Insurance Policy Coverage Details

The policy covers a maximum of $2,000,000 per building for newly acquired buildings.

The policy covers a maximum of $2,000,000 per occurrence for loss or damage to business personal property.

The policy excludes coverage for personal effects of employees. These are items owned and used personally, not for business purposes.

The policy excludes coverage for damage caused by fungi or microbes if the damage is caused by water, unless the water damage is part of a covered loss.

The policy provides coverage for newly acquired property for a period of 90 days.

The maximum amount the policy will pay for loss or damage to personal effects of others is $10,000.

In the event of a loss, the maximum coverage for valuable papers and records is subject to the Basket Aggregate Limit, which means it is not a fixed amount and depends on other factors.

The policy provides a coverage limit of $10,000 for property that is off-premises, meaning outside the described premises.

The "Employee Tools" extension does not cover tools used in personal activities, only tools used for business purposes.

The maximum payout for the loss of a master key under the policy is $1,000.

The "Green Standards" coverage applies to rebuilding according to green building codes, promoting environmentally friendly construction practices.

The maximum payout for business income loss due to alternative energy interruption is subject to the Business Income limits, meaning it's not a fixed amount and depends on other factors.

The coverage for loss caused by accidental discharge of chemicals from a fire extinguisher is included under "Fire Extinguisher Systems Expense Coverage".

The "Property Off Premises" coverage extension covers property taken outside the described premises, including property at exhibitions, fairs, or trade shows. However, it does not cover property in transit.

The definition of "fine arts" includes paintings and sculptures, but not other types of property like furniture, fixtures, inventory, vehicles, or equipment.

The maximum coverage for loss or damage to "Employee Tools" at a described premises is subject to the SCHEDULE, meaning it's not a fixed amount and varies depending on the specific items listed.

The maximum payout for loss or damage to personal effects of employees is $2,500.

The maximum coverage for burglary damage to a building the insured occupies but does not own is $25,000.

The maximum coverage for loss or damage to business income due to government confiscation is $250,000.

For a "Certified Act of Terrorism", the definition requires physical damage to property and the incident must be certified by the Secretary of Defense.

The maximum coverage for the loss of "net leasehold interest" due to lease cancellation is $250,000.

The coverage for loss of "net leasehold interest" due to lease cancellation is based on the loss of rental income during the restoration period.

The coverage amount for fine arts under the policy is $100,000.

The maximum payout for mobile communication property under the policy is $5,000.

The "Alternative Energy" coverage applies to the loss of income due to the suspension of operations caused by alternative energy system failure.

The maximum coverage for loss due to a "Certified Act of Terrorism" is subject to the aggregate limit, meaning it's not a fixed amount and depends on the overall policy limits.

The maximum coverage for the loss of "employee tools" under the policy is $250,000.

The "Green Standards" coverage applies to the installation of energy-efficient windows when repairing or replacing covered property, promoting environmentally friendly choices.

The maximum coverage for loss or damage to valuable papers and records at a location more than 100 feet away from the described premises is $25,000.

The coverage for loss or damage to business property located more than 100 feet from the described premises is provided as per the Basket Aggregate Limit, meaning it's not fixed and depends on other factors.

Signup and view all the flashcards