What it does
The Building and Personal Property and condominium forms list items under Property Not Covered. Examples include paved surfaces, underground pipes, foundations below the lowest basement floor, retaining walls not part of a building, bulkheads, piers and docks, and land. CP 14 10 withdraws the items described in its Schedule from Property Not Covered and adds them to Covered Property. For each, the Schedule shows:
- The premises and building number.
- The paragraph reference in Property Not Covered.
- A description of the property.
- Whether it is covered as BUILDING or PERSONAL PROPERTY.
Key points
- Once covered, the item falls under the building or personal property limit and must be included in values to meet coinsurance.
- The items are still subject to the Causes of Loss form. For example, paved surfaces are not covered for wear and tear.
- It applies to CP 00 10, CP 00 17, CP 00 18 and the Standard Property Policy.
Who needs it
Owners of shopping centers and office parks with large paved areas, marinas with docks and bulkheads, and properties with significant retaining walls or underground utility runs.
Quoting and selling notes
- Walk the property list with the client. Underground water and sewer lines, parking lots and docks are often the costliest uninsured items after a disaster.
- The opposite tool is CP 14 20, Additional Property Not Covered, which removes items from coverage.
