General Property Form
Definition of "General property form"
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.
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