Property

Property owned by the Diocese including buildings, their contents and equipment, fine arts, money and securities, valuable papers, accounts receivables, business income, builders risk, and extra expense is covered.

Buildings are covered for risks of direct physical loss up to the lesser of the cost to repair or replace the damage property, with materials of like kind and quality, at time of the loss.

Property insurance covers any insured property, such as the church, rectory, parish center, school, convent and garage. It also covers any insured contents. Coverage on contents is identical to the coverage provided for buildings, subject to a similar valuation limitation.

Property insurance covers damages resulting from fire, burst water pipes, lightning, vandalism, and vehicular accidents.

Although this is “all risk” coverage and protection, there are exclusions in the policy, which means that certain damages may not be covered by the property insurance program. The most common exclusions are from damages resulting from deterioration, corrosion, mold, wear and tear, insect infestation and asbestos.
 

Deductible

There is a $5,000.00 deductible on property losses.
 

Exclusions

The Property insurance program does not provide coverage for asbestos removal and remediation, the intentional destruction of property, the intentional infliction of bodily injury, loss to privately owned property of third parties, inexplicable loss of money, securities or property, property owned by third parties, normal degeneration (wear and tear) of property, or expansion of foundations, wall, floors or ceiling, and priest’s personal property in excess of $20,000. Water damage is excluded where it is evident that the damage is the result of lack of maintenance. The Diocesan insurance program does not provide coverage for claims resulting from an unexplained loss of money, securities or property.

Any questions about property insurance coverage should be directed to Gallagher Bassett Services, telephone: 1-877-509-3503.