Skip to main content
Insurance Glossary

Basic Form (CP 00 10)

Property

Definition

An ISO commercial property coverage form providing the most limited coverage, insuring only against specifically named perils such as fire, lightning, explosion, windstorm, hail, smoke, aircraft, vehicles, riot, vandalism, and sprinkler leakage.

Was this definition helpful?

Related Terms

ISO
Insurance Services Office - an organization that develops standardized insurance policy forms, rating information, and risk data used by property-casualty insurers across the United States.
Named Perils
A type of insurance coverage that only protects against losses specifically listed in the policy, as opposed to all-risk coverage which covers all perils except those excluded.
Commercial Property Insurance
Insurance that covers buildings, equipment, inventory, and other physical assets owned or used by a business against damage from fire, theft, vandalism, and other covered perils.
Actual Cash Value
The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.
Depreciation
The decrease in value of property over time due to wear, tear, age, or obsolescence.
Replacement Cost
The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.
Homeowners Insurance
Insurance coverage that protects your home and personal property against damage, theft, and liability claims.
Explore More