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

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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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
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.
Transcribed Image Text:remaining Language: English Français Font Size: 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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