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Property Coverage


There are 3 basic levels of insurance coverage provided in the industry for buildings.

The first is your basic Fire Coverage Only Form. This is what the industry started with and today is used seldom.

The second form of coverage is called Named Perils Form. It lists a number of occurrences or events that are covered. ie: fire, wind, hail, falling objects, water pipe burst, etc.

The third and best form of coverage is called Broad Form. It lists a number of exclusions. There are a large number of exclusions but if the loss is not excluded it is covered. This leaves the door wide open to some pretty strange claims. Your buildings need to qualify for this coverage. There are a number of qualifiers considered but generally speaking it is reserved for only the better structures.

It is important to note that these are the 3 general forms. Each Insurance company have their own written forms so it is difficult to truly compare apples to apples. Your broker needs to know the differences in coverages and he needs to know your industry in order to best serve you.

Be sure to seek advice and purchase insurance from an insurance broker who understands your business!