Broad Form Insurance
Definition - What does Broad Form Insurance mean?
Broad form insurance is a type of insurance that offers coverage beyond the basic or standard option to protect against unusual or risky scenarios that can lead to serious financial losses. Applicable to almost all types of insurance, including assets, investments, and more, it often has a higher premium and a deductible.
Insuranceopedia explains Broad Form Insurance
Broad form insurance often acts as a type of supplemental coverage. It exists to fill in the gaps of basic plans or provide coverage for unique situations or hazards. For example, a driver may opt for broad form insurance to cover glass damage on their vehicle as a basic automobile insurance policy does not include such coverage.
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