DEFINITION of 'Broad Form Insurance'
Insurance coverage that extends beyond the basics to include rare events that may be of serious risk to the insured. This type of insurance usually requires that a higher premium, and often a deductible, be paid. Broad form insurance can be applied to nearly all forms of insurance including investments, assets, etc.
BREAKING DOWN 'Broad Form Insurance'
An example of this type of insurance can be found in automobile insurance. A customer may require glass insurance as the driver is frequently on the highway and obtains a lot of chips in the front window. Glass insurance is not offered under the basic plan and therefore must be specifically requested and a premium must be paid.