What it does
Changes how building losses are settled under the basic form as set out in the endorsement (the endorsement is subtitled for Form DP 00 01 only).
Who needs it
DP 1 insureds whose carrier offers modified settlement terms.
Quoting and selling notes
- Explain how the settlement differs from actual cash value before binding.
Editions and availability
Current edition 12 02. Carriers adopt ISO editions state by state, so the edition on a given policy can lag the newest one.
Program notes
Dwelling policies are written for the property owner, not the occupant, and are the usual vehicle for landlords of one- to four-family dwellings. Because the forms carry no liability coverage, review every dwelling file together with DL 24 01 (or the homeowners or commercial policy that provides premises liability), and with any personal umbrella the client carries.
