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What kind of coverage does the Carolinas Insurance program provide?
The Carolinas Insurance Program insures against all risk of physical loss or damage to the insured property, including Terrorism (certified and non-certified)
What type of business property is eligible?
Buildings-including all fixtures, fittings, machinery, equipment, materials, supplies,
and adjoining areas and all other real and personal property; this includes property of the insured or property for which the insured is responsible.
What type of property is NOT included in the program?
1. Land (including land on which covered property is located), water, growing crops, or animals and birds
2. Currency, money and securities
3. Aircraft, watercraft (including motors, equipment and accessories): or self-propelled machines that are licensed for use on public roads or operated principally away from insured premises.
4. Jewelry, watches, watch movements, furs, jewelry, pearls, precious and semi-precious stones, bullion, gold, silver, platinum and other precious alloys or metal against loss or damage caused by theft
What perils are NOT included in the program?
Damages caused by any of the following perils are NOT covered:
1. Delay, loss of market, indirect of consequential loss of any kind (except as specifically afforded)
2. misappropriation, secretion, conversion, fraud, infidelity or any dishonest act of omission on the part of the insured or other party of interest, his , her, or their trustees, directors, officers, employees, agents or others to whom the property may be entrusted; this exclusion does not apply to a carrier for hire, nor to acts of destruction by your employees; but theft by employees is not covered.
3. Error, omission, or deficiency in design, process, specification, or faulty materials and workmanship; but this exclusion shall not apply to damage resulting from such faulty or defective workmanship, material, construction, or design
4. Normal setting, cracking, shrinking or expansion of pavements, foundation, walls floors, or ceilings
5. Wear and tear, inherent vice, latent defect, gradual deterioration
6. Corrosion, rust, contamination,change in flavor, color or finish, shrinkage, evaporation or loss of weigh, or insects, rodents and vermin
7. Rain, snow, or sleet to business personal property in the open
8. War risks
9. Nuclear risks
10. the release, discharge or dispersal of "Pollutants" unless the release, discharge or dispersal is itself caused by a covered peril
11. asbestos material removal unless the asbestos is itself damaged by fire, lightning, aircraft impact, explosion, riot, civil commotion, smoke, vehicle impact windstorm or hail, vandalism, malicious mischief, water damage including flood, or leakage or accidental discharge from automatic fire protective systems
12. earthquake (except sprinkler leakage) in the State of California only (insured separately)
13. Mold and fungus
What special additional coverages are built into the main policy?
(no additional cost for the following coverages)
1. Increased Cost of Construction, Demolition Cost and Contingent liability from Building Laws. Time element coverages provided include these coverages as well.
2. Loss of Investment value for complete or partial refusal of any statutory authority to allow reconstruction.
3. To include blanket glass breakage insurance
4. To include architects', surveyors', consultants', legal and other fees, necessarily incurred in the reinstatement of the insured property (excluding Public Adjuster fees)
5. To include fire brigade, salvage charges, demolition and debris removal, removal of damaged items for repair, and expenses for making the site safe.
6. Blanket machinery breakdown cover
7. Blanket boiler explosion cover
8. Off-Premises utilities coverage (P.D./B.I.)- "Distribution & Transmission Lines" 1-mile limitations
9. Civil Authority Coverage
What is Business Income Protection?
Business Income Protection is coverage that is extended to insure the actual loss of business income including loss of rents sustained by the insured resulting from the interruption of business or delay in commencing business or the untenantability of the premises due to loss or damage to real or business personal property at an insured permise(s) as a direct result of a peril not excluded.
What are some of common examples of other elements that may be covered?
* Debris Removal from a Disaster
* Flood
* Landscaping - trees, shrubs, plants, and land improvements
* Pollution Clean Up and Removal
* Valuable Papers and Records (full cost of reproduction or reconstruction)
* Windstorm and Hail - Named Storms
* Arson and Crime Reward
* Fine Arts
* Property off Premises-including Fairs, Trade Shows and Exhibits
* Service Interruption
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