Property and Casualty- Types of Property Policies Part 2.
An insured has a standard HO-4 policy with a $30,000 limit of coverage for personal property. While he was traveling, a fire in his hotel destroys clothes and luggage with a replacement value of $10,000 and jewelry with a replacement value of $10,000. Disregarding any deductible, and assuming a depreciation of 20% has occurred in both properties, what amount is the insurer obligated to pay?
$16,000 This loss would be settled on an actual cash value (ACV) basis: $20,000 total for the loss minus $4,000 for depreciation. Remember, the limitation on loss of jewelry applies to the peril of theft only.
Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage?
$250. Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for an additional premium with this endorsement.
Under additional coverages for homeowners policies, what is the maximum amount that can be charged to the insured for fire department services?
$500
What is the minimum amount of coverage that should be carried on an HO-2 on a home that was purchased four years ago for $75,000, which today has a replacement value of $100,000?
$80,000. A homeowner, at the time of loss, must be insured for at least 80% of replacement cost in order to collect the full replacement cost of a partial loss.
Homeowners policies may be used for the following types of properties or in the following situations:
-1- to 4-family owner-occupied residences; -No more than 2 families or 2 roomers or boarders per unit; -Various ownership types to include installments sale contracts, life estates, dwellings under construction, townhomes, and duplexes; -Insuring a tenant of non-owned dwelling (renter's form); -A residential condominium or cooperative unit (under a condominium form); and -Seasonal dwellings and secondary residences.
Additional Coverages: As with the personal liability supplement, the liability section of the homeowners policy includes a few additional coverages that are paid in addition to the limit of liability:
-Claims expense — The policy will pay expenses incurred and costs taxed against the insured in any suit the insurer defends, premiums on bonds required in a suit, reasonable expenses incurred by the insured including up to $250 per day for loss of income, and interest on the entire judgment that accrues after judgment has been entered and before the insurer pays it. -First aid to others — The policy will pay expenses the insured incurs to render first aid for bodily injury to third parties (note, however, that the insurer will not pay for first aid to an insured). -Damage to the property of others — The policy will pay up to $1,000 per occurrence on a replacement cost basis for damage the insured causes to property of others. This coverage is not applicable to the extent a loss is covered in Section I, for intentional damage, unless done by an insured under the age of 13 to property owned by an insured or resident of the household, to property owned by or rented to a tenant of the insured, or arising out of a business of the insured. -Loss assessment coverage — The policy will pay up to $1,000 per occurrence for the insured's share of loss assessment charged against them as owner or tenant of the residence premises, during the policy period, by a corporation or association of property owners.
Residence Premises
-The one family dwelling where the insured resides; -The 2-, 3- or 4-family dwelling where the insured resides in at least one of the family units; or -That part of any other building where the insured resides, and which is shown as the residence premises in the Declarations. -A residence premises also includes other structures and grounds at that location.
Insured Location
-The residence premises; -Part of other premises used by the named insured as a residence, and described in the Declarations, or newly acquired during the policy period; -A premises not owned by the insured, but where the insured is living temporarily (a motel room); -Vacant land owned or rented by the insured, excluding farmland; -Land owned or rented by the insured where a residential dwelling (1- to 4-family) is being constructed; -Individual or family cemetery plots or burial vaults of the insured; and -Any part of premises occasionally rented to an insured, except for business purposes (e.g., an insured rents a hall for a daughter's wedding reception).
Coverage F - Medical Payments to Others (HO)
-Will pay for necessary medical expenses incurred within 3 years (36 months) of an accident causing bodily injury. Necessary medical expenses include medical, surgical, x-ray, dental, ambulance and funeral services. -Coverage applies if a person is injured on the residence premise with the insured's permission to be there (such as guests of the insured), or if a person is injured by an insured off the residence premise, and the injury: Arises from the residence premise or ways adjoining the premise; Is caused by the activities of an insured; Is caused by a residence employee of an insured during the course of their employment; or Is caused by an animal owned by or in the care of the insured. This coverage does NOT apply to the insured or to regular residents of the insured's household, except residence employees.
Coverage C in HO forms is broken into 4 categories. Important differences between HO and DP property policy forms are noted below:
1. Covered property — coverage in the HO policies is expanded to anywhere in the world. The DP policy is primarily used for personal property on the described location. 2. Limit for property at other residences — similar to the worldwide property coverage offered in the DP policies, but the sublimit only applies to other owned residences. 3. Special limits of liability — types of property and sublimit amounts are similar to the Broad Theft Endorsement for DP forms; however, in HO forms, it is important to pay particular attention to the categories that are only limited by the peril of theft. 4. Property not covered — limitations are added to the HO policy for property of roomers, boarders and tenants.
Additional coverages available under HO policy forms:
1. Debris and tree removal: will pay reasonable expenses for the removal of debris of covered property for a covered cause of loss. Debris removal expense could apply to coverage A, B or C. The total amount of coverage included for tree removal is $1,000 with a sublimit of $500 for the removal of any one tree. 2. Reasonable Repairs 3. Trees, shrubs and other plants: covered if loss or damage is caused by fire, lightning, explosion, riot or civil commotion, aircraft, vehicle not owned or operated by a resident of the residence premise, vandalism or malicious mischief, or theft. This is an additional amount of insurance and is limited to a maximum of $500 per tree, shrub, or plant, and a maximum per loss of 5% of the amount of coverage on the dwelling. In forms HO-4 and HO-6, the maximum per loss is 10% of the Coverage C limit. 4. Fire department service charge 5. Property removed 6. Credit card, electronic funds transfer card or access device, forgery and counterfeit money: pay up to $500 7. Loss Assessment: up to $1,000 8. Collapse 9. Glass or safety glazing material 10. 1*0 (except in HO-4)*. Landlord's furnishings will pay up to $2,500 for an insured's appliances, carpeting, and other household furnishings in each apartment on the residence premises regularly rented or held for rental to others. Covered causes of loss are limited to Coverage C perils, excluding theft. *10 (in HO-4 only)*. Building additions and alterations — If the insured makes or acquires improvements to the residence premise made at his or her expense, the policy will provide an additional limit of insurance equal to 10% of Coverage C. 11. Ordinance and Law 12. Grave markers
Under Coverage C of a homeowners policy, the amount of insurance provided to cover personal property of the insured is
50% of the amount provided as Coverage A.
Homeowners Policy
A comprehensive insurance form used to insure residential risks. The homeowners and dwelling property forms have many similarities, but the homeowners form *includes coverage for personal property of the insured and personal liability protection.*
Which of the following would NOT be considered part of the insured location under the liability section of a homeowners policy?
A. A lakeside cabin rented by the insured for vacation *B. Vacant farmland owned by the insured* C. A residence where an insured is temporarily residing D. A family cemetery plot Farm property specifically is excluded from coverage.
Which of the following is NOT covered by the condominium unit owners endorsement?
A. Alterations to the building B. Appliances in the building C. Fixtures in the building *D. Furniture in the building* Alterations, appliances, fixtures and improvements that are part of the building, but which the insured is required to maintain coverage on because of the condominium association agreement, can be insured with this endorsement. Furniture is not specifically covered.
Which of the following risks would NOT be eligible for coverage under a homeowners policy?
A. An applicant who owns and lives in a duplex B. An applicant who owns and lives in a single-family dwelling that also contains incidental business activities *C. An applicant who owns and lives on a commercial farm* D. An applicant who lives in a duplex that she does not own Risks that contain a farming exposure are not eligible for homeowners insurance.
Which of the following could be covered by an HO policy?
A. Birds, fish, and animals B. A sports car kept in an attached garage C. Property of a tenant not related to the insured *D. An oriental rug in an on-premises apartment* *Homeowners contents coverage does not apply to animals, cars, or property of those who pay to be at your house; it does provide up to $2,500 for a loss of landlord's furnishings in an on-premises apartment.*
All of the following people would be considered insureds under the liability section of a homeowners policy EXCEPT
A. The mother of the insured who is residing in the household. B. The legal representative of a deceased insured. *C. The 22-year-old niece of the insured who is visiting.* D. A 15-year-old foster child residing in the premises. Relatives of the insured of any age are considered insureds only if they are residents of the household.
Coverage D- Loss of Use (HO)
All homeowners policies contain the *Loss of Use coverage*, *which is a combination of Coverage D (Fair Rental Value) and Coverage E (Additional Living Expense) in the dwelling property policy*. If a loss covered under the policy makes part of the residence premises not fit to live in, the insurer will cover loss of rent and additional living expenses for the shortest time required to repair or replace the damage. If the insured permanently relocates, additional living expenses will be paid only for the shortest time required to settle elsewhere. As in the dwelling policy, additional living expenses include any necessary increase in living expenses incurred by the insured so that the insured's household can maintain its normal standard of living. If loss of use results from the order of a civil authority, the additional living expenses and fair rental value payments are limited to a maximum period of 2 weeks. The expiration of the policy will not impact the payment of this indirect coverage.
Loss Payment
All losses will be paid within 60 days of receiving the proof of loss or after one of the following: 1. An agreement has been reached as to the amount of loss; 2. There is a final judgment; or 3. There is a filing of an appraisal award with the insurer.
First aid costs for others injured on the insured's premises
Are paid in addition to the liability limit. First aid costs for others apply even if you are not legally liable and are in addition to the stated limits, but do not apply to those regularly at the location.
Which of the following statements regarding coverage for the flood and earthquake perils is true?
Both flood and earthquake are excluded perils in all property policies. However, coverage for both or either one usually can be purchased separately for an additional premium (by endorsement).
Form name and numbers, peril type and residential dwelling use
Broad Form, HO 00 02 or HO-2, Named Peril, 1-4 Unit Owner Occupied Special Form, HO 00 03 or HO-3, Open/All Risk Peril and Named Peril, 1-4 Unit Owner Occupied Renters or Tenants Form, HO 00 04 or HO-4, Named Peril, Occupied by Tenant Comprehensive Form, HO 00 05 or HO-5, Open Peril, 1-4 Unit Owner Occupied Condominium Form, HO 00 06 or HO-6, Named Peril, Condominium Unit Owner Occupied Modified Form, HO 00 08 or HO-8, Named Peril, 1-4 Unit Owner Occupied, Historic or Older Home
Which of the following best describes liberalization clause in a policy?
Changes adopted by the insurer that broaden coverage automatically apply to the policy at no additional premium.
Which of the following coverages will respond if a claim is made or a suit is brought against an insured for damages due to bodily injury or property damage caused by an occurrence to which the coverage applies?
Coverage E - Personal liability will respond if a claim is made or a suit is brought against an insured for damages due to bodily injury (BI) or property damage (PD) caused by an occurrence to which the coverage applies.
Loss Settlement
Covered property losses will be settled as follows for the HO-2, HO-3, HO-4, and HO-5 policy forms: *Actual cash value (ACV):* Personal property; Awnings, carpeting, household appliances, outdoor antennas and equipment; Structures that are not buildings; Gravemarkers and mausoleums; or Buildings or other structures (if applicable) that are at the time of loss are not insured to 80% of replacement value. The insurer will have the option of paying the greater of ACV or application of the coinsurance formula. If the insured decides to not make a claim on a replacement cost basis (for example, the insured decides not to rebuild), the insured may notify the insurer within 180 days after the date of loss. Replacement cost: Buildings and other structures if covered for at least 80% of their replacement cost. The insurer has the option of paying the least of the limit of liability, replacement with like kind and quality, or the amount necessary to repair or replace the damaged building; If the building is rebuilt at another premise, the insurer is obligated to pay no more than the cost associated with building at the original premise; or The insurer will pay no more than ACV until actual repairs or replacement is complete. If the cost to repair or replace damaged property is less than 5% of the total amount of insurance, or less than $2,500, the insurer will settle the loss without the requirement that the property actually be repaired or replaced.
The broad form perils insured against for damage to property in the homeowners HO-2, HO-4 and HO-6 include the following:
Fire or lightning; Windstorm or hail; Explosion; Riot or civil commotion; Aircraft; Vehicles; Smoke; Vandalism or malicious mischief; Theft; Falling objects; Weight of ice, snow or sleet; Accidental discharge or overflow or water or steam; Sudden and accidental tearing apart, cracking, burning, or bulging; Freezing; Electrical damage; and Volcanic action. -These perils were covered in depth in the dwelling section, and have the same characteristics in the homeowners forms. -Broad form perils will apply to all applicable coverages (A, B, C, D) in the forms noted above. -These are also the perils insured against for Coverage C in HO-3, HO-4, and HO-6. -The HO-3 is open or special form coverage on Coverages A and B. Damage to the dwelling and other structures is covered unless it is excluded. The major exclusions are also listed in the dwelling property chapter. Coverage C losses in the HO-3 are covered for broad form perils. -The HO-5 (Comprehensive) form is unique among the homeowners forms in that the entire policy is open peril or special form. Therefore, Coverage A, B, C and resulting indirect losses in coverage D are covered unless excluded.
Elaborate homes and those with detailed designs or decorative architecture with replacement costs greater than ACV or market value are insured on
HO-8. HO-8 is used to insure houses with replacement cost more than market value and those built with irreplaceable materials. It is a modified HO-1 and provides ACV coverage for Coverage A.
Death
If a named insured or spouse dies, the deceased's legal representative will be considered an insured under the policy, but only in regards to the property of the deceased covered at the time of death. The definition of an insured is broadened to include an insured who is a member of the deceased's household but only while residing at the residence premise, and to a person in the care of the insured's property but only until appointment of a legal representative.
Loss Payable Clause
If the Declarations shows a loss payee for certain listed insured personal property, the loss payee will be considered an insured under the policy in regards to the applicable covered property. If the policy is cancelled or not renewed, the loss payee must be notified in writing.
The additional living expense coverage on homeowners policies
Is intended to allow the family to maintain its normal standard of living.
While cutting grass in your yard with your brother's borrowed lawnmower, the fuel line ruptures and the lawnmower is destroyed in the fire. How will your HO liability react?
It will cover the damage because your HO liability will cover damage to property of others even if you are not liable.
All of the following are major coverages included in the homeowners policy EXCEPT
Loss of Income. Major coverages included in the homeowners policy are as follows: Coverage A - Dwelling, Coverage B - Other Structures, Coverage C - Personal Property, and Coverage D - Loss of Use. Loss of income is not covered by the homeowners policy.
Coverage C- Personal Property (What is and isn't covered)
PROPERTY COVERED: -Personal property owned or used by the insured while it is anywhere in the world. -At the discretion of the named insured, property of others, property of guests or residence employees may also be covered while on the residence premise. -Residence employees may also have their belongings covered while in any residence an insured is occupying; -Property of roomers and boarders related to an insured; -Hobby aircraft and parts not used or designed to carry people; -Motor vehicles and other conveyances but only while used to service the premise or designed to assist the handicapped; -Blank storage media and prepackaged computer software. PROPERTY NOT COVERED: -Any items that are separately described and insured regardless of the limit of insurance; -Animals, birds and fish; -Aircraft and parts whether attached or not, other than hobby aircraft noted above; -Hovercraft and parts; -Motor vehicles and other motorized land conveyances, other than noted above. This includes electronic apparatus powered solely by the vehicle. Also included are parts and accessories to the vehicle and electronic equipment but only while in or upon the vehicle; -Business data contained in books of accounts, paper records or in computer equipment; -Property of roomers, boarders and tenants (when not a relative of the insured); -Property in an apartment regularly rented or held for rental by an insured; -Property rented or held for rental by the insured to others while off the residence premise; -Credit cards, debit cards or any device used to deposit, withdraw or transfer funds; -Water or steam (for example, a broken water pipe significantly increases an insured's water bill).
All of the following are additional liability coverages automatically provided in a homeowners policy EXCEPT
Personal Injury (however, PI can be added by endorsement)
Coverage for all of the following is found in Section I of a homeowners policy EXCEPT
Personal Liability. Personal liability is a Section II coverage that provides protection in the event an insured is charged with libel, slander, etc.
Coverage A- Dwelling (HO)
Provided in all forms except the HO-4. The coverage is defined in a similar fashion to the dwelling property form with one exception: *building equipment or outdoor equipment used for servicing the residence is no longer included in coverage A. Because contents coverage is included in all HO forms, these items will be covered in coverage C.* Finally, the condominium form, HO-6, combines both coverage A and coverage B in this section of the policy. PROPERTY COVERED: -Dwelling on the described premises listed in the declarations page and all attached structures; -Any materials or supplies located on or next to the residence premise used to construct, alter, or repair the dwelling or other structures on the premise; -HO-6 (Condo Form) policies also include alterations, appliances, fixtures that are part of the building, items of real property, property which is the insured's responsibility to insure as part of an agreement and structures owned solely by the insured other than the residence premise. PROPERTY NOT COVERED: -Land, including land on which the residence premise or other real property is located; -HO-6 (Condo Form) also includes items that would normally be listed as not covered in Coverage B, such as other structures held for rental to a person not a tenant of the dwelling unless used as a private garage, structures from which business is conducted and structures used to store business property unless the property is owned by the insured or a tenant of the dwelling.
The endorsement that provides coverage for losses arising from sudden collapse of earth arising from underground limestone created by the action of water on rock formations is a/an
Sinkhole Collapse Endorsement
Liberalization Clause
Specifies that if the insurer broadens coverage with no increase in premium, that broadening of coverage will apply to existing policies without the need for an endorsement, provided that this implementation date falls within 60 days prior to or during the policy period stated in the declarations.
Which of the following perils is covered by the HO-2 and HO-3?
Sudden and accidental rupture of a heating system Off-premises power failure, flood, and war are excluded from all DP and HO policies.
Cancellation and Non-renewals
The *insured* may cancel the policy at any time by returning the policy to the insurer or by providing the insurer with written notice. If the *insurer* cancels coverage, it must provide the insured with a 10-day advanced written notice for cancellation due to nonpayment of premium or if the policy has been in force for no more than 60 days. For all other cancellations or for nonrenewal, the *insurer* must provide the insured with at least a 30-day advanced written notice. The *insurer* can only cancel a policy after it has been in force for 60 days for 2 reasons: 1. Material misrepresentation, which would have prevented the insurer from issuing the policy; or 2. Substantial change in the risk since the policy was issued.
Section I: Property Coverages
The HO policy form includes property coverage for the insured residence (Coverage A - Dwelling), other structures (Coverage B), and personal property (Coverage C - Contents), similar to dwelling forms. The fourth coverage, loss of use (Coverage D), is similar to the fair rental value and additional living expense coverage described in the broad and special dwelling forms. All coverage forms include a basic deductible of $250, which applies to all coverages unless noted in the policy.
Theft coverage under an HO-8 is restricted to
The actual cash value of what was stolen, with limits for certain classes of property. Since HO-8 policies are for older homes, they insure dwellings at actual cash value, not replacement cost because the cost of rebuilding with the materials and details of the original home would make replacement cost coverage prohibitively expensive. Theft is the actual cash value of what was stolen, with limits for certain classes of property.
How much is the premium for the dwelling under construction endorsement under the dwelling policy?
The average amount of insurance during construction. The premium is based on the average value of the house and building materials from the first day of construction until completion.
Conditions
The conditions found in the homeowners policy forms are divided into 3 sections: 1. Property conditions; 2. Liability conditions; and 3. Conditions that apply to both property and liability.
General Form Structure of HO Policies
The currently used 6 coverage forms applicable to HO policies define the coverages, perils, additional coverages, exclusions and conditions. The homeowners form includes personal liability coverage. The form is separated into sections: Section I describes the property coverage, and Section II describes the liability coverage. The form is unified by the insuring agreement, definitions and common conditions. 1. Agreement; 2. Definitions; 3. Section I - Property Coverage; 4. Section I - Perils Insurance Against; 5. Section I - Exclusions; 6. Section I - Conditions; 7. Section II - Liability Coverages; 8. Section II - Exclusions; 9. Section II - Additional Coverages; 10. Section II - Conditions; and 11. Sections I and II - Conditions.
The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks?
The difference in the actual cash value as a pair and as a single. According to the pair or set clause, the insurer may elect to restore the the set to its value before the loss, or pay the difference between the actual cash value of the property before and after the loss.
Exclusions
The exclusions in the homeowners forms are similar to the dwelling property form. The property section has a list of general exclusions, and then forms HO-3 and HO-5 will have additional exclusions for any open peril or special form coverage. General property exclusions in HO policies are as follows: Ordinance or law; Earth movement; Water damage; Power failure; Neglect; War; Nuclear hazard; Intentional loss; and Government action.`
Subrogation
The insured may waive all rights of recovery against any other person; however, that must be done in writing and prior to a loss. If the rights are not waived, the insurer may require an assignment of rights of recovery for a loss to the extent that payment is made by the insurer. If an assignment is sought, an insured must sign and deliver all related papers and cooperate with the insurer. This condition does not apply to additional coverage damage to property of others, and Coverage F - Medical Payments.
Coverage C- Personal Property (HO)
The most notable coverage change from the dwelling property policy. Coverage C was *optional* in the dwelling policy, but is now a *mandatory* coverage in all homeowners forms. The HO-2, HO-3, HO-5 and HO-8 will automatically include a limit of insurance equal to 50% of the Coverage A limit. This limit may be increased or decreased, but not below 40% for 1- and 2-family residences. In the HO-4 and HO-6 policy forms, the amount of insurance is selected by the insured, with coverage minimums varying by state. The personal property coverage in the homeowners policy is broader than that included in the dwelling coverage forms. The HO-8 form will be treated separately as it retains elements of the dwelling form when covering personal property.
Insured
The policy defines an insured as any of the following: The named insured; -Relatives of the named insured who reside with the named insured; -Nonrelative residents in the care of the named insured or resident relatives under age 21; -Full-time students under the age of 24 who are relatives of the named insured and who were residents prior to attending school (if the full-time student is a nonrelative, the coverage is provided only until the age of 21); and -In addition, for Section II - Liability, any person legally responsible for the insured's animals, watercraft, or certain types of motorized vehicles.
An insured is a member of the neighborhood association, and has become liable for damage to a third party. Each member of the association has been assessed a portion of the loss equal to $2,000. How much will the Loss Assessment additional coverage of the insured's homeowners liability policy pay?
The policy will pay up to $1,000 per occurrence for the insured's share of loss assessment charged against them as owner or tenant of the residence premises during the policy period by a corporation or association of property owners.
Coverage B- Other Structures (HO)
Under other structures, a basic amount of insurance equal to 10% of the Coverage A limit is included for other structures, but a policy may be written with higher limits. The definition of other structures is similar to that found in the dwelling policy program with some notable exceptions. The homeowners form substitutes the definition of business with the coverage description. The HO forms add coverage for gravemarkers and mausoleums as they are no longer included in the list of property not covered. PROPERTY COVERED: -Other structures on the residence premise that are separated from the dwelling by a clear space, or connected only by a fence, utility line, or similar connection; -Other structures rented to anyone, other than a tenant of the dwelling, but only when used as a private garage; -Structures used to store business property of the insured or tenant of the dwelling, as long as gaseous or liquid fuel is stored in a fuel tank of a vehicle or craft stored in the structure. PROPERTY NOT COVERED: -Land including land where the other structures are located; -Structures rented or held for rental to anyone other than a tenant of the dwelling when not used as a private garage; -Other structures that are used to conduct any business.
Section II - Liability Coverages
Unlike the dwelling policy, liability coverage is included in all of the homeowners policy forms. The liability section of all homeowners policies includes 2 liability coverages: Coverage E - Personal Liability; and Coverage F - Medical Payments to Others.
Both the broad theft and limited theft endorsements on the dwelling program exclude all of the following types of property EXCEPT
Watercraft. Canoes have limited coverage.
Coverage E: Personal Liability (HO)
Will respond if a claim is made or a suit is brought against an insured for damages due to bodily injury (BI) or property damage (PD) caused by an occurrence to which the coverage applies. This coverage will do the following: -Pay up to the policy's limit of liability for the damages for which an insured is legally liable. Damages include prejudgment interest awarded against an insured. -Provide a defense at the insurer's expense by counsel of the insurer's choice, even if the suit is groundless, false, or fraudulent. The insurer may investigate and settle any claim or suit that the insurer decides is appropriate. -The insurer's duty to settle and defend ends when the policy's limit of liability for the occurrence has been exhausted by payment of a judgment or settlement. Under Coverage E, a $100,000 basic limit of liability is included. However, the insured may purchase higher limits for an additional premium.
Bodily Injury
includes bodily harm, sickness or disease, including required care, loss of services, and death that results from the bodily injury.
Residence Employee
includes employees of the insured whose duties are related to the maintenance or use of the home, including doing similar duties elsewhere.
Property damage
means physical injury, destruction or loss of use of tangible property
