Table of Contents
What is excluded on a broad form?
Broad form covers the same 11 perils, but adds 6 more: Falling objects, Weight of ice, snow or sleet, accidental discharge or overflow of water or stream from within plumbing or related systems; does not include discharge or overflow of water from a sump, sudden and accidental rupture of heating, air conditioning, fire …
What is a broad policy?
A broad-form policy is an insurance policy that offers broad protection by providing coverage for losses resulting from several causes with few limitations. The coverage offered by a broad-form policy is higher than that offered by a basic-form policy, but lesser than open-peril policies.
What perils are covered under the broad form dwelling policy?
The broad causes of loss form (CP 10 20) provides named perils coverage for the perils insured against in the basic causes of loss form (fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action), plus the following …
Which of the following is not covered under the dwelling broad form?
The Dwelling Broad Form (DP-2) insures against all of the following perils, except: Theft – There is no theft coverage in a Dwelling broad Form policy.
What is the difference between broad and comprehensive insurance?
The major difference falls on the coverage for your personal belongings or “contents”. A Comprehensive policy covers your belongings on the same “All Perils” basis and a Broad policy covers your contents on a “Named Perils” basis.
What is the difference between basic and broad form coverage?
A Basic Form policy tends to be quite limited in scope and should be used with care. Broad Form coverage is more expansive than Basic Form coverage. It includes coverage for all the hazards included in a Basic Form policy plus several additional hazards which are expressly named.
What is the difference between broad and comprehensive coverage?
What are broad named perils?
A homeowner’s insurance policy that only provides coverage for events named in the policy. For example, a broad named perils policy may cover tornadoes and fires, burglaries, civil disturbances and so forth, but not floods.
Which of the following has the broadest coverage under the insurance policy?
Which of the following has the broadest coverage under the insurance policy? Named Insured–The Named Insured receives the broadest coverage of all persons or organizations protected by a policy.
What is broad form property damage coverage?
Broad Form Property Damage (BFPD) — the liability exposure represented by the risk of loss to property in a contractor’s care, custody, or control (CCC) or on which contracted operations are being performed.
Which of the following is an example of broad form insurance?
An automobile insurance is an example of Broad Form Insurance.
Is broad form property insurance the same as builders risk?
Broad Form Property insurance is also known as Builders Risk Insurance or Course or Construction Insurance. Regardless of the size or scope of your contract, if you are signing a CCDC contract that references the CCDC 41, then you are contractually required to purchase a Builders Risk policy.
What does broad form property damage cover?
This coverage expands your general liability policy to include certain property while in your care, custody, or control. When performing normal operations, the property is insured from damages resulting in a loss of use, for which you (or your business) are held liable.
What is basic form and broad form insurance?
Most insurance policies are either basic form or broad form. A basic form policy typically covers fire, explosions, storms, smoke, riots, vandalism, and sprinkler leaks. A broad form policy typically adds more coverage for damage from broken windows and other structural glass, falling objects and water damage.
What does “broad form” mean?
With most insurance policies (general liability, commercial, homeowners, etc.) a policy is usually Basic or Broad Form. Normally in the insurance industry when you hear broad form you think a policy where a broad form policy adds more than the basic policy can cover.
What is a broad form window insurance policy?
A broad form policy typically adds more coverage for damage from broken windows and other structural glass, falling objects and water damage. This type of policy is intended to be supplemental, not stand-a-lone, because there are so many things it does not cover.
What is not covered by a broad form auto insurance policy?
There are many things a standard auto insurance policy covers that a broad form policy does not cover: Comprehensive: non-collision damages to your car from things like theft, vandalism, fire, acts of nature and weather