Insurance Glossary

Special Form (CP 00 30)

Property

Definition

An ISO commercial property coverage form providing the broadest coverage, insuring against all risks of direct physical loss except those specifically excluded. Also known as 'all-risk' or 'open perils' coverage.

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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.

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