Difference between basic, broad & special property cover
by Guest » Mon Sep 20, 2010 05:18 pm
What is the difference between basic, broad & special property coverage
Total Comments: 3
Posted: Tue Sep 21, 2010 12:49 am Post Subject:
The single biggest difference is the description of losses.
The simple explanation is that BASIC policies provide the most limited coverage for the standard risks such as fire, lightning, internal explosion, vandalism & malicious mischief, and optional "extended" coverages.
BROAD FORM policies include the basic risks, but add breakage of glass and safety glazing materials, damage by burglars, weight of snow or ice, falling objects, freezing, sudden tearing apart of heat, A/C, hot water system, electric current, accidental discharge.
SPECIAL FORM policies are known as "ALL-RISK" coverage. Rather than name what is covered, the policy names what IS EXCLUDED. So if your loss is not one of the numerous exclusion found in the policy, you will be covered.
In almost any type of insurance, you should always start by reading the EXCLUSIONS -- those are the items that are usually most important to know. If you know you have a particular risk, you would want to make sure that ONE thing was not among all the other exclusions. If it is, you would need to obtain an endorsement to add the coverage back into the policy. Coverage for many exclusions can be added by endorsement (a waiver of the named exclusion) and payment of an additional premium.
Posted: Mon Sep 27, 2010 04:09 am Post Subject: Best Auto Insurance
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Post modified and link deactivated as per the TOS
Posted: Mon Sep 27, 2010 10:18 am Post Subject:
I guess both these broad and special form are useful, but it seems the special form has more losses covered under it. There's no wonder that it will charge us more in terms of premium.
Posted: Tue Sep 21, 2010 12:49 am Post Subject:
The single biggest difference is the description of losses.
The simple explanation is that BASIC policies provide the most limited coverage for the standard risks such as fire, lightning, internal explosion, vandalism & malicious mischief, and optional "extended" coverages.
BROAD FORM policies include the basic risks, but add breakage of glass and safety glazing materials, damage by burglars, weight of snow or ice, falling objects, freezing, sudden tearing apart of heat, A/C, hot water system, electric current, accidental discharge.
SPECIAL FORM policies are known as "ALL-RISK" coverage. Rather than name what is covered, the policy names what IS EXCLUDED. So if your loss is not one of the numerous exclusion found in the policy, you will be covered.
In almost any type of insurance, you should always start by reading the EXCLUSIONS -- those are the items that are usually most important to know. If you know you have a particular risk, you would want to make sure that ONE thing was not among all the other exclusions. If it is, you would need to obtain an endorsement to add the coverage back into the policy. Coverage for many exclusions can be added by endorsement (a waiver of the named exclusion) and payment of an additional premium.
Posted: Mon Sep 27, 2010 04:09 am Post Subject: Best Auto Insurance
Here i s an excellent site with some wonderful options for you. It will definitely help you.
Post modified and link deactivated as per the TOS
Posted: Mon Sep 27, 2010 10:18 am Post Subject:
I guess both these broad and special form are useful, but it seems the special form has more losses covered under it. There's no wonder that it will charge us more in terms of premium.
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