WAR – January 2015 Version
Material Changes from 2011 Version
Clause No. / Page No. / Clause / Amendment /I.C. / 7 / Premium and The Policy Period / Inserted “Local Standard time” after 12:01 a.m. to mirror Policy Period on p. 1.
I.D. / 7-8 / Limits of Liability / · Inserted limits for Downzoning and Special Time Element - Cancellation Coverage (Note: Underwriters will require a small sublimit for Special Time Element - Cancellation Coverage and some underwriters may decline … put $0 in the limit section in these cases)
· Under Demolition & ICC, amended “the building” to “insured property” to mirror policy wording under Demolition & ICC
· Inserted separate limits for various “CAT” perils so that each specific area stands on its own with separate aggregate for each.
· Within NFIP Flood Zone A & V, we amended “insured property” to read “buildings and structures” … other insured property (e.g., parkings lots) will not be subject to Zone A or V limitations if not located in Zone A or V.
I.E. / 9 / Deductibles / Within NFIP, Flood Zones A or V, amended “insured property” to read “buildings and structures” to track with limits.
I.E.4. / 11 / Deductibles / Amended “per unit” wording to reported value for PD units to ensure the Insured will have their PD deductible calculated at time of loss.
I.E.6. / 11 / Deductibles – NFIP / Amended NFIP clarification to include reference to “Earthquake” and “Named Storm”.
III.B.8. / 16-17 / Course of Construction / Amended wording to clarify that “maintenance, repair, renovations and refurbishment of existing locations is not considered to be in the Course of Construction”.
III.B.13. / 19 / Demolition/ICC / Amended b. to read “The cost to rebuild the undamaged part of the insured property” which is considered more industry standard.
IV.M. / 25 / Property Excluded / Added exclusions for underground mines and mining equipment.
V.H.2.a. / 33 / Extensions of Time Element – Expenses to Reduce Loss / Amended “not to exceed the amount by” to read “even though such expenses may exceed the amount by”.
V.H.2.b. / 33 / Extensions of Time Element – Contingent “Time Element” / Added “airlines, airports, railroads, railway stations, ports, cruise ships and other means of transportation involved in the transport of patrons, equipment or other goods to the Insured’s location(s)”
V.H.2.d. / 34 / Extensions of Time Element – Interruption by Civil or Military Authority / Amended “prevented” to read “prevented or impaired” and added coverage for imminent loss and increased miles limitation from five (5) to ten (10).
V.H.2.e. / 34 / Extensions of Time Element – Loss of Ingress or Egress / Amended “prevented” to read “prevented or impaired” and increased miles limitation from five (5) to ten (1).
V.H.2.i. / 35 / Extensions of Time Element Coverage / Added new coverage: Downzoning
V.H.2.j. / 35 / Extensions of Time Element Coverage / Added new coverage area to policy: Special Time Element – Cancellation Coverage
VI. / 37-42 / Exclusions / Under G. Pollution/Contamination, K. Mold/Mildew, N. Electronic Media/Data and O. Asbestos, amended Listed Perils to include “Named Storm” and transit.
VI. / 39 / Exclusions / Under I. Hostile or Warlike Action/Act of Terrorism, deleted Act of Terrorism since the exclusionary wording only mentions war.
VII. / 45 / Valuation / Added L. Historical Landmark
X.K. / 60 / Definitions – High Hazard Zones Earthquake / Added note to suggest trying to limit to Alaska, California, Hawaii and Puerto Rico within the United States.
If you must include New Madrid or Pacific NW, the list of counties has been decreased to mirror what is acceptable to broader marketplace as opposed to expiring list which was based on FM Global list.
X.N. / 62 / Definitions – Land Improvements / Added “including golf courses, beaches”
X.R. / 63 / Definitions – Named Storm / Amended “U.S. National Weather Service” to “NOAA’s National Hurricane Center or similar Meteorological Authority”.
Also added the following sentence: “Notwithstanding whether or not the loss location is situated within a SFHA designated flood zone, the limits and deductibles applicable to “Named Storm” shall apply.”
X.Y. / 64 / Definitions – High Hazard Named Storm Zones USA- Tier One / Reduced the number of counties to mirror what is acceptable to broader marketplace as opposed to expiring list which was based on FM Global list.
Endorsement / 69 / Locations in FEMA SFHA Zones A or V / Inserted “buildings or structures” in first sentence so that other property (e.g., parking lots) not located in zones A or V will not be subject to A or V limit/deductible.
Endorsement / 70 / Third Party (Loss Payee) Deductible and Reimbursement / Added an endorsement to address this issue should it be necessary
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