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Functional Replacement
Cost for Outbuildings
Functional replacement
cost provides a low cost alternative for your outbuildings where you may not
wish to pay to insure the building on an unlimited basis. Functional replacement
cost dictates that a building is not replaced as it stands today but with
a building that serves the same function. For example, an innkeeper has a
4,000 sq. ft. barn on his property which he uses to store outdoor equipment.
To rebuild the barn, it will cost $140,000 deriving a premium of $420. However,
the innkeeper does not want or need a 4,000 sq. ft. barn and only wants a
700 sq. ft. shed which would cost $5,000 to build. As a result, we insure
the barn for $5,000 and charge an insurance premium of $15. If the barn is
destroyed, a $5,000 structure would be rebuilt in its place, and no coinsurance
would be applied.
Replacement Cost on
Contents Including Replaceable Antiques
You tell us the present replacement cost of your contents, and you will be
covered on a full Replacement Cost basis up to that value. You include the
replacement cost of your antiques/fine arts in your total contents amount and these
items will be covered for their value without any depreciation. Also, there is no
limitation on silver, and the only limitation on furs or jewelry is theft; however,
this coverage may be purchased. (Please note, with all standard insurance policies,
unless your antiques are presently scheduled, you do not have replacement cost coverage
on these items even though you may have replacement cost coverage on your policy.)
Irreplaceable or One-of-a-Kind
Objects
On these types
of antiques or fine arts, you will need to determine a value and schedule
that value on the policy as the amount of insurance. Any item in excess of $15,000
must be scheduled in order to ensure replacement cost.
For a more detailed discussion about scheduling: Click Here
Coverage Form
Both Building
and Contents are written on the most comprehensive form available: Special
Cause of Loss Form. Special Cause of Loss covers all property losses unless
they are specifically excluded. Unless it is stated in your exclusions, you
have coverage. There is no ambiguous wording in this policy such as "generally,'
or "in most instances," either the loss is covered or it is not.
Furthermore, coverage is not limited to a list of insurable perils.
Coverage on Both Business
and Personal Property
There are no
restrictions on the policy regarding the definitions of business and personal
property. The same coverage applies to both your business and personal property,
anywhere in the world.
Loss of Income
Is on an actual
loss sustained basis for a 12-month period. We will pay for any loss of income
you may incur due to a covered loss. We will also pay for all covered losses
arising from damage to overhead power lines as well as all other types of
off-premises power failure (water, electric, etc.). There is no waiting period
applied to Loss of Income coverage.
Extended Business Income
We will pay
for another 90 days of Loss of Income after the property has been repaired,
rebuilt, or replaced and operations have resumed in order to help you get
"back on your feet." within the 12 month period.
Loss of Use/Additional
Living Expenses
Should it become
necessary for you to seek alternative lodging as damage from a covered loss
has made your building uninhabitable, we will pay for alternative lodging.
Coverage for Back-Up
of Sewer and Drains
Included
Ordinance or Law Coverage
Included
Guest Property
$25,000 per
loss (limitation on jewels and furs)
Coverage for Guest
Relocation
We will provide
$100 a day per guest (up to $25,000 per loss) to relocate your guests should
this be necessary due to a covered loss.
Extra Expense and Conseqential
Loss
We will pay
for any extra expense or consequential loss.
Building Glass Coverage
No dollar limitations
for coverage on panes of glass including stained glass.
Fragile Articles
Accidental breakage
coverage included.
Downspouts & Gutters
Coverage extended to damage caused by weight of snow, sleet, and ice.
Outdoor Furniture
Include the value of these pieces as part of your contents limit.
Food Spoilage Coverage
Included.
Building Renovations/Additions
Coverage for buildings while under construction or being renovated including
theft of building materials.
Building Risk Coverage
Available -
must be added by endorsement to trigger coverage.
Property of Employees
Coverage for
their property while it is on your premises.
Money & Securities
Coverage
$10,000 Employee
Dishonesty Coverage
$10,000 Forgery or Alteration Coverage
$10,000 Money & Securities Coverage
Accounts Receivable
$20,000 in coverage
which cannot be collected as a result of a covered loss.
Property off-premises
Worldwide coverage
up to the contents limit including coverage for items while airborne, waterborne or in
a vehicle. (However, there is no coverage at an owned or leased location not listed
on the policy declarations)
