Dwelling PolicyQuestion 130 of 215
Which endorsement would an agent recommend so an insured can schedule a $25,000 diamond ring and a $10,000 fine art collection with broader coverage and no theft sublimit?
a.Scheduled Personal Property Endorsement
b.Ordinance or Law Endorsement
c.Personal Property Replacement Cost Endorsement
d.Earthquake Endorsement
Explanation
The Scheduled Personal Property Endorsement (also known as a personal articles schedule or inland marine floater) lists specific high-value items by description and limit, providing broader, often open-perils coverage and avoiding the Coverage C sublimits on jewelry, fine art, firearms, and similar property. Ordinance or law covers building code costs, RC endorsement upgrades the settlement basis, and the earthquake endorsement covers earthquake.
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Related questions on this topic
- An investor owns a duplex rented to two tenant families and wants the broadest property coverage on the building itself. Which dwelling form is the best fit?
- A landlord's rental house is damaged by a covered fire and is unrentable for four months while it is repaired. Which coverage pays the landlord for the rent that would have been collected?
- Compared to DP-1, the DP-2 Broad Form adds which group of perils to the dwelling coverage?
- Which of the following losses to a dwelling would be excluded under all three ISO Dwelling Property forms?
- After a covered fire, the city building department requires the owner to upgrade the dwelling's electrical wiring to current code before reoccupancy, adding $20,000 to the rebuild cost. Which coverage responds to this extra cost?
- By default, on what basis is personal property (Coverage C) settled under any of the ISO Dwelling Property forms?
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