Clancy is a doctor with a standard HO-2 policy with $400,000 worth of insurance on his home, an auto insurance policy wi

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Clancy Is A Doctor With A Standard Ho 2 Policy With 400 000 Worth Of Insurance On His Home An Auto Insurance Policy Wi 1 (49.61 KiB) Viewed 17 times

Clancy is a doctor with a standard HO-2 policy with $400,000 worth of insurance on his home, an auto insurance policy with liability limits of 100/300/50, and an additional professional liability policy that protects him against negligence and mistakes made only in his professional activiti with a $500,000 lirit. His daughter recently took a course in personal finance and wants to make sure her father is adequately protected from potential losses. Although she knows her father has all the standard policies, she describes a number of situations that aren't always covered und standard polides. a For each of the scenarios that follow, indicate either (1) which of Clancy's current coverages already protect him or (2) the correct type of covere that would protect him against the loss described. How to Protect Against This Loss? A flood destroys the basement of the home, causing $20,000 worth of damage. Vandals destroy the shed in his backyard; the damages total $5,800. The camera is stolen from inside his car. Already covered under HO-2 Buy flood insurance In addition to these policies, Clancy is considering an umbrella liability insurance po Already covered under professional liability Which of the following statements regarding umbrella policies is true? Buy comprehensive personal liability Of Clancy's house is destroyed by a peril not listed under the HO-2's named perils, the umbrella policy will cover the cost of rebuilding to $1 million). Of Clancy's mother-in-law trips on a broken step on his porch and suffers injuries that require $120,000 worth of medical care, his