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Coverages

REI Master Policy

Property

1. Property Types

  • 1-4 unit dwellings
  • Small apartments (with pre determined allowable max TIV)

2. Limits

  • $500,000 per location up to $15,000,000 per location
    • Coverage is ultimately for the value stated for each property

3. Replacement Cost Valuation

  • For single family residential properties (1-4 unit) SES is looking for a value of $75 per sq ft.

4. Deductibles

  • Range from $1,000 to $25,000 per location, per occurrence
  • Separate deductibles for wind/hail, named storm, EQ, Flood, etc.

5. Basic Coverage Summary

  • Special Causes of Loss (ISO based forms widely used)
  • Earthquake – if requested
  • Flood – if requested
  • Named Storm
    • When part of primary package policy and not on a separate DIC cover, EQ, Flood, and Named Storm will have separate, higher deductibles and often capped losses
  • Builder’s Risk for homes under renovation – not new construction (additional)
  • Business Personal Property (can be included)
  • Business Income (coverage for loss of rents can be included)

6. Excluded Causes of Loss

  • Excluded causes of loss can differ from portfolio to portfolio and will be at the discretion of the underwriter

Liability

1. Limits can vary per policy – generally offered limits are as follows:

  • $2,000,000 general aggregate
  • $1,000,000 per occurrence
  • $100,000 any one fire
  • $5,000 med pay per person

2. Excess Coverage

  • Excess limits range from$1,000,000 to $25,000,000 with potential for limits up to $100,000,000
  • Coverage most often for strict excess commercial general liability

3. Deductibles

  • Range from $0 – $10,000 per occurrence Basic Coverage Summary

4. Basic Coverage Summary

  • ISO based Commercial General Liability coverage/forms

5. Excluded Causes of Loss

  • General pollution, war, nuclear, etc. exclusions are present and can vary per policy