The descriptions of coverage below are for general illustrative purposes only. Please refer to the policies for their complete terms, conditions and limitations. Please contact the IRF for additional information.
The Insurance Reserve Fund offers several types of liability insurance, including general tort, medical professional, automobile and school bus. Broadly speaking, liability insurance provides an insured with protection against covered claims resulting from injuries and damage to other people and property. Unlike most commercial liability policies, the Fund’s Tort Liability Policy provides a form of coverage referred to by the IRF as “Prepaid Legal” coverage. Under this coverage, which is part of the Supplementary Payments section of the policy, the IRF will reimburse insureds for defense costs, including legal and expert witness fees, incurred by the insured defending a lawsuit not covered by the IRF’s liability policies. The base level of coverage included with the policy has an annual aggregate limit of $15,000.
The IRF also offers property insurance, including Building and Contents, Inland Marine, Business Interruption and Expense, and Data Processing Equipment and Media. Other available coverage forms and endorsements include Outside Signs, Radio or Television Antennas, Boiler and Machinery Coverage Form, Contractor’s Equipment, Ordinance or Law, Business Income, Watercraft, Fine Arts, Electronic Data Processing Equipment, Museum Floater, and Inland Marine.
The Building and Personal Property Coverage Form also provides coverage not provided by most commercial policies. Because South Carolina has hurricane and earthquake exposure, the IRF’s property insurance policies include coverage for wind, flood, and earthquake. Many commercial policies do not cover earthquake and floods. Coverage is written on a replacement cost basis with an 80% coinsurance clause.
A replacement cost is the estimated cost to construct, at current prices as of the appraisal date, a substitute for the building, using modern materials and standards. The IRF is not able to provide reproduction cost insurance. Reproduction cost is the estimated cost to construct an exact duplicate or replica of the building, using the same materials, construction standards, design, layout, and quality of workmanship in the original.
The policy pays for bodily injury or property damage to third-parties resulting from the negligent operation of an insured vehicle. The policy includes the statutory minimum amount of uninsured motorist coverage. The IRF does not issue additional uninsured motorist coverage, and does not issue underinsured motorist coverage. Golf Carts and low speed vehicles that have SCDMV permits and VIN numbers are eligible to be insured.
This is a general description, and coverage is subject to all the terms and conditions of the policy.
This policy provides no-fault accident insurance coverage for lawful occupants of school district owned vehicles and contract carriers. No fault coverage provides limited benefits without regard to fault or negligence.
This is a general description and coverage is subject to all the terms and conditions of the policy.
The policy pays for personal injury and property damage, caused by an occurrence, as those terms are defined by the policy, and subject to exclusions and limitations in the policy. The policy includes coverage we refer to as Prepaid Legal Defense Costs Coverage. This coverage can help an insured pay for the cost of defending a lawsuit that is not otherwise covered by the policy.
This is a general description, and coverage is subject to all the terms and conditions of the policy.
The insured may elect to insure all or part of its fleet of vehicles for auto physical damage under these coverages. Comprehensive coverage provides protection on covered autos from causes other than collision and overturn. Collision coverage includes losses involving the collision of a covered auto with another object and the overturn of a covered auto. In the event of loss, the Fund will pay the smaller of the actual cash value of the damaged or stolen property at the time of loss or the cost of repairing or replacing the property.
A standard per claim deductible applies to each claim, with optional higher deductibles available.
This is a general description, and coverage is subject to all the terms and conditions of the policy.
The policy pays for injury to a person which arise from Professional Services as defined by the policy, but generally speaking means medical care. The policy insures the entity itself. Unlike many commercial professional liability policies, which are claims-made and reported policies, coverage is provided on an occurrence-basis. The coverage limits are those provided for in the SC Tort Claims Act.
The policy pays for direct physical loss to covered property at the premises, which includes the building and “your business personal property”. Coverage is written on a replacement cost basis with an 80% coinsurance clause. A standard deductible is applied to all losses and higher deductibles are available. As a composite policy, the IRF also offers its insureds earthquake and flood insurance through the addition of separate policy forms. Coverage for Boilers and Machinery is provided through a separate form.
A replacement cost is the estimated cost to construct, at current prices as of the appraisal date, a substitute for the building, using modern materials and standards. The IRF is not able to provide reproduction cost insurance. Reproduction cost is the estimated cost to construct an exact duplicate or replica of the building, using the same materials, construction standards, design, layout, and quality of workmanship in the original. This distinction is particularly applicable to historical buildings.
This is a general description, and coverage is subject to all the terms and conditions of the policy.
This temporary policy is used to provide coverage for buildings under construction. The coverage ends when construction is complete, so an insured needs to anticipate the end of construction and arrange Building and Contents coverage in advance. Coverage is written on a replacement cost basis, with a 100% coinsurance clause. Covered property includes the structure under construction and, if intended to become a permanent part of the structure, within 100 feet of its premises, fixtures, machinery, equipment, building material and supplies.
This is a general description, and coverage is subject to all the terms and conditions of the policy.
The policy provides coverage for direct physical loss or damage to computer equipment unless excluded or limited. This policy provides coverage for equipment you own, rent, or for which the insured is legally responsible. It is not ransomware insurance.
This is a general description, and coverage is subject to all the terms and conditions of the policy.
Inland Marine coverage can be used to insure certain property that is neither Building and Contents or Automobile. Generally, it can be used to insured property that moves from location to location, or is capable of being moved. Coverage is provided by one of several forms, including Contractors Equipment, Miscellaneous Articles, Watercraft less than 26 feet in length, Fine Arts, and Museum Floater. Coverage is provided on an actual cash value basis, not a replacement cost basis.
This is a general description, and coverage is subject to all the terms and conditions of the policy.
Often referred to as business interruption insurance, the policy provides coverage for the loss of net income resulting from the interruption of operations caused by direct physical loss to a scheduled structure. It can also provide reimbursement for expenses incurred to mitigate the loss of net income. Like other business interruption policies, the policy does not provide coverage for actions that take place before direct physical loss, such as mandatory evaluations that shut down operations.
This is a general description, and coverage is subject to all the terms and conditions of the policy.
