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Coverage Form Explanations
Basic Form Perils -
Fire, lightning, explosion, windstorm or hail, smoke, aircraft or vehicles, riot, vandalism, sprinkler leaks, sinkhole and volcano
Broad Form Perils-
Basic Form Perils plus breakage of glass that is part of building, falling objects, weight of snow or ice and water damage
Special Form Perils-
Covers “all risks of physical loss” unless the policy specifically excludes or limits the loss.
Flood-
(from FEMA) – A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties from: Overflow of inland or tidal waters; Unusual or rapid accumulation or runoff of surface waters from any source; Mudflow (a river of liquid and flowing mud on the surfaces of normally dry land areas as when earth is carried by a current of water; Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Ordinance or Law-
Coverage A:
Pays for loss of value of an undamaged portion of the existing
building which must be demolished and/or removed to conform with municipal ordinance, code, etc. Coverage B: Pays for the cost of demolition of the undamaged portions of the building necessitated by the enforcement of building, zoning, or land use ordinance or law. Coverage C: Pays for the increased expenses incurred to replace the building with one conforming to building laws or ordinances, or to repair the damaged building so that it meets the specifications of current building laws or ordinances.
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