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Additional Insurance Lines – Endorsements
When buying a Home-Owners insurance policy be certain to understand the coverage form. There are three types; the basis form, broad form and special form. The type of losses your policy will and won’t pay for is a direct result of the form.
- Basic Form-Typically covers fire, explosions, storm, riots, vandalism and sprinkler leaks.
- Broad Form – This form of coverage will extend to cover burglary, freezing of plumbing, artificially generated electricity, weight of ice and snow, falling objects and certain water damage.
- Special Form – This form of coverage provides insureds with the most protection covering all risk unless they have been specifically excluded.
- It is important to review all policies for cause of loss coverages. Pay particular attention to the individual limits as they will change between policy level and carrier level coverage.
Causes of loss excluded from the Special Form
- Ordinance of Law
- Power Failure
- Nuclear Hazard
- Intentional Acts
Endorsements may be used to enhance coverage or to extending coverage for some excluded events such as earthquake and flood. Give us a call for additional information regarding the pros and cons of the three covered loss options or the various types of endorsements that might be critical to providing for your unique risk profile.