|
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
<br />THE
<br />HARTFORD
<br />i. Application of Deductible
<br />(1) Example #1 - Specific Insurance
<br />The amount of loss to the damaged Building is $60,000.
<br />The actual Limit of Insurance on the damaged Building is $100,000.
<br />The Windstorm or Hail Percentage Deductible is 1 %.
<br />Step (1): $100,000 X 1 % = $1,000
<br />Step (2): $60,000 - $1,000 = $59,000
<br />The most we will pay is $59,000. That portion of the total loss not covered due to application of the
<br />Windstorm or Hail Percentage Deductible is $1,000.
<br />(2) Example #2 - Specific Insurance
<br />The amounts of loss to the damaged property are: $60,000 (Building), $40,000 (Business Personal
<br />Property in the open), and $20,000 (Business Personal Property in the Building).
<br />The actual Limits of Insurance on the damaged property are: $100,000 on the Building and $64,000 on
<br />the Business Personal Property.
<br />The Windstorm or Hail Percentage Deductible is 2%.
<br />(a) Building
<br />Step (1): $100,000 X 2% = $2,000
<br />Step (2): $60,000 - $2,000 = $58,000
<br />(b) Business Personal Property in the Open
<br />Step (1): $64,000 X 2% = $1,280
<br />Step (2): $40,000 - $1,280 = $38,720.
<br />(c) Business Personal Property in the Building
<br />Step (1): $64,000 X 2% = $1,280
<br />Step (2): $20,000 - $1,280 = $18,720
<br />The most we will pay is $115,440 ($58,000 + $38,720 + $18,720). The portion of the total loss that is not
<br />covered due to the application of the Windstorm or Hail Percentage Deductible is $4,560 ($2,000 +
<br />$1,280+ $1,280).
<br />(3) Example #3 - Specific Insurance
<br />The amount of loss to the damaged Building is $60,000.
<br />The amount of damage to an "perishable goods" under the Spoilage Coverage Extension is $5,000.
<br />The actual Limit of Insurance on the damaged Building is $90,000.The Windstorm or Hail Percentage
<br />Deductible is 1 %.
<br />The actual Limit of Insurance applicable to the Spoilage Coverage Extension is $10,000.The Deductible
<br />applicable to the Spoilage Coverage Extension is $1,000.
<br />Calculation of the Windstorm or Hail Percentage Deductible
<br />$90,000 X 1 % = $900
<br />The Windstorm or Hail Percentage Deductible is $900. The Deductible applicable to the Spoilage
<br />Coverage Extension is $1,000. In accordance with Paragraph 3. of Section D., DEDUCTIBLES, each
<br />Deductible applicable to this Coverage Part shall be applied separately but only to the coverage specified,
<br />and the total Deductible for all losses in any one occurrence shall be the highest Deductible amount that
<br />applies to the occurrence. Therefore, the most we will pay is $64,000 ($60,000 + $5,000 - $1,000).
<br />(4) Example #4 - Blanket Insurance
<br />Buildings #1, #2, and #3 are shown in the Declarations as included under the Blanket Insurance for
<br />Buildings with a Limit of Insurance of $2,000,000.
<br />eGF �D
<br />Form SP 10 06 10 18 ��/ 1°x REVIEWED & APPROVED BY.-
<br />© 2018, The Hartford
<br />(May include copyrighted material of Insurance Services Office, Inc., with its 1- ---- r skPjanagementAnalpt
<br />
|