Territorial classification-Continued Territorial loadings Next $30,000 Excess of $50,000 XXIV NOTE.-Territories VI, VII, VIII, IX, and X are not loaded for windstorms and hail. Therefore, the premium is to include a charge for windstorm and hail at the contents Extended Coverage rate or at the contents 80 percent coinsurance Extended Coverage rate (if applicable) or at the contents 80 percent coinsurance Windstorm rate (if applicable), whichever is less, applied to the full policy amount applying to residences in such territory. Where the windstorm and hail tariff provides rates for risks written subject to a franchise or deductible and such rates are used, the Personal Property Floater policy must be made subject to such franchise or deductible with respect to the risks of windstorm and hail; otherwise rates for full coverage must be used. MINIMUM PREMIUMS FOR UNSCHEDULED PORTION (See special rules applicable in certain states) The minimum premium for coverage under Item (a) Paragraph 3, on an annual and a three year policy shall be as follows: Full Coverage. $15 Deductible Form.. $50 Deductible Form. $25 Partial Limitation Form.. One Year Three Years The prescribed annual minimum shall be obtained for policies issued for a The minimum premium shall not necessarily be period of less than one year. exacted as an earned premium in the event of cancelation. *Scheduled property Articles may be scheduled under the Personal Property Floater if such scheduling is permitted or required on specific policies under the jurisdiction of the TIRB. The rules and rates applying to such specific policies must be used. The specific forms for each class of scheduled property may be used, or the Personal Articles Schedule Endorsement which appears in the All Classes Section of this Manual may be used in scheduling articles. However, the minimum premiums for such specific policies shall NOT apply. Premiums for such scheduled property are to be added to the minimum premium for the unscheduled portion of the policy. Extensions of coverage (For endorsement forms see Standard Endorsement Section.) Additional All Risks Coverage on Unscheduled Gems, Precious and Semiprecious Stones, Jewelry, Watches, and Furs.-Policies may be endorsed to provide additional all risks coverage on gems, precious and semiprecious stones, jewelry, watches, and furs in addition to the $250 provided in Paragraph 3, Item (a) (I) of the form, but the additional coverage may not exceed $750. Additional premium on the amount of additional coverage should be charged at the rate of $2.50 per $100 for one year or at the rate of $6.25 per $100 for three years. The premium for this extension of coverage shall be added to the minimum premium for the unscheduled portion of the policy. Additional Burglary and Holdup Coverage on Unscheduled Gems, Precious and Semiprecious Stones, Jewelry, Watches, and Furs.-Policies may be endorsed to provide coverage on unscheduled gems, precious and semiprecious stones, jewelry, watches, and furs in addition to the $250 provided in Paragraph 3, Item (a) (I) against the risks of holdup and burglary of residences of the Insured. Additional premium on the amount of additional coverage should be charged at the rate of 70¢ per $100, for one year, or $1.75 per $100 for three years. The premium for this extension of coverage shall be added to the minimum premium for the unscheduled portion of the policy. Additional Earthquake Coverage on Unscheduled Gems, Precious and Semiprecious Stones, Jewelry, Watches, and Furs.-(In the States of Washington, Oregon, California, Montana, Idaho, Nevada, and Arizona.) Policies may be endorsed to provide earthquake coverage on unscheduled gems, precious and semiprecious stones, jewelry, watches, and furs. Additional premium for such coverage shall be charged at the rate of 20 cents per $100 for one year, or 40 cents per $100 for three years. The premium for this extension of coverage shall be added to the minimum premium for the unscheduled portion of the policy. Additional Money Coverage. The policy may be extended to include money including numismatic property above the $100 included in the basic form for an increased amount, but not exceeding $400 additional at a rate of $2.70 per $100 for one year, or $6.75 for three years. The premium for this extension of coverage shall be added to the minimum premium for the unscheduled portion of the policy. Additional Coverage on Securities.-It shall be permissible to extend the policy to include securities, etc., for an increased amount, but not exceeding $500, additional, subject to a rate of $1.80 per $100 for one year, or $4.50 for three years, but the premium for this extension of coverage shall be added to the minimum premium for the unscheduled portion of the policy. Additional Coverage at Secondary Location.-It shall be permissible to extend the policy to cover in excess of the 10 percent secondary location coverage. The additional coverage at secondary location shall be calculated by applying to the additional amount granted at each specific location the difference in the contents fire rate (and windstorm rate where required) applying to the principal residence and that applying to the specific secondary location (s). If, however, the fire contents rate (and windstorm rate where required) at the specific secondary location is lower than that applying to the principal residence, return premium shall be allowed at the difference in such rates applied to the additional amount of coverage granted at the specific secondary location. Deductibles and partial limitation forms (For endorsement forms see Standard Endorsement Section.) The credit for the deductible and partial limitation clauses shall not be applied to additional premiums for extensions of Sections I, II, and III, of Item (a). Paragraph 3 of the basic Personal Property Floater form. NOTE. The $50.00 Deductible Form is not filed in all states. See Variations by States. *4.1.55 TIRB Inland Marine Manual. 69096-56-pt. 2—22 $15.00 deductible form On policies issued subject to $15.00 deductible clause applicable to unscheduled property a credit of 20 percent of the premium charged for the blanket portion, Item (a), Paragraph 3 of the policy (but not less than $10,00 nor more than $25.00 on annual policies and not less than $30.00 nor more than $75.00 on policies written for a period of three years) may be allowed. $25.00 deductible form On policies issued subject to $25.00 deductible clause applicable to unscheduled property a credit of 30 percent of the premium charged for the blanket portion, Item (a), Paragraph 3 of the policy (but not less than $15.00 nor more than $40.00 on annual policies, and not less than $45.00 nor more than $120.00 on policies written for a period of three years) may be allowed. $50.00 deductible form On policies issued subject to $50.00 deductible clause applicable to unscheduled property a credit of 45 percent of the premium charged for the blanket portion Item (a), Paragraph 3 of the policy (but not less than $20.00 nor more than $50.00 on annual policies, and not less than $60.00 nor more than $150.00 on policies written for a period of three years) may be allowed. $25.00 partial limitation clause On policies issued subject to the $25.00 partial limitation clause applicable to unscheduled property a credit of 15 percent of the premium charged for the blanket portion, Item (a), Paragraph 3 of the policy (but not less than $7.50 nor more than $20.00 on annual policies and not less than $22.50 nor more than $60.00 on policies written for a period of three years) may be allowed. In arriving at the foregoing credits there shall first be deducted from the full premium charged for the blanket portion of the policy such credits for existing insurance as may be granted under these rules. Credit for existing insurance It is not necessary to cancel existing other insurance policies such as fire, windstorm, residence burglary, etc. By special endorsement they may be allowed to remain in force to expiration. Return premium for specific insurance shall be the unearned premium on such insurance calculated pro rata of the premium paid for such specific insurance to expiration of the Personal Property Floater policy or expiration of such existing specific insurance, whichever may first occur, but in no event shall credit for existing fire insurance (or in territories six to ten inclusive, for existing windstorm insurance) be permitted on the basis of a higher fire rate or higher windstorm rate than that used in calculating the premium for the Personal Property Floater Policy. As each policy expires, the coverage is picked up and assumed by the Personal Property Floater Policy. The premium for this policy shall not be less than the minimum premium heretofore stated, irrespective of any credits for other insurance. Either the entire insurance must be carried on the Personal Property Floater or existing policies must be scheduled in the special endorsement. Other insurance is permitted only under these conditions. It is permissible to write other specific insurance on the property on a continuous basis, provided Item (a) of Paragraph 3 of the Personal Property Floater covers to 80 percent of the total value of the property insured thereunder, and the other insurance is scheduled on the Personal Property Floater. Inasmuch as the TIRB form gives fire and extended coverage on unscheduled gems, precious and semiprecious stones, jewelry, watches, and furs, while other Personal Property Floaters do not, it is important that no TIRB Personal Property Floater be written on property covered by any other Personal Property Floater. *When credit has been given for the existence of other insurance either the Other Insurance Endorsement Form TIRB-Ola (10.53) or Form TIRB-OIb (10.53) appearing in the All Classes Section of this manual shall be used. TERM RULE Policies may be issued to cover for a period of three years. The premium for a term policy shall be the three-year term fire premium plus the three-year loading shown in the table of Territorial Loadings. In territories where the loading does not include the tornado rate, the three-year tornado rate shall also be added. Scheduled jewelry, furs, fine arts, and such other scheduled items may be included for the three-year term at the rates applying to such specifically scheduled items if they were insured independently. WIND AND HAIL COVERAGE ON OUTDOOR RADIO AND TELEVISION ANTENNAE Wind and hail coverage on outdoor radio and television antennae is to be excluded on policies covering in states in which such property is excluded under Extended Coverage endorsements. Wind and hail coverage on outdoor radio and television antennae may be granted at the wind and hail rates for antennae coverage applying in the applicable state. When such coverage is excluded or granted, the Outdoor Radio and Television Antennae Endorsement, Form TIRBRTA (6-54) appearing in the All Classes Section of this manual shall be used. (This rule does not apply in Alabama, Florida and Georgia. See paragraph below.) Alabama, Florida and Georgia.-In these states wind and hail coverage on outdoor radio and television antennae is automatically provided under the Personal Property Floater Policy but the coverage is subject to the following deductibles: Alabama.. Florida____ Georgia. $50.00 deductible. 100.00 deductible. 50.00 deductible. The Windstorm and Hail Deductible Clause (Antennae and Towers Only), Form TIRB-WHD (2-56) appearing in the All Classes Section of this manual should be attached to all Personal Property Floater policies applying in Alabama, Florida and Georgia. UNDERWRITING RULES 1. Form. The provisions of the basic Scheduled Property Floater policy are a part of this coverage. 2. Personal property as used in the policy is intended to include fixtures installed by the Insured for dwelling purposes in premises leased or occupied by the Insured which premises are not owned by any person or persons whose property is covered under the policy. 3. Residence is defined as the main residence and such outbuildings as are part and parcel of the activities of the main residence. Buildings which may be adjacent to the main residence, but which in themselves constitute a residence which may from time to time be occupied by other than the named Insured shall be construed to be separate residences. 4. Other named insured.-It is not permissible to issue a policy naming as the Insured, persons not related residing together. 5. Members of insured's family residing together.-It is permissible to exclude from coverage the property belonging to, or used, or worn by any named person other than the Insured, but no credit or reduction in rate may be given for such deletion or exclusions. 6. Exclusion 6(a)-may be deleted without credit or charge. 7. Cancellation.-When a Personal Property Floater is canceled at the request of the Insured, the earned premium shall be computed at the customary Short Rate, regardless of whether a fire, fire and extended coverage, or fire and burglary coverage are rewritten in the same company or an affiliated company. 8. Fur depreciation endorsement.-When this endorsement is used a reduction in premium must be allowed corresponding to the reduction in coverage. Where the percentage of depreciation is the same for both the second and third years, this may be done easily by reducing the premium by the percentage of depreciation. (See TIRB Form-050-5 (2-43) Standard Endorsement Section.) 9. Furnished dwelling and apartment endorsement.-Where the Insured is renting furniture or equipment as part of furnished living quarters, the Optional Furnished Dwelling and Apartment Endorsement (TIRB Form 050-28) may be used if desired. 10. Rate verification slips.-The use of rate verification slips is not required in any state. However, the responsibility for using the correct rate rests with the Insurer. Several insurance departments have expressed the opinion that use of rate verification slips is an excellent method of making certain of the correct rate. Each claim for loss or damage (separately occurring) to unscheduled property shall be adjusted separate Form TIRB-050-1 (3-45) .Agent |