7.0 Other Coverages and Options (10%)
Lay Up Warranty
applies when the insured boat or yacht is in storage and allows for a return of premium due to the reduced risk of loss while the boat is laid up. If the insured operates or lives on the craft during the lay—up period, no coverage applies.
Identity Fraud Expense Coverage (BP 14 01)
Expenses incurred include loan application fees for reapplying for a loan or loans when the original application is rejected solely because the lender received incorrect credit information
Personal Inland Marine Insurance
is a form of coverage that is written on a homeowners policy by endorsement or as a stand-alone policy. It insures moveable property against direct loss.
Boatowners Policy
is a package policy that provides both property and liability coverage and is used to insure boats that can be towed by a car.
South Carolina Wind and Hail Underwriting Association (SCWHUA)
provides wind and hail insurance for the state's coastal areas.
Yacht Policy
A "Lay Up Warranty" applies when the insured boat is in storage and allows for a return of premium due to the reduced risk of the boat not being used when laid up. If the insured operates the yacht during the lay-up period (or lives on it), no coverage is provided.
Yacht Policy
A Yacht policy is designed for larger vessels, many of which have crew members.
South Carolina Wind and Hail Underwriting Association (SCWHUA)
Any person having an insurable interest in insurable property and who is unable to obtain coverage in the normal insurance market is entitled to apply to SCWHUA for coverage and for property inspection.
Multi-Peril Crop Insurance (MPCI)
Covered causes of loss include: adverse weather conditions, fire, insects, plant disease, wildlife, earthquake, and volcanic eruption.
Multi-Peril Crop Insurance (MPCI)
Coverage may be provided for approximately 200 different types of crops, but 5 major crops account for 90% of the liability assumed (corn and maize, cereal grains, soybeans, tobacco, and cotton).
Personal Inland Marine Coverage
Coverage may be provided for classes of property consisting principally of the following: jewelry, Golfer's Equipment, Furs, Fine Arts, Cameras, Stamp Collections, Musical Instruments, Coin Collections, Silverware and Goldware, China and crystal
Personal Inland Marine Coverage
Coverage is provided on an open perils basis with very few exclusions. Typical exclusions are wear and tear, insects or vermin, intentional loss, and war. Specific classes of property have additional exclusions. For example, a collection of glassware may have specific exclusions for breakage caused by certain perils.
Personal Inland Marine Coverage
Coverage is provided worldwide, with some exceptions.
Personal Umbrella Coverage
Coverage is usually written in increments of $1 million, with a single limit per occurrence covering claims for both Bodily Injury/Property Damage, and Personal Injury in excess of the insured's underlying policy limits.
Crop, Hail & Windstorm Insurance
Crop insurance is a specialized policy that protects the insured against reduced yield because of a covered loss to crops before they are harvested.
South Carolina Wind and Hail Underwriting Association (SCWHUA)
Each private insurer of property must be a SCWHUA member in order to transact insurance business in this State.
Yacht Policy
Each yacht policy contains a navigation territory that states where the boat will be navigated, such as on inland lakes and waterways. The insured does NOT have coverage if the boat is navigated outside the designated territory. If the insured wishes to change or broaden the navigation territory, the insurer must issue an endorsement.
Identity Fraud Expense Coverage (BP 14 01)
Expenses incurred include costs for notarizing affidavits or similar documents attesting to fraud required by financial institutions or similar credit grantors or credit agencies
Identity Fraud Expense Coverage (BP 14 01)
Expenses incurred include attorney fees
Identity Fraud Expense Coverage (BP 14 01)
Expenses incurred include charges incurred for long distance telephone calls to merchants, vendors, suppliers, customers, law enforcement agencies, financial institutions or similar credit grantors, or credit agencies to report or discuss an occurrence of identity fraud
Identity Fraud Expense Coverage (BP 14 01)
Expenses incurred include costs for certified mail to law enforcement agencies, credit agencies, financial institutions or similar credit grantors
Identity Fraud Expense Coverage (BP 14 01)
Expenses incurred include costs for obtaining credit reports
Identity Fraud Expense Coverage (BP 14 01)
Expenses incurred include lost income resulting from time taken off work to complete fraud affidavits, meet with or talk to law enforcement agencies, credit agencies and/or legal counsel, up to a maximum payment of $250 per day; total payment for lost income is not to exceed $10,000
Identity Fraud Expense Coverage (BP 14 01)
Identity Fraud is the act of knowingly and unlawfully using a means of identification of your business with the intent to commit, or abet another to commit, any activity that constitutes a violation of federal law or a felony under any applicable state or local law.
South Carolina Wind and Hail Underwriting Association (SCWHUA)
If the association denies an application for coverage, the applicant may appeal to the Director. The Director will consider all facts and may direct the Association to issue the desired coverage.
Personal Umbrella Coverage
If the coverage in an umbrella is broader than the underlying policy—meaning the primary policy doesn't insure a loss—the umbrella will "drop down" and cover the entire loss. When an umbrella policy drops down and acts as a primary policy, the insured pays a self-insured retention, which is a method of loss cost-sharing. The only time the insured must pay a self-insured retention is when the umbrella drops down. If the primary policy pays its limit, and then the umbrella policy makes payment, the insured does NOT pay the self-insured retention.
Yacht Policy
In addition to providing property and liability coverage, a yacht policy also offers the following coverages: Coverage for fuel spills, commercial towing, and dinghies.
Yacht Policy
In addition to providing property and liability coverage, a yacht policy also offers the following coverages: Personal property coverage for property on the yacht.
Yacht Policy
In addition to providing property and liability coverage, a yacht policy also offers the following coverages: Protection and indemnity coverage for the insured's legal liability for bodily injury and damage to property of others.
South Carolina Wind and Hail Underwriting Association (SCWHUA)
Insurable Property - Immovable property at fixed locations in coastal areas of the State, or tangible personal property located inside it. The property must be determined to be in an insurable condition using reasonable underwriting standards.
South Carolina Wind and Hail Underwriting Association (SCWHUA)
Insurable interest here includes economic interest in the property's safety or its preservation from loss, destruction, or monetary damage.
Personal Umbrella Coverage
Insurance companies issuing umbrella coverage require their insureds to have underlying primary insurance in place. "Primary" insurance pays before the umbrella pays and "underlying" insurance provides coverage for the same risks that are insured under an umbrella policy. For example, every umbrella policyholder must also have personal auto and personal liability insurance in place. If the insured owns recreational vehicles, watercraft, or rental property, those exposures must also be insured on underlying primary policies.
Yacht Policy
Larger vessels are normally insured under the complete package of yacht coverages, which includes in addition to Hull Insurance, Protection and Indemnity and Medical Payments.
Crop, Hail & Windstorm Insurance
Other perils that may be included in addition to hail are Fire, lightning, wind, freezing, drought, insects and disease.
South Carolina Wind and Hail Underwriting Association (SCWHUA)
SCWHUA functions as a residual market, providing wind and hail insurance for the state's coastal areas.
Boatowners Policy
Section I of the policy provides open perils coverage for the hull, motor, trailer, equipment, and accessories manufactured for marine use. Losses are settled on an actual cash value (ACV) basis.
Boatowners Policy
Section II provides Watercraft Liability, Medical Payments for passengers, and Uninsured Boaters coverages. (Does not include Personal Injury Liability).
Boatowners Policy
The Boatowners policy is a package policy that provides both property and liability coverage and is similar in design to the homeowners policy. The coverage it provides is similar to that provided by the personal auto policy. The policy is generally used to insure boats that can be towed by a car.
South Carolina Wind and Hail Underwriting Association (SCWHUA)
The application must be made by a licensed broker or agent
South Carolina Wind and Hail Underwriting Association (SCWHUA)
The application must determine whether the applicant owes any unpaid fire insurance premiums on the property If the property is insurable and no premiums are unpaid, SCWHUA will issue a property policy for a term of at least 1 year once the premium is received.
Multi-Peril Crop Insurance (MPCI)
The coverage is written by private insurers and is reinsured by the Federal Crop Insurance Corporation (FCIC).
Crop, Hail & Windstorm Insurance
The policy includes a replanting provision designed to reduce both the insured's and the insurer's losses. The insurer may reimburse the insured up to 20% of the amount of insurance. The reimbursement does not reduce the amount of insurance available for the crop.
Crop, Hail & Windstorm Insurance
The policy is typically written with deductibles (normally a 5% yield reduction). Policies can be written to cover a percentage of expected yield, such as 50% or 100% . If a crop is expected to yield 10,000 bushels but yields only 5,000, the policy will cover the unrealized 5,000 bushels.
Personal Umbrella Coverage
The purpose of the umbrella policy contains three elements: It provides an additional layer of liability insurance after the limits of underlying primary policies are exhausted due to paid claims; It provides coverage on a broader basis than the primary policies; It drops down to provide first-dollar coverage when the underlying primary policies don't provide coverage.
Crop, Hail & Windstorm Insurance
The rates for crop hail insurance are developed by the Crop Hail Insurance Actuarial Association (CHIAA). Crop-hail insurance is rated on an acreage basis and the insured can choose a wide variety of coverage options.
Personal Umbrella Coverage
The umbrella acts as excess coverage over the limits of these underlying primary policies.
Crop, Hail & Windstorm Insurance Exclusions
These may vary by company but common exclusions include: Until normal visible (crop must be above ground); Failure to harvest a mature crop; Non-owned property (share crop); Loss from injury to buds, blossoms or blooms, unless the crop is affected; Injury to leaves, vines, etc. unless crops are also damaged or affected; Injury to trees, bushes, fruit or nut crops
Crop, Hail & Windstorm Insurance
This is private insurance, not reinsured by the federal government. This policy provides named perils coverage.
Crop, Hail & Windstorm Insurance
Typically, coverage begins at 12:01 a.m. following the date the application is signed, provided the crop is clearly visible above the ground. However, this will vary by insurer and state. Changes will be addressed in the state law chapter if applicable.
Windstorm Insurance Coverage
Windstorm damage is covered under the peril of wind in standard property insurance policies. In some states, exclusionary endorsements may be added to property policies to exclude coverage for the peril of wind or windstorm. These states are Alabama, Delaware, Florida, Georgia, Louisiana, Maryland, Massachusetts, Mississippi, New jersey, New York, North Carolina, South Carolina, and Texas. Because these states are at high risk for wind loss caused by hurricane, they have established wind and/or wind and hail associations that provide a marketplace of last resort for those who are unable to purchase insurance for the peril of wind on their primary property policies. In these and other states, some insurers require mandatory wind deductibles of a certain dollar amount, such as $2,500 or higher, based on the geographic location of property (such as within a certain distance of the seacoast) or prior wind losses.
Personal Inland Marine Coverage
can be attached by endorsement to a Homeowners or Dwelling Policy; it may also be written as a separate policy. Personal Inland Marine Insurance is a form of coverage used to insure moveable property against direct loss. Since moveable property is known as floating property, the word floater is often used.
Yacht Policy
is designed for larger vessels with crew members and includes Hull Insurance: protection and indemnity coverage, medical payments coverage, personal property coverage for property on the yacht, coverage for fuel spills, and commercial towing.
Personal Umbrella Coverage
is liability insurance provided on an excess basis. Each contract is unique and may contain provisions and language not found in other umbrella policies. Personal umbrella coverage may be issued as an endorsement added to a homeowners policy or as a standalone policy.