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C12 (2001) / Study 1 - Fire Insurance
STATUTORY REQUIREMENTS
A) MINIMUM COVERAGE
Prescribed by the Alberta Insurance Act:
1) Fire
Resulting from explosion or otherwise
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X Electrical devices / appliances
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+ Resulting fire damage
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C) APPLICATION
Written preferred (Legal Challenges), if policy issued is incorrect:
1) Insurer writes the insured showing it differs from the application
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THE POLICY
Data
1) Insurer
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3) Loss payable
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5) Subject matter
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7) Perils insured
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9) Rating (Building)
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2-a) Specific Policy
- Insuring agreement, exclusions, conditions and schedule
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OR
- Declarations, conditions, individual pages defining coverage
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2-b) Modular Policy
INSURING AGREEMENT
- Insurers promise to pay for property damage or destruction
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CONTRACT OF INDEMNITY
Direct Loss $$$ value by property damaged or destroyed
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Insured in the same financial position as prior to the loss, without profiting from it
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2) War
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4) Radioactive Contamination
B) Rating
Limit exposures:
5) Property (Special Limits)
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7) Vacancy, Unoccupancy, Inoperation > 30 days
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of flammable liquid)
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STANDARD EXTENSIONS OF COVERAGE
1) Removal of Insured Property
a) Insured recovers costs incurred to protect property from further loss (Weather)
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c) Limited period prompts insured to arrange new coverage on property removed
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2) Remainder applies based on the % of value in each location
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2) Debris Removal
a) Some losses (fire) leave debris that must be removed at added expense
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c) Limit of insurance normally increased to accommodate added expense (5% average)