Personal Lines Endorsements Reference Guide

127 Pages·2004·0.82 MB·English

Personal Lines Endorsements
Reference Guide — Comparison Charts
and Sample ISO Forms
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ISO forms ©1997–1999 by Insurance Services Office, Inc. All Rights Reserved.
Table of Contents
HOMEOWNERS PACKAGE COVERGE REFERENCE CHARTS 1
• ISO Homeowners 2000 Optional Endorsements 2
• Comparison Chart ISO 2000 Edition versus ISO 1994 Edition 3
PRIMARY FORMS 5
• HO 00 03 10 00 – Homeowners 3 – Special Form 6
• HO 00 04 10 00 – Homeowners 4 – Contents Broad Form 28
• HO 00 05 10 00 – Homeowners 5 – Comprehensive Form 47
• HO 00 06 10 00 – Homeowners 6 – Unit-Owners Form 69
• HO 00 08 10 00 – Homeowners 8 – Modified Coverage Form 88
• PP 00 01 06 98 – Personal Auto Policy 104
• DL 98 01 06 98 – Personal Umbrella Policy 117
iii
HOMEOWNERS PACKAGE
COVERAGE
REFERENCE CHARTS
Page 1
ISO HOMEOWNERS 2000 OPTIONAL ENDORSEMENTS
The Insurance Services Office (ISO) introduced a major revision to the Homeowners Program, HO 03
10 00. The HO 2000 Program reintroduced the HO 05 form that provides “open perils” coverage for Cov-
erage A, B, C, and D for an additional charge (10% of the base premium). The program no longer sup-
ports the HO 15 04 84 Special Personal Property Coverage – Form HO-3 Only endorsement.
The HO 2000 Program adds several new optional endorsements. The endorsements are
briefly explained below and are covered in their entirely in the course.
Endorsement Name and Number HO-3 Coverage Provided
Other Members of Your Household Adds any person who is not an insured, guest,
(HO 04 58) residence employee, tenant roomer or border
as a named insured
Additional Insured – Student Living Away From Adds a student, who is a relative, is age 25 or
the Residence Premises (HO 05 27) older, is a full-time student, and who resided in
the insured’s household before moving out to
attend school
Assisted-Living Care Coverage (HO 04 59) Adds a person related to the insured who
regularly resides in an assisted-living facility as
a named insured
Residence Held in Trust (HO 05 43) Adds the grantor or beneficiary of a trust as an
insured; the trustee is shown as the named
insured on the policy
Owned Motorized Golf Cart Physical Damage Adds physical damage coverage on an ACV
Coverage (HO 05 28) basis; coverage is “open perils;” collision is an
optional coverage
Special Personal Property Coverage Adds direct physical loss coverage to contents
(HO 05 24) broad form (HO 04)
Replacement Cost Settlement for Certain Non- Adds replacement cost loss settlement for
Building Structures (HO 04 43) certain non-building structures other than
wood
Scheduled Personal Property (With Agreed Covers scheduled property at an agreed
Value Loss Settlement) (HO 04 60) amount rather than appraised value as in the
HO 04 61 endorsement
Extended Theft Coverage for Residence Adds theft from units or houses rented on a
Premises Occasionally Rented to Others short-term basis and otherwise excluded from
(HO 05 41) the homeowners policy
Unit Owners Modified Other Insurance and Improves Section I conditions in the HO 06
Service Agreement Condition (HO 17 34) form; makes it excess over any other coverage
if other insurance or money is collectable from
a service agreement
Page 2
COMPARISON CHART ISO 2000 EDITION VERSUS ISO 1994 EDITION
The Insurance Services Office (ISO) Homeowners Policy 2000, Edition H0 2000 is the first major revision
to the Homeowners Program since 1994. The HO 2000 edition introduces one new policy form (HO-05)
and several new optional endorsements that are reviewed in their entirety in this course.
Name 2000 Edition 1994 Edition
Comprehensive Form HO 2000 Program reintroduced the Not applicable.
(HO-5) H0-5 form and no longer supports the
(HO-5 form withdrawn
HO-15 endorsement.
in 1984)
Provides "open perils" coverage
under Coverage A, B, C, and D. Cost
is 10% of the base premium.
Other Members of Your Household Any person who is not an insured, Not applicable
(HO 04 58) guest, residence employee, tenant
roomer or boarder may be added as a
named insured.
Additional Insured -Student Living Used to add a student, who is a Not applicable
Away From The Residence relative, is age 24 or older, is a full-
Premises (HO 05 27) time student, and resided in the
insured's household before moving
out to attend school.
Assisted Living Care Coverage Used to add a person is related to an Not applicable
(HO 04 59) insured and regularly resides in an
assisted living care facility as a
named insured on the policy.
Residence Held In Trust Used to add the grantor or the Not applicable
(HO 05 43) beneficiary of the trust as an insured.
Trustee of the trust is shown as the
named insured on the policy.
Owned Motorized Golf Cart Adds physical damage coverage for Not applicable
Physical Damage Coverage golf carts on an ACV basis. Coverage
(HO 05 28) is on an “open perils" basis but
collision is an optional coverage.
Special Personal Property Can be added to the Contents Broad Not applicable
Coverage (HO 05 24) Form (HO-4) to insure personal
property on a risk of direct physical
loss basis.
Replacement Cost Settlement for Adds replacement cost loss Not applicable
Certain Non-building Structures settlement for certain non-building
(HO 04 43) structures (other than wood). Must be
constructed of reinforced masonry,
metal, fiberglass, or plastic materials.
Page 3
COMPARISON CHART ISO 2000 EDITION VERSUS ISO 1994 EDITION (Continued)
Name 2000 Edition 1994 Edition
Scheduled Personal Property (With Endorsement is the same as the Not applicable
Agreed Value Loss Settlement) Scheduled Personal Property
(HO 04 60) endorsement (HO 04 61) which lists
the class of property, such as jewelry,
furs, fine arts, etc.
However, the HO 04 60 Loss
Settlement Condition amount is
agreed value rather than the
current appraisal amount paid by the
HO 04 61.
Extended Theft Coverage for Includes theft from short-term rental Not applicable
Residence Premises Occasionally units or houses that is otherwise
Rented to Others (HO 05 41) excluded from the homeowners
policy.
Unit Owners Modified Other Enhances the HO-06 Section I Not applicable
Insurance and Service Agreement conditions and makes in excess over
Condition (HO 17 34) any other coverage if other insurance
or monies are collectable from a
service agreement.
Page 4
PRIMARY FORMS
Page 5
HOMEOWNERS
HO 00 03 10 00
HOMEOWNERS 3 – SPECIAL FORM
AGREEMENT 2. "Bodily injury" means bodily harm, sickness or
disease, including required care, loss of ser-
We will provide the insurance described in this policy
vices and death that results.
in return for the premium and compliance with all
applicable provisions of this policy. 3. "Business" means:
a. A trade, profession or occupation engaged
in on a full-time, part-time or occasional
DEFINITIONS
basis; or
A. In this policy, "you" and "your" refer to the "named
b. Any other activity engaged in for money or
insured" shown in the Declarations and the
other compensation, except the following:
spouse if a resident of the same household. "We",
"us" and "our" refer to the Company providing this (1) One or more activities, not described in
insurance. (2) through (4) below, for which no "in-
sured" receives more than $2,000 in to-
B. In addition, certain words and phrases are defined
tal compensation for the 12 months be-
as follows:
fore the beginning of the policy period;
1. "Aircraft Liability", "Hovercraft Liability", "Motor
(2) Volunteer activities for which no money
Vehicle Liability" and "Watercraft Liability",
is received other than payment for ex-
subject to the provisions in b. below, mean the
penses incurred to perform the activity;
following:
(3) Providing home day care services for
a. Liability for "bodily injury" or "property dam-
which no compensation is received,
age" arising out of the:
other than the mutual exchange of such
(1) Ownership of such vehicle or craft by an services; or
"insured";
(4) The rendering of home day care ser-
(2) Maintenance, occupancy, operation, vices to a relative of an "insured".
use, loading or unloading of such vehi-
4. "Employee" means an employee of an "in-
cle or craft by any person;
sured", or an employee leased to an "insured"
(3) Entrustment of such vehicle or craft by by a labor leasing firm under an agreement be-
an "insured" to any person; tween an "insured" and the labor leasing firm,
(4) Failure to supervise or negligent super- whose duties are other than those performed
vision of any person involving such ve- by a "residence employee".
hicle or craft by an "insured"; or 5. "Insured" means:
(5) Vicarious liability, whether or not im- a. You and residents of your household who
posed by law, for the actions of a child are:
or minor involving such vehicle or craft.
(1) Your relatives; or
b. For the purpose of this definition:
(2) Other persons under the age of 21 and
(1) Aircraft means any contrivance used or in the care of any person named above;
designed for flight except model or
b. A student enrolled in school full time, as
hobby aircraft not used or designed to
defined by the school, who was a resident
carry people or cargo;
of your household before moving out to at-
(2) Hovercraft means a self-propelled mo- tend school, provided the student is under
torized ground effect vehicle and in- the age of:
cludes, but is not limited to, flarecraft
(1) 24 and your relative; or
and air cushion vehicles;
(2) 21 and in your care or the care of a
(3) Watercraft means a craft principally
person described in a.(1) above; or
designed to be propelled on or in water
by wind, engine power or electric motor;
and
(4) Motor vehicle means a "motor vehicle"
as defined in 7. below.
HO 00 03 10 00 Copyright, Insurance Services Office, Inc., 1999 Page 1 of 22
Page 6
c. Under Section II: h. Any part of a premises occasionally rented
to an "insured" for other than "business"
(1) With respect to animals or watercraft to
use.
which this policy applies, any person or
organization legally responsible for 7. "Motor vehicle" means:
these animals or watercraft which are
a. A self-propelled land or amphibious vehi-
owned by you or any person included in
cle; or
a. or b. above. "Insured" does not mean
b. Any trailer or semitrailer which is being
a person or organization using or hav-
carried on, towed by or hitched for towing
ing custody of these animals or water-
by a vehicle described in a. above.
craft in the course of any "business" or
without consent of the owner; or 8. "Occurrence" means an accident, including
continuous or repeated exposure to substan-
(2) With respect to a "motor vehicle" to
tially the same general harmful conditions,
which this policy applies:
which results, during the policy period, in:
(a) Persons while engaged in your
a. "Bodily injury"; or
employ or that of any person in-
cluded in a. or b. above; or b. "Property damage".
(b) Other persons using the vehicle on 9. "Property damage" means physical injury to,
an "insured location" with your con- destruction of, or loss of use of tangible prop-
sent. erty.
Under both Sections I and II, when the word 10. "Residence employee" means:
an immediately precedes the word "insured",
a. An employee of an "insured", or an em-
the words an "insured" together mean one or
ployee leased to an "insured" by a labor
more "insureds".
leasing firm, under an agreement between
6. "Insured location" means: an "insured" and the labor leasing firm,
whose duties are related to the mainte-
a. The "residence premises";
nance or use of the "residence premises",
b. The part of other premises, other structures
including household or domestic services;
and grounds used by you as a residence;
or
and
b. One who performs similar duties elsewhere
(1) Which is shown in the Declarations; or
not related to the "business" of an "in-
(2) Which is acquired by you during the sured".
policy period for your use as a resi-
A "residence employee" does not include a
dence;
temporary employee who is furnished to an
c. Any premises used by you in connection "insured" to substitute for a permanent "resi-
with a premises described in a. and b. dence employee" on leave or to meet seasonal
above; or short-term workload conditions.
d. Any part of a premises: 11. "Residence premises" means:
(1) Not owned by an "insured"; and a. The one family dwelling where you reside;
(2) Where an "insured" is temporarily resid- b. The two, three or four family dwelling
ing; where you reside in at least one of the fam-
ily units; or
e. Vacant land, other than farm land, owned
by or rented to an "insured"; c. That part of any other building where you
reside;
f. Land owned by or rented to an "insured" on
which a one, two, three or four family dwell- and which is shown as the "residence prem-
ing is being built as a residence for an "in- ises" in the Declarations.
sured";
"Residence premises" also includes other
g. Individual or family cemetery plots or burial structures and grounds at that location.
vaults of an "insured"; or
Page 2 of 22 Copyright, Insurance Services Office, Inc., 1999 HO 00 03 10 00
Page 7