Commercial Package Policy
INSURANCE COMPANY: First Indemnity Insurance of Hawaii, Inc.
POLICY PERIOD: 4/10/2016 to 4/10/2017
- Blanket Building: $255,685,400
- Business Personal Property: $331,000
- Business Income/Extra Expense: $1,100,000
- Hurricane Business Income: $1,100,000
- Building Ordinance or Law Coverage: $250,000
- Contents Ordinance or Law Coverage: $250,000
GENERAL LIABILITY LIMITS
- General Aggregate: $2,000,000
- Each Occurrence: $1,000,000
- Products/Completed Ops.: included
- Personal & Advertising Injury: $1,000,000
- Medical Expense per Person: $5,000
This policy provides protection for legal liability of the Association which results from bodily injury or property damage arising out of:
- premises and operations
- products/completed operations
- personal injury
- contractual liability
- incidental malpractice
- independent contractors (if any)
- host liquor liability
- employee benefits liability
- All Perils Except Hurricane: $5,000
- Hurricane: 1% of TIV of damaged structures or $10,000, whichever is greater
Type of Policy
This policy combines and replaces separate commercial property and commercial general liability policies.
1. Residential Condominium Units
Buildings meaning all exterior and interior walls, floors, ceilings and common building elements, including elevators, or as defined by the Association’s by laws.
Fixtures including but not limited to refrigerators, cooking ranges, drapes, wall to wall carpeting (of like kind or quality of that originally installed), and owned by the named insured, or unit owner comprising a part of the building within the exterior surfaces of the interior or exterior walls, floors, and ceilings of residential condominium units initially installed, or their replacements, in accordance with the as-built condominium plans and specifications.
Note: If any of the original fixtures were upgraded by unit owner, the policy will not cover the upgraded fixture.
2. Commercial Condominium Units
Buildings meaning all exterior and interior walls, floors, ceilings and common building elements.
Fixtures or Installations comprising a part of the building within the interior surfaces of the interior or exterior walls, floors and ceilings of commercial condominium units, initially installed, or their replacements, in accordance with the as-built condominium plans and specifications excluding alterations and additions.
In addition to (1) and (2) above: yard fixtures, swimming pools, detachable building equipment, signs attached to building, maintenance equipment, but not including motorized equipment licensed for highway use.
Meaning property owned by the Association including furniture, fixtures, equipment and supplies in which each of the condominium unit owners has an undivided interest, such as lobby and pool furniture and maintenance equipment.
Personal Property Not Covered
Household and personal property owned by, used by, or in the care, custody or control of the owner of a condominium unit. Example: tapestries, davenports, unattached rugs, screen, panelings, other ornamental covering or fixtures such as chandeliers, etc., alterations and additions to the condominium units. Stocks of merchandise, store furniture(s), fixtures, machinery and equipment, watercraft, vehicles designed for highway use, jewelry, fine arts, furs, land animals, money, securities, etc.
Risks of direct physical loss with exclusions including but not limited to the following:
- pollution & contamination
- mold, fungus, bacteria
- nuclear, biological, chemical
- certified acts of terrorism
- employee practices liability
Payment of Deductible
The carriers will look to the Association to bear the cost of the deductible. They have waived any right of recourse against any individual unit owner. The Association may seek reimbursement of the deductible from a unit owner if the insured loss was caused due to negligence of the unit owner.
This policy pays for damage to glass owned by or in the control of the Association as a result of breakage. It pays for the repair or replacement of broken glass windows with plates of the same type and dimensions as scheduled on the policy otherwise coverage is limited to the actual cash value of the damaged glass.
This policy provides protection for legal liability of the Association which results from bodily injury or property damage.
Coverage is not provided for individual unit owner’s personal liability. It is the unit owner’s responsibility to secure personal liability coverage.