Property Insurance

Types of property policies include personal dwellings, commercial property and inland marine (movable property). There are three coverage forms: basic, broad and special:

Commercial Property

Property Insurance protects the location of your business, including home-based business, against damage resulting from crime, fire or other peril (serious dangers/causes of loss). The purpose of property insurance for the small business is to provide critical financial assistance in the event of a loss, and to restore the business to its original state with as little disruption as possible.*

  • The Basic form is a named peril, meaning it requires that the actual cause of possible losses be listed in the policy.

  • The Broad form, contains the same causes as the Basic form, except the perils of vandalism is expanded, Braid forms also includes: falling objects, weight of snow, and water damage.

  • The Special form is referred to as open perils because it does not list the covered loss, because all losses are covered minus specific exclusions.


The Basic form insures against the following causes of loss:
Fire, lightening explosion, hail, riot, aircraft, vehicle, smoke, vandalism, and volcanic eruption.

The Broad form coverage expands the causes of loss insured under the basic form, it covers:
Burglary damage, falling objects, weight of ice, water damage, damage from electrical current and freezing.

*Resource: Insurance Information Institute

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