Covered Causes of Loss are fire, lightning, and explosion. Unless endorsed with the CP 100 Replacement Cost endorsement, the policy is an Actual Cash Value policy.
For an additional premium, Extended Coverage (windstorm, hail, riot or civil commotion, aircraft, vehicles, smoke, sinkhole collapse, and volcanic eruption), Vandalism, and Sprinkler Leakage coverage may be added to the policy.
THE DESCRIPTION OF COVERAGES BELOW ARE INTENDED AS AN OVERVIEW OF AVAILABLE COVERAGE. PLEASE READ THE APPLICABLE FORMS AND ENDORSEMENTS FOR COMPLETE TERMS, INCLUDING DEFINITIONS, CONDITIONS AND EXCLUSIONS.
Building – Includes coverage for the building and any outdoor fixtures, machinery, and equipment attached to the building.
Business Personal Property – Covers business personal property (as defined in the policy) in or on the building or in the open within 100 feet of the described premises.
Personal Property of Others – Covers personal property of others in the care, custody, and control of the insured located in or on the building or in the open within 100 feet of the described premises.
Course of Construction – Covers either residential or commercial structures in construction from the ground up, or existing structures undergoing extensive reconstruction or renovations. Coverage is limited to the basic perils offered by the FAIR Plan at the premises where the construction/reconstruction work is being performed. Various underwriting guidelines relative to policy warranties may apply to this coverage, depending on the amount of coverage requested. Contact your insurance broker for more details relative to this coverage.
Debris Removal – Provides up to 25% of the amount paid for direct physical loss or damage to covered property.
Preservation of Property – If it is necessary to move covered property from the described premises to preserve it from loss or damage from a covered cause of loss, we will pay for loss to that property while it is being moved or temporarily stored elsewhere, but only if the loss or damage occurs within 10 days after the property is first moved.
Fire Department Service Charge – Up to $1,000 for fire department service charges contracted prior to loss or required by local ordinance.
Pollutant Clean Up & Removal – Up to $10,000 for expenses to extract pollutants from land or water at the described premises if the discharge, seepage, migration, release or escape is caused by a covered peril, but only if the expenses are reported to us in writing within 180 days after the covered cause of loss occurs.
Deductibles - Every policy has a deductible to be applied once per covered loss. The standard deductible is $250. Other deductibles available are: $500; $1,000; $2,500; $5,000; $7,500 (Course of Construction only); $10,000; $25,000; $50,000; and $75,000.
Replacement Cost – Pays to reconstruct or replace the part of the building damaged without deduction for depreciation up to the policy’s limit of liability. Replacement Cost coverage is not available for business personal property or personal property of others. Refer to Replacement Cost addendum form (CFP-RCA-2) to determine if property meets underwriting guidelines. CP 100
Business Income and Extra Expense – Coverage for the actual loss of business income sustained due to necessary suspension of operations during the period of restoration. The suspension must be caused by covered loss or damage to property at the described premises. We also pay extra expenses incurred during the period of restoration to avoid or minimize the suspension of business and to continue operations. Refer to the Business Income and Extra Expense Application Addendum form (CFP BI/BE) for underwriting guidelines. CP 0030
Sprinkler Leakage – Available for any amount of coverage for qualifying buildings. IL 0014