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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:
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 ...
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 ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
The Standard Fire and Special Perils Policy (SFSP) [17] is a kind of traditional insurance product that is specially designed to protect your property and its articles from the unforeseen unfortunate accidents caused due to fire and the allied perils. With multiple extensions, this policy not only keeps your property secure but also lessens the ...
For example, some life insurance policies come complete with UFO abduction coverage. Although this may seem strange, in the case of a UFO abduction where it may be fairly difficult to determine whether an individual is dead or alive, the life insurance policy would pay benefits to the insured's designated recipient indefinitely or until the ...
This coverage extends until the end of the business interruption period determined by the insurance policy. Most insurance policies define this period as starting on the date of the covered peril and the damaged property is physically repaired and returned to operations under the same condition that existed prior to the disaster. [5]
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.