view all the answers

<p>An act of terrorism recognized by the Secretary of the Treasury. (C)</p> Signup and view all the answers

<p>Personal Property Coverage Part (D)</p> Signup and view all the answers

<p>Any authorized individual may conduct inspections at any given time. (C)</p> Signup and view all the answers

<p>Losses related to acts deemed as terrorism by local authorities. (C)</p> Signup and view all the answers

<p>To both the Commercial Property and Equipment Breakdown Coverage Parts. (C)</p> Signup and view all the answers

<p>It must be certified by the Secretary of the Treasury. (C)</p> Signup and view all the answers

<p>An individual's ability to manage property without full ownership rights. (C)</p> Signup and view all the answers

<p>Loss or damage caused directly or indirectly by a certified act of terrorism. (C)</p> Signup and view all the answers

<p>$100,000 annual aggregate (C)</p> Signup and view all the answers

<p>$2,000,000 (A)</p> Signup and view all the answers

<p>$5,000 (B)</p> Signup and view all the answers

<p>$50,000 (C)</p> Signup and view all the answers

<p>$50,000 (C)</p> Signup and view all the answers

<p>$10,000 (A)</p> Signup and view all the answers

<p>90 Days (C)</p> Signup and view all the answers

<p>$100,000 (D)</p> Signup and view all the answers

<p>$25,000 (C)</p> Signup and view all the answers

<p>$1,000,000 (A)</p> Signup and view all the answers

<p>Costs associated with environmental assessments due to pollutants (A), Enforcement costs tied to compliance with local building ordinances (D)</p> Signup and view all the answers

<p>Fungus and microorganisms resulting in damage (B)</p> Signup and view all the answers

<p>Remediation of property contaminated by pollutants (D)</p> Signup and view all the answers

<p>Limited to specific covered causes of loss described elsewhere (D)</p> Signup and view all the answers

<p>Replacement of structurally unsound elements (D)</p> Signup and view all the answers

<p>Those mandating environmental clean-up from pollutants (A)</p> Signup and view all the answers

<p>Testing for presence of mold before renovation (B), Mandatory building renovations for safety compliance (D)</p> Signup and view all the answers

<p>3/1/2023 (B)</p> Signup and view all the answers

<p>It is replaced by an exclusion of specific compliance costs. (D)</p> Signup and view all the answers

<p>Living organisms potentially causing structural damage (A)</p> Signup and view all the answers

The Department of the Treasury pays a share of insured terrorism losses under a federal program.

In 2015, the federal government pays 85% of insured losses above insurer retention, decreasing by 1% yearly until 80%.

The Treasury won't pay more than $100 billion in a calendar year for insured terrorism losses.

Insurance companies have a part of losses they must cover before the government pays part.

If total losses exceed the $100B limit, losses are divvied based on the insurer's policies.

Policyholders can choose to accept insurance coverage for certified terrorist acts.

Other policy elements like nuclear, war, and military actions are still excluded from coverage under terrorism.

Insurers have the right to inspect and survey insured property at any time.

An act certified by the Secretary of the Treasury as an act of terrorism under the Terrorism Risk Insurance Act.

Federal law that provides guidelines for determining acts of terrorism for insurance purposes.

Insurance coverage will not pay for losses or damages directly or indirectly caused by a certified act of terrorism.

Part of an insurance policy that covers commercial property.

Unique identifier for an insurance policy.

Specific exceptions related to fire losses in certain states.

Specific form of insurance coverage for specific policy parts.

Individuals in temporary charge of property are also responsible for rights/duties when maintaining that property.

Coverage for expenses incurred to reduce the risk of a loss, such as fire safety training or security upgrades.

Coverage for trailers that are not owned by the insured but are used for business purposes.

Coverage for property located outdoors, such as fences, landscaping, or outdoor equipment.

Coverage for personal belongings of employees or customers that are damaged or lost on the insured premises.

Coverage for expenses incurred to clean up and remove pollutants that damage the insured property or cause business interruption.

Coverage for expenses incurred to prepare for a loss settlement, such as hiring a public adjuster.

This coverage provides for the costs of protecting insured property from further damage after a covered loss. For instance, the insurer might cover the expense of boarding up windows after a storm.

Coverage for the cost of rewards offered to recover stolen or lost property.

Coverage for tents, typically used for events or temporary structures, against damage or loss.

Coverage for important documents and records, typically with higher limits than other types of personal property.

This coverage pays for physical damage to your mobile communication devices caused by a covered event more than 100 feet from your property. The maximum payout is $10,000 per incident.

This coverage reimburses you for reasonable expenses incurred after a covered event to determine the extent of damage to your property. The maximum payout is $25,000 per incident.

This coverage reimburses you for offering rewards for information related to a covered loss, up to $25,000 per incident.

The maximum payout for Preparation of Loss Fees is $25,000 in any one occurrence.

This coverage doesn't cover expenses incurred for insurance adjusters, public adjusters, consultants, or attorneys, or for subsidiaries or affiliates.

This coverage does not pay for costs related to enforcing or complying with laws regarding 'pollutants', 'fungus', wet or dry rot, or 'microbes'. This applies to demolition, repair, replacement, or cleanup activities related to these substances.

This policy specifically excludes coverage for costs associated with cleaning up or responding to contamination caused by pollutants.

This policy explicitly excludes coverage for costs related to the presence and remediation of fungus, wet or dry rot, and microbes.

This coverage excludes costs associated with complying with laws that dictate the removal or cleanup of pollutants, fungus, or other substances.

The policy excludes payment for testing or monitoring activities related to the presence of pollutants, fungus, or other substances.

This coverage for electronic data is limited to the same Covered Causes of Loss as described under Paragraph (3)(d) of the policy.

The electronic data coverage only applies to the Covered Causes of Loss that are specified in Paragraph (3)(d) of the policy.

The electronic data coverage extends to the same Covered Causes of Loss that are outlined in Paragraph (3)(d) of the policy.