SEPARATE STRUCTURES - - Coverage B – ADDITIONAL AMOUNT OF INSURANCE
(Available only as part of the Landlord Platinum Package)
FUNCTION:
This endorsement provides coverage for other structures located on the premises. The additional Amount of Insurance for these structures is the lower of 10% of the Amount of Insurance for Coverage A – Dwelling or $10,000. However, this coverage does not extend to any structure that is specifically described on the Declarations Page for Coverage B – Other Structures.
EXAMPLE:
Perry’s Declarations Page lists his rental dwelling for $60,000 and $10,000 for a detached garage under Coverage B – Other Structures. He also has a small storage building on the property that he has chosen not to specifically insure. He selected the Platinum Landlord Package which includes the Other Structures – Additional Amount of Insurance endorsement. Although he chose not to specifically insure this storage building, he has up to $6,000 for an insured loss to that structure because of this endorsement.
Note: If a loss occurred to the detached garage – which is specifically named on the Declarations Page – this extension of coverage for other structures does NOT increase the amount of insurance on the garage. The $10,000 listed on the Declarations Page is the maximum available for the garage.
USAGE:
Available only when the Landlord Platinum Packaging option is selected on rental and multiple family owner-occupied dwellings.
SPECIAL UNDERWRITING CONSIDERATIONS:
If there is an additional structure in poor physical condition or that has not been properly maintained, the Specific Structure Exclusion may be required for that particular structure. The structure cannot be used in whole or in part for any business purpose.
