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An HO-2 typically covers 16 named perils, including damage from fire and lightning, windstorms and hail, and theft. ... also known as a broad form homeowners insurance policy, is a type of ...
Named peril coverage can apply to your dwelling and personal property coverage, depending on what policy form you have. The most common policy form, HO-3 policies, usually cover personal property ...
Broad "named perils" [5] – this form expands on the "basic form" by adding 6 more covered perils. Again, this is a "named perils" policy. The loss must specifically be listed to receive coverage. Fortunately, the "broad form" is designed to cover the most common forms of property damage. Broad-form covered perils: All basic-form perils
This kind of policy only covers specifically named perils and excludes liability coverage. HO-2 policies: These provide slightly more coverage than HO-1 policies and include some liability ...
Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be ...
Extended coverage added insurance against loss by the perils of windstorm, hail, explosion, civil commotion, riot and riot attending a strike, aircraft damage, vehicle damage, and smoke damage. [ 1 ] The endorsement has been largely supplanted by what is referred to as "basic" causes-of-loss form first introduced by Insurance Services Office in ...
Similar to HO-3 or HO-5 policies, DIC insurance can be a named peril or all-risk policy. Homeowners usually look for coverage for at least one of the following perils: Earthquake. Flood. Landslide ...
This system of "named perils" [15] or "specific perils" [16] coverage proved to be unsustainable in the context of the Second Industrial Revolution, in that a typical large conglomerate might have dozens of types of risks to insure against.