The insured's car being damaged by a falling tree is an illustration of an "other than collision" (OTC) loss, also known as comprehensive coverage in auto insurance. Comprehensive coverage provides protection against damage to the insured's vehicle caused by non-collision events or incidents,
Under the "discovery condition loss sustained form" of a bond, losses that are discovered during a specific period of time following the bond's expiration are covered. Commonly, the discovery period extends for one year after the bond's expiration.
Errors and Omissions (E&O) insurance, also known as Professional Liability insurance, is designed to provide coverage for professionals and businesses against claims related to their professional services, advice, or expertise. Dentists, being healthcare professionals, might face unique risks and complexities, and some insurance providers may not offer standalone E&O policies tailored explicitly for dentists.
Under the new 2000 Homeowners Insurance (HO) forms, the claims expense for loss of earnings to support the insurer in the investigation or defense of a claim is typically set at $250. This means that if the insured needs to provide documentation or attend hearings or proceedings to assist the insurer in handling the claim, they may be reimbursed for loss of earnings up to the specified amount of $250.
The deadline for filing a claim for medical payments under the homeowner's medical payments coverage typically varies depending on the specific insurance policy and the regulations in the relevant jurisdiction. However, a common time frame for filing medical payments claims under a homeowner's insurance policy is one year from the date of the accident or injury.
Medical payment protection, also known as "MedPay" or "Guest Medical Protection," is a coverage option that provides reimbursement for medical expenses incurred by guests or visitors who are injured on the insured's property, regardless of who was at fault for the accident.
In the context of crime insurance, a messenger is considered a key individual who faces certain risks due to their role in handling and transporting valuable assets. Crime insurance may provide coverage for potential losses that may occur if the messenger is a victim of theft, robbery, or other criminal activities while carrying out their duties.
If a pickup truck is used for business purposes, such as delivering goods, transporting tools or equipment, or any other business-related activities, it would generally not be covered under a standard personal auto insurance policy.
A Business Owner's Policy (BOP) is a type of insurance policy designed for small and medium-sized businesses. Credit Unions are financial institutions that provide banking services. Standard BOPs are generally not sufficient to meet the comprehensive insurance needs of financial institutions.
Under a Business Owners Policy (BOP), the insurer typically has the right to ask for the insured's books and records during the policy period and for up to three years after the policy expires. This provision allows the insurer to conduct audits and verify that the coverage and premium charged were accurate based on the actual business operations and exposures during the policy term.
In the context of marine insurance, "particular average" refers to a partial loss or damage to an individual item of cargo or the vessel itself that is caused by a specific fortuitous event, and this loss is borne solely by the party who owns or has an insurable interest in the affected property.
The waiting period before a suspended adjuster can reapply for a license can vary depending on the regulations and laws in the specific jurisdiction. While some states may impose a one-year waiting period.
After filing the third claim, there is still $100,000 in coverage available for future claims. Therefore, the insured company can still make another claim up to $100,000 and remain within the policy's limits.
The reason an appraiser is not allowed to appraise betterment is that it can lead to overvaluing the vehicle's repair costs and potentially result in an unjustified higher claim payout. Instead, appraisers typically assess the cost of restoring the vehicle to its pre-loss condition or the actual cash value of the damaged parts.
When the appraisers representing the insured and the insurance company cannot reach an agreement on the umpire, the dispute may escalate to court. The court will then appoint a qualified and neutral umpire to facilitate the appraisal process and resolve the disagreement between the two appraisers.
A vehicle that sustains damage due to a lightning strike would typically file a claim under the Comprehensive Coverage section of a personal auto policy to seek reimbursement for the repair or replacement costs.
