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HO-1, HO-2, HO-3, and HO-5 refer to policies for owner-occupied units. HO-4 is a
tenant's policy. HO-6 is a policy for a condominium or cooperative unit owner.
Actual cash value (ACV) The depreciated value of an item.
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1 HO-1,-2, -3, -4, -5, -6 policies 2 HO-2, -3, -4, -5, -6, -8 policies
3 HO-1, -3, -4, -5, -6, -9 policies 4 HO-1, -2, -3, -4, -5, -7 policies
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Terms in this set (27) Hide definitions
Advertising injury Advertising injury provisions in CGL (comprehensive general liability) include language providing coverage to the community association with respect to damages resulting in "misappropriation of advertising ideas or style of doing business" or "infringement of copyright, slogan or title."
Agreed amount endorsement Provides for an agreed upon limit of property insurance.
Coinsurance Coinsurance is a standard element in most property policies that obligates the insured to maintain certain limit of property insurance based on a stated percentage.
Common declarations This section of the policy is like the title page of a book. It typically includes such information as the name and address of the insured and the period of coverage.
Common policy conditions These are the basic provisions that apply to all insurance coverages in the package. For example, when to file proof of a loss or what happens when a premium is not paid.
Contingent liability Covers the value of any undamaged portion of a building which may have to be replaced because of building laws.
Contractual transfers This involves entering into a contract that will, among other things, transfer the community association's legal responsibility for any loss.
Cross liability Cross liability allows an owner to bring a claim against his or her community association. This coverage is in the owner's interest. It is standard for owners to be insured in liability insurance for condominiums and cooperatives, while planned communities must see to it that this concept is present in their liability coverage.
Directors and officers liability insurance This insurance is designed to pay for damages arising from wrongful acts that do not lead to property damage, bodily injury, advertising injury, or personal injury.
Direct writer system of insurance Comprised of employees of a single insurance company who only place the insurance of that company.
Electronic data processing (EDP) This insurance may be needed for computer equipment, networks, websites, security systems, protection from hackers, and similar information technology exposures.
Endorsements Endorsements expand, contract or clarify coverage.
Exposure avoidance This involves avoiding the circumstances that would expose the community association to certain type of loss.
Extra demolition Covers the value of demolishing any undamaged portion of a building.
Fidelity insurance This insurance protects against employee dishonesty which may lead to the theft of money, securities, or property.
