Solutions?
Um the National Flood Insurance Program (NFIP), as well Sounce Insurance Information Institute, ,Trying to Save More as from some private insurance companies. Many home- Sa CASE APPLICATION James and Megan Webb recently purchased a home for $300,000. The home is insured under an HO-3 policy for $250,000 with no endorsements attached. Megan collects antiques for a hobby. James has a stamp collec- tion that contains several rare stamps. The couple also 1. Megan entertains members of a local e club in her home and serves the guests a h luncheon. Two guests become and sue Megan, alleging she had served te contaminated food. The court awa guest damages of $60,000. owns a 30-foot sailboat that they use on weekends. 2. James is an architect. The roof of a new adin a. Assume you are a risk management consultant who has been asked to evaluate the couple's HO-3 policy. Identify three endorsements that James and Megarn may wish to purchase to modify their HO-3 policy. b. Explain how the above HO-3 policy would be modified by each endorsement identified in your to a client's home collapses. chen: alp that the roof collapsed because of faulty The cost of rebuilding is $40,000. The diem seeks to recover that amount from James 3. During a visit to a friend's home, Megan a dentally breaks a figurine that she picked up admire. The figurine has a value of $475.T friend is seeking damages from Megan answer to (a) above. c. For each of the following losses, indicate whether Section II of the homeowners policy would provide full coverage for the loss. If full coverage would not be provided, explain why. Um the National Flood Insurance Program (NFIP), as well Sounce Insurance Information Institute, ,Trying to Save More as from some private insurance companies. Many home- Sa CASE APPLICATION James and Megan Webb recently purchased a home for $300,000. The home is insured under an HO-3 policy for $250,000 with no endorsements attached. Megan collects antiques for a hobby. James has a stamp collec- tion that contains several rare stamps. The couple also 1. Megan entertains members of a local e club in her home and serves the guests a h luncheon. Two guests become and sue Megan, alleging she had served te contaminated food. The court awa guest damages of $60,000. owns a 30-foot sailboat that they use on weekends. 2. James is an architect. The roof of a new adin a. Assume you are a risk management consultant who has been asked to evaluate the couple's HO-3 policy. Identify three endorsements that James and Megarn may wish to purchase to modify their HO-3 policy. b. Explain how the above HO-3 policy would be modified by each endorsement identified in your to a client's home collapses. chen: alp that the roof collapsed because of faulty The cost of rebuilding is $40,000. The diem seeks to recover that amount from James 3. During a visit to a friend's home, Megan a dentally breaks a figurine that she picked up admire. The figurine has a value of $475.T friend is seeking damages from Megan answer to (a) above. c. For each of the following losses, indicate whether Section II of the homeowners policy would provide full coverage for the loss. If full coverage would not be provided, explain why
