Homeowners Insurance Glossary
Safety Consultant.
See Engineer. (PR, LA)
Salvage Corps.
An organization whose duties are limited to preventing further damage to property during or after a fire. Property Insurance companies establish them. (PR)
Schedule.
A list of individual items covered under one policy, such as various buildings and contents. (PR)
Schedule Policy.
An insurance contract that lists separate kinds of property, separate locations, or separate insurance coverage's with the amount of insurance applying to each. (PR)
Schedule Rating Plan.
(1) Applying debits or credits within established ranges for various characteristics of a risk, which are either below or above average according to an established schedule of items. (2) Under Liability and Automobile Insurance, the schedule rating plan has been designed to allow credits and debits for various good or bad features of a particular commercial risk. An example in automobile schedule rating would be allowing credits for driver training classes or fleet maintenance programs. (PR, LA, AU)
Selling Price Clause.
See Market Value Clause. (PR)
Single Interest Policy.
Insurance protecting the interest of only one of the parties having an insurable interest in property, such as insurance protecting a mortgagee but not a mortgagor or protecting a seller but not a buyer. (PR)
Sinkhole Collapse.
The peril of a sudden sinking or collapse of land into underground empty spaces created by the action of water on limestone or similar rock formations. The latest commercial property forms now cover this peril. Other forms of earth movement continue to be excluded in most cases. (PR)
Slow-Burning Construction.
See Mill Construction. (PR)
Smoke Damage.
Damage caused by the smoke from a fire in contrast to damage caused by the actual combustion. (PR)
Sonic Boom.
Noise, pressure, and shock waves resulting from an aircraft or missile exceeding the speed of sound. At one time property damage caused by sonic boom was excluded under most property forms. Modern commercial property forms and homeowner policies now cover losses by sonic boom. (PR)
Special Building Form.
A form, which provides all-risk coverage on commercial buildings, subject to certain exclusions. It was once the broadest coverage available on buildings. Largely replaced by the Building and Personal Property Coverage Form. (PR)
Special Coverage Form.
Any of the commercial or personal lines property forms which provide coverage on an all-risk type basis. These forms provide the broadest coverage and do not list covered perils, but do include a lengthy list of exclusions. (PR)
Special Personal Property Form.
A form, which provides all-risk coverage on the personal property (contents) of commercial risks with certain exclusions. It was once the broadest coverage available on commercial contents. Largely replaced by the Building and Personal Property Coverage Form. (PR)
Specific Insurance.
A policy, which describes specifically the property to be covered. This is in contrast to a policy, which covers on a blanket basis all property at one or more locations without specific definitions. In the case of overlapping coverage's, specific insurance is considered the primary one. (PR)
Specific Rate.
A rate applying to an individual piece of property. (PR)
Specified Perils.
See Named Perils. (PR)
Sprinkler Leakage Insurance.
Insurance against damage done by the accidental discharge of water from an automatic sprinkler system, as contrasted with discharge because of heat from a fire. (PR)
Sprinkler Leakage Legal Liability Insurance.
Insurance, which covers the legal liability of an insured who has a sprinkler leakage loss which damages the property of others, on a floor below or in adjoining premises, for instance. (PR, LA)
Standard Fire Policy.
See New York Standard Fire Policy. (PR)
Stated Amount.
An agreed amount of insurance which is shown on the policy, and which will be paid in the event of total loss regardless of the actual value of the property. (PR)
Statement of Values.
Sometimes property is written using a blanket rate and one single limit of liability applying to all locations. In order to determine the blanket or average rate, a rating bureau or company requires an insured to submit a declaration of the amounts of value at each separate location on a Statement of Values form. (PR)
Stock.
Merchandise for sale or materials in the process of manufacture, as distinguished from furniture, fixtures, or equipment. (PR)
Subsidence.
Movement of the land on which property is situated. A structure built on a hillside may slide down the hill due to earth movement caused by heavy rains. This is different from earthquake damage. (PR)
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