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Your client has a Homeowners Comprehensive policy through your office. She decides to go into business for herself and opens up a hairdressing salon in her home without telling you. She has no employees. To what extent may this affect her insurance policy?

Your client has a Homeowners Comprehensive policy through your office. She decides to go into business for herself and opens up a hairdressing salon in her home without telling you. She has no employees. To what extent may this affect her insurance policy?

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Your client has a Homeowners Comprehensive policy through your office. She decides to go into business for herself and opens up a hairdressing salon in her home without telling you. She has no employees. To what extent may this affect her insurance policy? The policy is not affected. Coverage is automatically suspended until a hydro certificate is obtained regarding the electrical outlets. It is a change material to the risk and the coverage could be impaired because of failure to notify the insurer. Since a business is now conducted in the residence, the replacement cost settlement clause no longer applies.
Transcribed Image Text:Your client has a Homeowners Comprehensive policy through your office. She decides to go into business for herself and opens up a hairdressing salon in her home without telling you. She has no employees. To what extent may this affect her insurance policy? The policy is not affected. Coverage is automatically suspended until a hydro certificate is obtained regarding the electrical outlets. It is a change material to the risk and the coverage could be impaired because of failure to notify the insurer. Since a business is now conducted in the residence, the replacement cost settlement clause no longer applies.
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