Coverage Definitions

• Replacement Cost Coverage
In the event of a loss, your property will be replaced at its present value with no penalty for depreciation, up to the limit of insurance on the policy.

• All Risk Coverage
Covers losses from all causes not specifically excluded in the policy.

• Named Peril Coverage
A form of insurance covering only those risks specifically named in the policy, which is available for those buildings that do not qualify for "All Risk" Coverage.

• Agreed-Amount Building Value
Both Brownstone Agency, Inc. and the Insured together determine the replacement cost of the insured property and call it the "Agreed Amount". With this coverage, there is no co-insurance penalty in the event of a claim. Coinsurance is available at 80%, 90% or 100%.

• Loss of Rental Income / Maintenance Fees
Covers loss of rental income (rents or maintenance fees) when a risk becomes uninhabitable due to a covered peril. It is purchased with an actual dollar value, for instance, actual rent roll. Common maintenance fees for Condominium / Cooperative Associations may be insured within this coverage.

• Liability Insurance
Protects the assets of an Insured when sued for causing injury or property damage to others. Limits are available up to $4 million in the aggregate.

• Excess Liability Insurance
Provides another $3 million in General Liability coverage on a separate policy. It is offered only on a 3-year basis. Underlying General Liability limits of $2 million per occurrence / $4 million aggregate are required.

• Water Damage Legal Liability Insurance
Provides coverage for the insured's liability due to damage of another's property caused from leakage or overflow of water - For instance, sprinkler damage or plumbing leaks.

• Special Coverages
Other coverage available through our program: Electrical damage to appliances, Flood, Back-up of sewers and drains, Building ordinance & law, Lead, Mold, Earthquake, Directors & Officers , Hired and Non-Owned Auto, Fidelity and Employee Dishonesty, plus others.....Please inquire with our underwriters.