Bpp liquidating trust
For example, assume that a property is valued at 0,000 new, has depreciated 20 percent in value, insurance of ,000 is taken, and a ,000 loss occurs.
The actual cash value of the loss is ,000 (,000 minus 20 percent depreciation).
They also cover removal of debris following a loss, expenditures to protect property from further loss, and loss of property removed from the premises for safety once an insured peril has occurred.
Recovery under homeowner’s forms is limited to loss due directly to the occurrence of an insured peril.
Political risks such as war or currency debasement are usually not insurable by private parties but may be insurable by governmental institutions.Losses can be predicted with reasonable accuracy, and this accuracy increases as the size of the group expands.From a theoretical standpoint, it is possible to eliminate all pure risk if an infinitely large group is selected.Thus the homeowner’s policy is multi-peril in nature, covering a wide variety of risks formerly written under separate contracts.Homeowner’s forms are written to cover damage to or loss of not only an owner’s dwelling but also structures (such as garages and fences), trees and shrubs, personal property (excluding certain listed items), property away from the premises (such as boats), money and securities (subject to dollar limits), and losses due to forgery.