08.05. Commercial Property Causes of Loss - Special Form

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08.05. Commercial Property Causes of Loss - Special Form
2013-04-14 14:34:17
Commercial Property Causes Loss Special Form

Commercial Property Causes of Loss - Special Form
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  1. Advantages of Special Form
    • offers coverage on causes of loss specifically omitted or excluded in Broad Form
    • covers any loss not excluded, so can cover losses the insured would have never anticipated
    • shifts the burden of proof from the insured to the insurer
  2. Exclusions and Limitations not applicable to Special Form
    • loss caused by insured's vehicle
    • loss caused by ice damming
  3. Exclusions unique to the Special Form
    • excluded perils: wear and tear, rust, smog, settling, shrinking, infestation, mechanical breakdown, dampness or dryness
    • still pay losses for specified cause of loss resulting from excluded perils (all broad form causes of loss)
    • other excluded perils: weather condition contributing to other causes of loss, acts or decisions, faulty or inadequate planning / zoning
    • loss or damage to products exclusion
    • pollutants exclusion
  4. Types of Property Covered for Specified Causes of Loss
    • valuables and papers
    • animal death
    • fragile articles if broken, except building class and containers of stock
    • builder's machinery and equipment owned or held by the insured unless on or within 100ft of described premises
  5. Theft-related exclusions and limitations
    • dishonest acts
    • voluntary surrendering of property
    • theft of construction material
    • special theft limit (furs, jewelry, tickets)
    • can add theft exclusion endorsement
  6. Additional Coverages and Coverage Extension
    • property in transit: up to $5,000; only for perils such as fire, lightning, explosion, windstorm, hail, riot, vandalism, theft (with marks of forced entry)
    • water damage, other liquids: covers cost of repairing appliance from which a liquid has escaped
    • glass: expense of installing temporary glass plates when repair or replacement of damaged glass has been delayed