08.04. Commercial Property Causes of Loss - Basic Form and Broad Form

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Author:
COC2
ID:
213373
Filename:
08.04. Commercial Property Causes of Loss - Basic Form and Broad Form
Updated:
2013-04-14 11:45:43
Tags:
Commercial Property Causes Loss Basic Form Broad
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Commercial Property Causes of Loss - Basic Form and Broad Form
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  1. 3 types of cause of loss forms
    • Basic Form
    • Broad Form
    • Special Form
    • basic and broad are nearly identical
  2. Basic and Broad Forms - Exclusions
    • anti-concurrent causation wording: losses caused directly or indirectly by any non-covered perils are not covered, even if another covered loss contributed to the loss, regardless of the sequence
    • ordinance or law exclusion
    • earth movement: except sinkhole collapse and fire or explosion caused by earthquake
    • excludes governmental action, except if done to stop covered fire spread
    • excludes nuclear hazard, except fire following
    • excludes utility service loss (eg. power failure), except loss following
    • excludes water loss, such as flood, mudslide, sewer backup, except fire, explosion or gas leakage caused by foregoing events
    • excludes rot, fungus, bacteria
  3. Basic and Broad Forms - Exclusions not subject to anti-concurrent causation
    • electrical or magnetic energy, except fire following
    • rupture of water pipes
    • leakage of water or steam, unless caused by covered cause of loss
    • explosion of steam apparatus, except fire following
    • mechanical breakdown, including rupture or bursting caused by centrifugal force
    • loss from neglect by the insured
  4. Basic and Broad Forms - Additional Coverage
    • limited fungus and rot ($15,000)
    • collapse by covered loss, hidden decay / vermin, weight of people, weight of rain, use of defective material during construction
  5. Causes of Loss specific to Broad Form
    • falling objects
    • weight of ice, snow, or sleet
    • water damage (water or steam leakage due to breaking or plumbing)

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