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BY
DEFINITION:
Property coverage protects those with a financial
interest in physical property for its value or loss of
its income-producing ability.
Buildings -
building or structure described in the declarations of
your policy and includes completed additions;
permanently installed fixtures, machinery and equipment;
outdoor fixtures; and personal property of the insured
used for service or maintenance of the building or
premises (such as fire extinguishers, outdoor furniture,
equipment used for refrigerating, ventilating, cooking,
dishwashing or laundering)
Your Personal Property or Business Personal Property
or
“contents” coverage
– refers to property owned by the Insured located in or
on the described premises or within 100 feet of the
premises while out in the open or in a vehicle.
Personal Property of Others
– refers to property owned by others that is in the
care, custody or control of the Insured.
Buildings – determining your construction type
source: ISO Rule 15 –
applicable to all causes of loss other than Earthquake
One
of the contributing factors to the basis of your
property premium is construction type of your building.
Failure to properly identify the construction of your
building can lead to miscalculation of premium.
Definitions of construction types
Frame:
Buildings where the exterior walls are wood or other
combustible materials including construction where
combustible materials are combined with other materials
such as brick veneer, stone veneer, wood iron-clad,
stucco on wood.
Joisted Masonry:
Buildings where the exterior walls are constructed of
masonry materials such as adobe, brick, concrete, gypsum
block, hollow concrete block, stone, tile or similar
materials and where the floors and roof are combustible.
Non-combustible:
Buildings where the exterior walls and the floors and
roof are constructed of, and supported by metal,
asbestos, gypsum or other non-combustible materials.
Masonry Non-Combustible:
Buildings where the exterior walls are constructed of
masonry materials such as adobe, brick, concrete, gypsum
block, hollow concrete block, stone, tile or similar
materials, with the floors and roof of metal or other
non-combustible materials.
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