RMIN 5100S Chapter Notes - Chapter 8: Friendly Fire

• School: University of Georgia
• Department: Risk Management and Insurance
• Course: RMIN 5100S
• Professor: Atkinson

Document Summary

Broadest option for covered causes of loss and most frequently selected. Open perils form: covers direct physical loss unless the loss is excluded or limited in this policy. Loss or damage must be accidental and unforeseen by the insured in order to be covered. Puts burden of proof on the insurance company since they wrote it. Certain causes of loss excluded under broad form are not excluded in this form: theft losses, friendly fire, vehicle damage, water damage caused by ice damming. Covers losses that the insured may not have even anticipated. Special form contains most of the exclusions as in basic and broad and most limitations. In the case that the special form does not include an exclusion or limitation it provides broader coverage: Vehicle peril: special form will cover damage to property caused by a vehicle owned or operated by named insured.