An Insured calls their Broker to let them know they are planning to complete renovations to their home. Which description of the Insured's renovations would require the Broker to recommend purchasing a Builders' Risk policy? OA) Redoing the shingles on the Insured's roof, repainting the inside and outside
An Insured calls their Broker to let them know they are planning to complete renovations to their home. Which description of the Insured's renovations would require the Broker to recommend purchasing a Builders' Risk policy? OA) Redoing the shingles on the Insured's roof, repainting the inside and outside
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:An Insured calls their Broker to let them know they are planning to complete renovations to their home. Which
description of the Insured's renovations would require the Broker to recommend purchasing a Builders' Risk policy?
OA) Redoing the shingles on the Insured's roof, repainting the inside and outside of the home and refinishing all the
kitchen cabinets
OB) Moving one non-weight bearing wall to increase the size of the master bedroom and retiling the master
bathroom
OC) Adding a minor addition to the back of the home to increase the size of the kitchen and dining area
OD) Finishing the basement by installing hardwood floors and creating a new bathroom and two additional bedrooms
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Your insureds occupy a single family detached dwelling. For economic reasons, they are considering renting the finished
basement to a tenant. What affect will this have on their Homeowners Policy?
OA) None at all. Renting part of a dwelling is not considered a commercial activity.
OB) They will have to install a smoke detector in the basement and the policy will then be in full force.
OC) The policy will have to be cancelled and re-issued on a Secondary Dwelling form.
OD) The policy must be endorsed to declare it is no longer a single family owner-occupied dwelling.
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