Does Washington State have broad form insurance?
Broad form insurance is intended for people who do not have a car and need insurance or for people who have one or more vehicles that the owner is choosing not to insure. This coverage is offered in Washington, one of only a few states that have it.
What is the broadest form of coverage?
It's important to note that both Basic and Broad Form coverage policies only cover a specific set of named perils. In other words, if it's not named as a cause of loss, it's not covered. The most expansive form of insurance coverage is Special Form.
What does broad mean in car insurance?
Broad form insurance is insurance that provides “bare-bones” coverage at a low premium rate. It is typically thought to be extensive coverage because of the name “broad”, but in actuality is very narrow coverage. It can serve to cover the minimum liability insurance required by state laws.
What are the broad form perils?
The broad causes of loss form (CP 10 20) provides named perils coverage for the perils insured against in the basic causes of loss form (fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action), plus the following …
What does broadest mean in insurance?
Broad form insurance coverage extends beyond the basics to include rare events that may be of serious risk to the insured. This type of insurance usually requires that a higher premium, and often a deductible, be paid.
What are the broad form perils?
The broad causes of loss form (CP 10 20) provides named perils coverage for the perils insured against in the basic causes of loss form (fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action), plus the following …
What is form coverage?
Coverage Form — one of the primary standardized insurance forms used to construct an insurance contract. The coverage form generally contains the insuring agreement, coverage conditions, exclusions, and policy definitions.
What is a broad endorsement?
Definition. Broad Form Named Insured Endorsement — an endorsement added to a liability policy to reduce the insurance administrative problems that large corporations encounter in acquiring new entities by covering all entities for which the insured is responsible.
What does broaden mean in insurance?
Key Takeaways. Broad form insurance expands basic insurance to cover less common hazards and risks that can nonetheless result in significant losses. Broad form coverage may be included in a standard policy offering, or available as a rider to a standard policy.
What is broad form?
broad form | brôd fôrm. Definition: A type of home insurance policy offering comprehensive coverage on the insured dwelling, and named perils coverage on contents.
What is broad cause of loss?
The broad causes of loss form (CP 10 20) provides named perils coverage for the perils insured against in the basic causes of loss form (fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action), plus the following …
What is the difference between broad form and basic form?
A basic form policy that typically covers fire, explosions, storms, smoke, riots, vandalism, and sprinkler leaks. A broad form policy that adds more coverage, such as damage from broken windows and other structural glass, falling objects, and water damage.
How many perils are listed on the Causes of Loss broad form?
Broad form covers the same 11 perils, but adds 6 more: Falling objects, Weight of ice, snow or sleet, accidental discharge or overflow of water or stream from within plumbing or related systems; does not include discharge or overflow of water from a sump, sudden and accidental rupture of heating, air conditioning, fire …
What does broad named perils mean?
A broad named perils insurance policy is a type of insurance policy that covers a wide range of risks. This type of policy is typically used by businesses to protect against a variety of potential losses, such as fire, theft, and natural disasters.
What is broad form?
broad form | brôd fôrm. Definition: A type of home insurance policy offering comprehensive coverage on the insured dwelling, and named perils coverage on contents.
What perils is a special form?
Unlike the named peril coverage forms, special form coverage is also known as “open peril” or “all risk” coverage. It essentially means everything is covered except what is listed as an exclusion. Overall, this is much broader than the named peril forms.