What it does
CP 14 02 is the unscheduled companion to CP 14 01, also new in the 09 17 edition. Instead of listing each item, the Schedule shows:
- A Limit of Insurance for Building Glass that is part of the building.
- A Limit of Insurance for Building Property Other Than Glass: building fixtures and permanently installed machinery and equipment.
Coverage applies when the insured is a tenant of the scheduled building and has a contractual responsibility to insure the property or pay for loss to it.
Key provisions
- The Schedule sets the Causes of Loss form, the valuation basis (actual cash value or replacement cost), optional coinsurance, and separate deductibles for glass and other building property.
- Payment is limited to the valuation basis or the tenant's contractual liability, whichever is less. Safety glazing is covered where the law requires it.
Quoting and selling notes
- This is an easy fix for the common lease clause making tenants responsible for "all glass" or "HVAC serving the premises".
- Tenants' improvements and betterments remain under Business Personal Property. For code-upgrade costs on them, see CP 04 26.
