Quite often the building is mortgaged to a financial institution and cover is

Quite often the building is mortgaged to a financial

This preview shows page 124 - 126 out of 525 pages.

Quite often, the building is mortgaged to a financial institution and cover is arranged through an insurance affiliate or insurer with whom the financier has an arrangement. Accordingly, it is not uncommon for two different insurers to insure building and contents. 2 Defined events cover. Accidental loss or damage cover. 3 No. Malicious damage by tenants is excluded and insurers do not, as a general rule, provide the cover as an option even for extra premium. 4 General insurance is designed to cover fortuitous events; that is, events which may happen rather than events which are guaranteed to happen. Flood is the inevitable and normal consequence of heavy rain. Properties exposed to flood risk will, in time, suffer damage. The relatively small number of these risks cannot generate sufficient premium to cover these inevitable losses. 5 False. Domestic outbuildings are a normal inclusion. 6 Carpets represent a higher risk because of their susceptibility to damage. By including them as part of the ‘contents’, insurers obtain a higher premium because contents rates are higher than buildings rates. Self-help question 1.2 1 Most probably a home contents policy would be best for Mr Goh, with the rugs specifically listed because the carpets may be subject to limitations under the valuable items definition of the insurer’s policy. For example, are the carpets antiques? However, the contents policy is not designed to cover trade merchandise. The status of the carpets must be established; are they domestic household goods or trade stock? Mr Goh is an importer of luxury goods. The carpets could be trade stock items and, if so, they should be covered under a commercial property insurance policy. 2 No. Contents insurance usually excludes animals.
Image of page 124
Ͽҏֲ䰾# Ѽખāā█໼߾ѯ# AUSTRALIAN AND NEW ZEALAND INSTITUTE OF INSURANCE AND FINANCE 125 4145# ᗲ㗘乭ㄩḝ ᗲ㗘乭#414# 4# ᕝᐍ㾖ⱙᮎ⊪ᰄᇛᓏㄦ⠾ᢊᢑ㒮䞦㵢ᴏᵙͼ✋ৣ䗯䖜䰙ሳ䆺䞦㵢ᴏᵙⱙֲ 䰾্݁៫ϣ䆺ᴏᵙ᳞݈ⱙֲ䰾ҏᅞᥧֲ䱱Ȣವℹͼᓏㄦ⠾੡ᅹݚ䋷Ѽߛࠀ ০ϹԢϢৡⱙֲ䰾ҏᡪֲⱙد⊪ᕝ᱃䘢Ȣ 5# ᅯОѠӋֲ䱱Ȣᛤ໫ᤴ༆៫ᤴᆈֲ䱱Ȣ 6# Ϣℸ⹃Ȣᡔ⾴ҏⱙᙋᛤᤴᆈ㺀䰹໫ͼ䗯ᐍᚚފϠͼै֔ᬄҭ乲໫ⱙֲ䌎ͼ ֲ䰾ҏдϢӯᇛ݋߬Џৄ䗞ᢾⱙֲ䱱ᴺᦥհ㒮㺀ֲ䰾ҏȢ 7# ᱃䗯ֲ䰾ᮽ೽Џً✋ѠӋᦥհֲ䱱ͼдሆᰄ䇉ͼᰄЏৄ㛒দ⫴ⱙѠӋᦥհ ֲ䱱ͼ㗡ϢᰄЏ⊽ᅯӯদ⫴ⱙѠӋᦥհֲ䱱Ȣ∉♓ᰄϢৄ䙔ܢⱙͼᅘᰄ໼ 䲽ӯ䗵៥ⱙℸᐍ㒨ᵱȢ䴷Љ∉♓亣䰾ⱙ䋷Ѽ䖴ᮾӯবࠅᤴᆈȢ䖮㉐ⳍᇎᭅ 䞤Ϣ໯ⱙ亣䰾Ϣ䎈ҺѼ⫴䎈໴ⱙֲ䌎ᴺЏ䖮㉐Ϣৄ䙔ܢⱙᤴ༆ᦥհֲ䱱Ȣ 8# Ϣℸ⹃Ȣᆋ⫽໫䚽ᓏㄦ⠾ϕ㠁䛒㺀ࣚᣁ೽ݚȢ 9# ⬆ѣᵖᯨবࠅᤴᆈͼವℹഅ⇄ሳѣ䕘傭ⱙ亣䰾Ȣᇛഅ⇄ࣚᣁ೽Ćᅹݚ䋷Ѽć РЂͼֲ䰾ҏৄҺᬋফ᳉傭ⱙֲ䌎ͼವЏᅹݚ䋷Ѽⱙ䌎⥜傭ѣᓏㄦ⠾ⱙ䌎 ⥜Ȣ ᗲ㗘乭#415# 4# #ᕝৄ㛒ᆋሚᅹݚ䋷Ѽֲप᳕䗗ঢ়傭ܝ⫴ⱙᚚފͼᇛഅ⇄⡎ࠀ߬ߏᰄವЏഅ
Image of page 125
Image of page 126

You've reached the end of your free preview.

Want to read all 525 pages?

  • Winter '17

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes