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Property-casualty is an amalgamation of many distinct “lines” of insurance.
Insurance Lines are used by regulators to control the activities of insurance companies. They used to be integral to financial security laws that tried to firewall different parts of the insurance industry, so that a bad hurricane season would not imperil coverage for fidelity bonds on Wall Street.
New York recognizes thirty distinct lines of insurance.
This kind of named-peril coverage is found in the “Basic” causes of loss form, which covers Fire, Lightning, EC, VMM, leakage from sprinklers, sinkhole collapse and volcanic action.
ISO also offers a “Broad” causes of loss form that adds falling objects, weight of snow, ice and sleet, water damage from appliances and systems.
Collapse of a completed building can be covered as an extension under the broad form, but it responds only if collapse is caused by the Broad Form perils, unknown decay, unknown insect damage, weight of people or personal property, weight of water on the roof or the use of defective materials or methods in constructing, remodeling or renovation.
Miscellaneous coverages include cost of bonds to release attachments up to the limit of insurance, prejudgment interest on the part that the insurance company pays, postjudgment interest on the entire judgment until the insurance company pays or offers to pay up to the limits of coverage