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hw4 - Barsha Shrestha HW 4 Chapter 20 Application Question...

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Barsha Shrestha HW: 4 Chapter 20: Application Question: 7 a. Paul has his home and its contents insured under homeowner 3 (special form) policy and for this reason he can only collect $1500 from stamp collection because there is special limits of liability. To collect the full loss of $5000, the valuable stamp collection should be insured separately. b. If teenage vandals break into Paul house and destroy a painting, he can cover his full loss. According to book losses to personal property are paid on the basis of actual cash value at the line of loss. So to collect the full value he has to claim and provide information about the painting actual cost. c. Since the motorboat is stored in the driveway of the home and is damaged by a hail, the loss will be not cover. But since the homeowner policy covers hail damages, if he can prove that the motorboat was damaged because of the house, Chapter 22: Application Question: 4 a.
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