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Extended coverage. 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.
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 ...
A business owner's policy (also businessowner's policy, business owners policy or BOP) is a special type of commercial insurance designed for small and medium-sized businesses. [ 1] BOPs are cost-effective and convenient for business owners, as they provide comprehensive protection against common risks like property damage, lawsuits, and income ...
Commercial properties can suffer from the same weather-related perils as homes but have a much higher replacement cost and unique additional risks that need coverage. DIC policies may cover losses ...
HO-3 home insurance policies cover your dwelling and other structures on your property under open perils coverage, and HO-5 policies cover both your home and personal property for open perils.
Many commercial insurance claims are related to burglary and theft. 2. Fire. ... Insurance companies also will investigate your property claims. Repairs need to happen. All of these things take time.
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