Definition Of General Property Form In Insurance

Definition of "General property form"

Lisa Webber, Real Estate Agent United Real Estate-Queen City

Attachment to a property business insurance policy providing coverage for a business structure and any additions and/or extensions; merchandise and other stock and inventory within the structure (not including animals, pets, watercraft, outdoor trees, shrubs, and plants, outdoor signs, fences, and swimming pools); personal property of the insured while in the insured structure and within 100 feet of die premises; and personal property of a third party under the safekeeping of the insured in the insured structure and within 100 feet of the premises. The General Property Form Provides coverage in three ways:

Specific an amount of insurance is provided on a specified piece of property.
Schedule an amount of insurance is provided on several specified pieces of property listed in the policy.
Blanket an amount of insurance is provided on several different kinds of property, several different locations, or a combination of several different kinds of property at several different locations.