Clearwater Key Association-South Bay, Inc 9
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.
Catastrophic Ground- Catastrophic Ground Cover Collapse coverage applies only when geological activity results in all of the following conditions: Abrupt collapse of ground cover A depression in the ground cover that is clearly visible to the naked eye Structural damage to the building, including the foundation Condemnation of the structure and order by government authorities that it be vacated
Ordinance and 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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