Property Quiz - Medium

• Policy number: AYT713702418
• The underwriting company is Columbia Casualty Company.

Terrorism Coverage

• The Terrorism Risk Insurance Act (TRIA) initially required acts of terrorism to be committed by foreign interests to be covered.
• As of 2007, the requirement for acts to be committed by foreign interests was removed.
• In 2015, the federal participation rate in payment of terrorism losses was 85%.
• The maximum limit for terrorism-related losses insured under the federal program in a calendar year is $100 billion.
• Losses due to certified acts of terrorism can be covered if they result in a fire.
• The endorsement concerning certified acts of terrorism is defined as acts causing over $5 million in damages.

Policy Cancellation

• A 10-day notice is required if the policy is canceled by the insurer for nonpayment of premium.

Insured's Responsibilities

• Paying all premiums
• Allowing inspections and surveys
• Keeping financial records available for audit
• Maintaining safe working conditions is NOT a responsibility of the insured under the common policy conditions.

Inspections and Surveys

• Inspections and surveys by the insurer relate primarily to insurability and premium calculation.

Examination of Books and Records

• The insurer can examine and audit the insured's books and records up to 3 years after the policy period.

Transfer of Rights and Duties

• Policy rights and duties are transferable in the event of the insured's death.

Policy Changes

• The first Named Insured has the right to make changes with the insurer's consent.
• Policy amendments must be in writing.

Service of Suit Endorsement

• The Service of Suit Endorsement allows process service through specific legal channels.

Electronic Data

• Electronic data is excluded unless specifically included.

Additional Coverage

• The additional coverage specifically related to fees for fire department services is the Emergency Responder Service Charge.

Exclusions

• Coverage for losses caused by nuclear hazards are excluded under all circumstances.

Inspections and Surveys Considerations

• Changes due to information contained in inspections and surveys are considered for insurability and premium purposes.

Premium Adjustments

• Premium adjustments can be made with the insurer's consent.

Theft of Building Materials

• Theft of building materials are excluded unless part of ongoing construction.

Insurer's Right to Repair or Replace

• The insurer may choose to repair, replace, or pay for damage.

Actual Cash Value

• Actual cash value is determined as replacement cost minus depreciation.

Interior Damage Limitation

• Claims for interior damage due to rain or snow are covered only if the building was first damaged by a covered cause.

Collapse Coverage

• Collapse coverage is activated if caused by specified causes like decay or insect damage.

Increased Cost of Construction

• Increased Cost of Construction only covers code upgrades mandated after a covered loss.

Business Income and Extra Expense Coverage Duration

• Business income and extra expense coverage are limited to 12 months following the loss.

Newly Acquired Buildings

• Newly acquired buildings are automatically covered for 30 days.

Ordinance or Law Coverage

• Ordinance or Law coverage covers the enforcement of building codes regarding undamaged portions of the building.

Utility Service Interruption

• Losses due to utility service interruption are covered if caused by a peril insured against.

Electronic Data Exclusion

• Electronic data is always excluded.

Outdoor Signs Endorsement

• A specific endorsement is required for covering outdoor signs.

Accounts Receivable Coverage

• Accounts receivable are covered only with a specific endorsement.

Valuable Papers and Records

• Valuable papers and records are covered, including the cost to research, replace, or restore the lost information.

Property in Transit

• Damage to property while in transit is covered under the inland marine section.

Theft Coverage Limitations

• Theft of certain types of property, like jewelry or furs, is limited or excluded.

Vandalism and Malicious Mischief Conditions

• For the policy to cover vandalism and malicious mischief, the property must be occupied.

Loss Adjustment Expenses

• Loss adjustment expenses are paid separately and in addition to the loss.

Fungi, Wet or Dry Rot, or Bacteria Coverage

• Coverage is provided for fungi, wet or dry rot, or bacteria if resulting from a covered cause of loss.

Additional Increased Cost of Construction

• Additional increased cost of construction covers any increased costs due to changes in building codes.