Try the fastest way to create flashcards

CHPA Industry Terms

5.0 (1 review)
Get a hint
Additional Living Expense (ALE) Coverage
Click the card to flip 👆
1 / 107
1 / 107
Terms in this set (107)
A type of insurance included within homeowners' policies. ALE coverage reimburses the insured for the cost of maintaining a comparable standard of living following a covered loss that exceeds the insured's normal expenses prior to the loss. For example, additional living expense insurance would cover an insured's motel bill while fire damage to the home is being repaired, the home is replaced, or until the insured moves to a permanent residence. ALE coverage is subject to a limit equal to 30 percent of the dwelling limit under forms HO-2, HO-3, and HO-5. For form HO-8, ALE is 10 percent of the dwelling limit. Under the tenant's policy (HO-4), ALE is 30 percent of the personal property limit, while under the condominium unit owners policy (HO-6), the limit of ALE is 50 percent of the personal property limit. Also, see Fair Rental Value.
An Affiliate/Alliance Partner is another corporate housing company that corporate housing companies engage with to rent apartments from to fulfill needs, and vice versa. These partnerships are ongoing and often are continued through a service level agreement (SLA). Normally all of an Affiliate/Alliance Partner's inventory is fully furnished and includes utilities.