ISO altered one endorsement and created two new endorsements for this exposure. They are:. However, this endorsement allows the insured to pick an aggregate limit for personal injury claims. Designed for use with the HO 00 14, this endorsement provides personal injury protection but is not subject to an aggregate limit.
ISO revised forms and endorsements with this filing. Further reading is required, but here is a list of the changes:. As part of this filing and due also to many of the changes made in this filing, ISO is withdrawing 11 endorsements. Over the years, many changes have resulted from the persistence of the TAC team and the willingness of ISO to hear our thoughts. It is a small team consisting of five members, but the results are amazing.
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Please enable scripts and reload this page. Turn on more accessible mode. Turn off more accessible mode. Skip Ribbon Commands. Skip to main content. Turn off Animations. Turn on Animations. Page Content. Thursday, January 13, Sponsored by. Within this filing, ISO: Introduced one new form and 12 new endorsements. Revised forms and endorsements. Withdrew 11 forms and endorsements. Here is an overview of the changes: New Form! Two major differences between the HO and the traditional HO-4 are: The new HO extends coverage on an open-perils basis while the HO-4 provides property coverage on a named peril basis.
The new HO extends coverage at replacement cost. The HO-4 provides coverage on an actual cash value basis but can be endorsed with the HO 04 90 to provide replacement cost coverage. Also, the HO offers many coverages not offered by the HO-4 or other HO forms, such as: Automatic coverage for home-sharing host activities.
Limited Cannabis Property Coverage — HO 06 01 Because states are beginning to allow medical and even recreational possession and use of marijuana , ISO feels the need to address the exposure. Specified Other Structure s Exclusion — HO 06 21 This optional exclusion allows the underwriter to exclude property coverage on a specified other structure.
Broadened Water Back-Up and Sump Discharge or Overflow Coverage — HO 06 95 This new endorsement requires that the water backs up through sewers and drains, or overflows or is discharged from a sump, sump pump, or related equipment. Other Insured Location s — HO 24 02 ISO introduced the HO 24 02 endorsement to give insureds the ability to extend liability coverage to specifically scheduled locations. Motorized Bicycle and Motorized Scooter Liability Motorized bicycles, motor-assisted bicycles and motorized scooters have become more common over the last few years.
This has been revised to provide coverage for owned and non-owned vehicles meeting certain requirements, including motorized bicycles, motor-assisted bicycles and motorized scooters. This excludes coverage when the insured rents or borrows a motorized scooter or motorized or motor-assisted bicycle.
Protection is still in force for other types of non-owned and owned vehicles, such as Barbie Jeeps, on and off the premises subject to speed and use requirements. This fully excludes the use of motorized bicycles and scooters whether owned or non-owned. Personal Injury Coverage — HO 24 89 Designed for use with the HO 00 14, this endorsement provides personal injury protection but is not subject to an aggregate limit.
Coverage C special limits and sublimits: ISO has not increased certain sublimits within the homeowners form in more than 20 years. The new filing increases many current sublimits and special limits within Coverage C. Model or hobby aircraft and watercraft: ISO is revising both property and liability coverage related to model or hobby aircraft and watercraft.
On the property side, ISO is reducing coverage limits. On the liability side, ISO is expanding coverage to include model or hobby watercraft. The wording was used to exclude damage to and destruction of auto parts not attached to the vehicle. ISO revised the wording to clarify that the exclusion applies only to parts in or upon the vehicle. The coverage is very similar to a homeowners policy, with one significant difference — a dwelling fire policy is typically used for someone that does not make the property their primary residence.
Dwelling policies typically do not provide liability coverage, like some homeowners policy forms, but they can provide other similar coverages to standard homeowners policies. Just like homeowners insurance, there are several different types of dwelling fire policies. DP-1 is known as the basic form, DP-2 is known as the broad form and DP-3 is known as the special form.
Each provides a significantly different level of coverage. The policy explicitly names what perils are covered and typically covers losses due to:. A DP-1 can also provide coverage for your other structures on the property, personal property usual to the occupancy dwelling, fair rental value, debris removal, and improvements, alterations and additions.
You also may be able to include Vandalism or Malicious Mischief. Talk to your agent about including these coverages. Claims under a DP-1 dwelling fire policy are settled on an actual cash value ACV basis—however, you may be able to opt for a replacement cost value RCV policy for an additional cost. Speak with your agent about replacement cost options. Loss of rent coverage, additional living expenses, collapse, debris removal, and improvements, alterations and additions may also be included with a DP-2 policy.
The DP-3 form is the most comprehensive dwelling fire coverage available.
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