Jack Rice Insurance

This valuation method pays for the cost to repair or replace damaged property with like kind and quality, less reasonable deductions for wear and tear, deterioration and economic obsolescence.

This coverage is used to provide protection for the following causes of loss: fire, lightening, explosion, windstorm, hail, smoke (except from agricultural smudging or industrial operations), aircraft, vehicles, riot, civil commotion, vandalism, sprinkler leakage, sinkhole collapse and volcanic action.

This coverage is used to provide protection for the following causes of loss: fire, lightning, explosion, windstorm, hail, smoke (except from agricultural smudging or industrial operations), aircraft or vehicles, riot, civil commotion, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, breakage of glass, falling objects, weight of snow, ice or sleet (except for damage to gutters, downspouts or personal property outside of buildings), and limited water damage.

Your Property policy includes some limited protection for increased costs of construction due to the enforcements of laws that arises from a covered loss. This coverage is limited to the damaged portion of a covered structure with a maximum limit of $10,000 or 5 percent of a covered loss. This endorsement can be used to broaden this basic verbiage to include protection for three additional coverage exposures: Coverage A - payment for the value of the undamaged part of a building when a building code requires its demolition following a partial loss. Coverage B - coverage for the expense of demolishing the undamaged portion of a building damaged by an insured peril including the cost of removing the debris. Coverage C - coverage for the increased costs of construction resulting from enforcement of construction or building laws. This coverage applies to both the damaged and undamaged portions of the structure.

Building coverage provides protection for permanent structures listed on the policy. Completed additions, permanently installed fixtures, machinery and equipment, outdoor fixtures, owned personal property used to service, repair or maintain the building and additions under construction or repair are all included in this definition.

This coverage is used to insure against loss of business income (including any continuing normal operating expenses) that you sustain due to the necessary suspension of your business operations. To be covered the suspension must be caused by a direct physical loss of or damage to property at the premises described in your policy and for which a business income limit of insurance is shown. Under this form, extra expenses are included and rental values can be added as an option. An extended period of indemnity provision is also included to provide coverage after you resume operations until your business returns to normal levels of activities, up to the time period specified in the form.

A policy may contain a coinsurance clause requiring that the limit of coverage be a minimum percentage (usually 80%) of the insurable value of your property. If the amount of insurance carried is less than what is required by this clause, any claim payment may be reduced by the same percentage as the deficiency. Example of coinsurance at 80%

Building Value	Insurance Carried	Loss	Insurance Pays
100,000	70,000	60,000	52,500

This coverage pays for the necessary additional expenses needed to continue business when a covered loss damages or destroys insured property.

This coverage is used to provide protection against loss due to water damage arising from flooding, surface water, tides, tidal waves, and the overflow of any body of water.

This coverage is used to pay for damage caused by fungus, wet rot, dry rot, or bacteria that results from a covered cause of loss up to the limits specified in the form. It also includes coverage for any resulting loss of business income or extra expenses you may incur up to the specified period of time stated in the form.

This coverage is used to extend your Property policy to insure against loss of specified alterations or additions that you have made in the building you rent or lease. This is important because these improvements become the property of the building owner and you may not be compensated for their destruction after a covered loss without this coverage.

This Business Interruption option will suspend your policy's coinsurance clause but limits the amount of your recovery to the monthly percentage shown in your declarations page.

This coverage protects personal property owned by your firm and used in your operations. Furniture and fixtures, equipment and machinery, raw stock, and finished goods all fall within this category. Personal property of others while located in your covered building or within 100 feet of the premises can also be insured. Contents located off premises are not covered and must be insured by alternate methods.

This endorsement is a warranty in the policy that all specified protective safeguards will be operational at all times unless you notify your carrier of the impairment. Failure to do so will suspend coverage until the protection is restored. This endorsement does allow shut-down in specific emergency circumstances.

This loss valuation method pays for the cost to repair or replace damaged items with like kind and quality without deduction for depreciation. This is important since you could face a substantial loss if you must replace property at today’s prices but receive only the depreciated value of the property that was destroyed.

This coverage will protect covered property against direct loss arising from any cause not specifically excluded. The advantage of this form is that the insurance company must prove that a loss is specifically excluded in order to deny coverage under the policy.

This endorsement is used to insure against loss to perishable stock when caused by a change in temperature or humidity that results from mechanical breakdown, contamination or power outage. Please note that coverage for these additional perils must be indicated on the form for it to be activated and includes protection for both on premises and off premises power sources.

This insurance is used to protect against loss or damage to covered property that results from mechanical breakdown, electrical damage, explosion of a boiler, or other covered events as specified in the form.

This coverage is used to insure against property damage that results from an interruption of services by a facility that provides you with power, water or communications when caused by a covered peril.

This property policy provision activates when buildings you own are vacant for more than 60 days. When this occurs, coverage is suspended for loss to insured property that results from vandalism, sprinkler leakage, glass breakage, water damage, and theft. For loss by other perils, payments will be reduced by 15%. Buildings are considered vacant when they do not contain enough contents to conduct customary operations or, in the case of building owners, when 30% or more of the building is not rented.

Actual Cash Value Valuation