A fire broke out in the insured's basement, where various household and personal items were stored. The insured husband is a recreational pilot. His wife is an accountant. Their two children and dog also live in the home with them. The fire caused heavy smoke and heat damage throughout the basement and adjoining utility room. The insured provided a personal property inventory form listing everything believed to be damaged or destroyed. What falls under Property Not Covered? In this preview of the PACE program's personal lines course, we'll explore the basics of the different roles in the insurance industry.

Notable Timestamps

[ 00:07 ] - The scenario introduces a basement fire damaging stored personal property, setting up a practical lens for analyzing what items may or may not be covered under a homeowners policy.

[ 03:10 ] - The PACE program is designed to guide learners through the full claims lifecycle, from coverage analysis to investigation and resolution, providing both foundational and advanced insights.

[ 06:15 ] - Understanding home construction elements like plumbing, roofing, and wiring can directly impact coverage analysis, as these features often influence cause, scope, and policy interpretation.

[ 07:20 ] - A key distinction: exclusions focus on *why* damage occurred, while Property Not Covered provisions focus on *what* was damaged.

[ 08:05 ] - Policies may list numerous categories of Property Not Covered, including animals, motor vehicles, aircraft parts, and certain business or digital assets.

[ 10:45 ] - Personal property inventories are critical documents in claims handling, requiring adjusters to evaluate each listed item against policy language and applicable coverage limitations.

[ 13:40 ] - Some items, like pet-related supplies, may be covered even when the pet itself is not, highlighting the importance of distinguishing between living property and associated goods.

[ 17:30 ] - Virtual currency presents valuation and verification challenges, which is why it is typically listed under Property Not Covered and may require specialized coverage or endorsements.

[ 19:45 ] - Property Not Covered likely applies to aircraft parts regardless of how they are intended to be used.

[ 21:10 ] - Generally speaking, ambiguities favor the insured, but ambiguity only occurs when terms are reasonably open to multiple meanings.

Your PLRB Resources

Employees of member companies also have access to a searchable legal database, hundreds of hours of video trainings, building code materials, weather data, and even the ability to have your coverage questions answered by our team of attorneys (https://www.plrb.org/ask-plrb/) at no additional charge to you or your company.

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Legal Information

The views and opinions expressed in this resource are those of the individual speaker and not necessarily those of the Property & Liability Resource Bureau (PLRB), its membership, or any organization with which the presenter is employed or affiliated. The information, ideas, and opinions are presented as information only and not as legal advice or offers of representation. Individual policy language and state laws vary, and listeners should rely on guidance from their companies and counsel as appropriate.

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