Dwelling, Buildings, And Contents Insurance (db&c)
Definition of "Dwelling, buildings, and contents insurance (db&c)"
Coverage when residential property does not qualify according to the minimum requirements of a homeowner's policy, or because of a requirement for the insured to select several different kinds of coverage and limits on this protection. DB&C insurance coverages can be selected from the following forms and attached to the Standard Fire Policy:
- Basic/Regular/General Form Coverage for property damage to a building used as a dwelling, as well as its contents. (Contents coverage is not restricted to the building or dwelling; coverage can be applied to contents of buildings such as hotels, that do not qualify as dwellings under the DB&C). The property coverage for the building includes items attached to the building such as equipment and fixtures, built-ins, furnace, air conditioner, hot water heater, and lighting fixtures. An optional extension of the dwelling coverage of up to 10% can be applied to private structures on the premises such as a garage. Contents coverage on household and personal goods within the dwelling can be extended to off-premises household and personal contents for up to 10%. Perils insured for both dwelling and contents are fire, lightning, and removal of the property from the premises to further protect it from damage from the perils. For an additional charge, vandalism and malicious mischief can also be insured against.
- Broad Form includes the basic coverages plus the additional perils of burglary; falling objects; weight of snow and/or ice; accidental discharge, leakage, or overflow of water or steam from an air conditioning, heating, and/or plumbing mechanism and/or household appliance; glass breakage; damage resulting from water or freezing of plumbing and/or heating mechanisms; and structural problems leading to the collapse of the building. Damage from insured perils resulting in additional living expenses is also provided.
- Special Form Coverage on an ALL RISKS basis for only the structure of a dwelling, with no coverage for its contents.
Popular Insurance Terms
Health insurance coverage only for a specified catastrophic disease such as cancer. It is important to ascertain the waiting period required, maximum benefits and maximum length of time ...
Rights and duties of an insured as a prerequisite for collecting benefits. For example, in the event of property damage, the insured may be required to submit proof of loss to the insurance ...
Cost of doing business, not including pure expectation of loss. ...
Federal law that requires administrators of pension plans with more than 25 participants to file a plan description with the U.S. Department of Labor. A plan description includes schedules ...
Device that enables the health maintenance organization (HMO) to present a premium quotation to the employer that would encourage the employer to replace the current health carrier. The POS ...
Proportion of losses incurred to premiums earned. This ratio indicates the amount of a premium dollar that is being consumed by losses. ...
Method of underwriting insurance in which the insurance company utilizes regular mortality tables without additions for abnormalities. ...
Correction of a contract containing a mistake in order to prevent a party to that contract from gaining from that mistake. For example, if $1,000,000, instead of the correct amount of ...
Synopsis of the key financial figures concerning the pension plan that is contained in the form 5500 that must be filed annually with the Internal Revenue Service. This report must be given ...
Have a question or comment?
We're here to help.