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A standard homeowners insurance policy lists the following 16 events as named policy perils: Fire or lightning. Vandalism or malicious mischief. Theft. Riots. Smoke and ash. Volcanic eruptions ...
A difference in conditions policy is an insurance policy that can help provide additional and expanded coverage for your home or business if you live in a region that sees regular disasters.
HO-5 policies: These are the most robust homeowners insurance policies available and cover open perils for both your dwelling and personal property. Coverage for open perils means any peril not ...
Multiple-peril insurance coverage is a kind of insurance that bundles together multiple coverages that typically would be needed with each other. Typically the package may include coverage for business crime, business automobile, boiler and machinery, marine, or farm. [ 1 ]
An "open perils" policy is broader in the sense that it will provide coverage for all losses except those expressly excluded from the policy. For insurance policies that cover specific named perils, the insurer frequently offers a choice between one policy covering a basic set of specific perils and another covering the same basic set plus ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
An HO-2 policy is a type of homeowners insurance that only covers damages caused by perils specifically named in your policy. An HO-2 typically covers 16 named perils, including damage from fire ...
A typical business owner's policy includes property and liability insurance. The property insurance portion of a BOP is available most often as named-peril coverage, which provides compensation only for damage caused by events specifically listed in the policy (typically fire, explosion, wind damage, vandalism, smoke damage, etc.). [3]