DEFINITION of 'Building And Personal Property Coverage Form'

The document that details the provisions of a type of business insurance policy designed to cover direct physical damage or loss to a covered commercial property and many of its contents. The form defines what property is covered (e.g., building, fixtures, personal property), what property is not covered (e.g., cash, animals, contraband), what types of losses are covered (e.g., fire, vandalism), additional coverages (e.g., debris removal), exclusions and limitations, insurance limits and deductibles.

BREAKING DOWN 'Building And Personal Property Coverage Form'

It is important that the policyholder read the building and personal property coverage form when the policy is taken out to make sure everything important is covered. If the policy is inadequate, it is often possible to purchase additional coverage. The form also describes the conditions that must be met for the policy to be valid.

RELATED TERMS
  1. Fire Insurance

    Insurance that is used to cover damage to a property caused by ...
  2. Business And Personal Property ...

    Provisions of a business insurance policy that provide coverage ...
  3. Debris Removal Insurance

    A section of a property insurance policy that provides reimbursement ...
  4. Betterment Insurance

    Betterment insurance refers to insurance coverage that a tenant ...
  5. Vandalism Endorsement

    An optional type of coverage that can be added to a basic hazard ...
  6. Commercial Property Insurance

    Insurance that is used to cover any type of commercial property. ...
Related Articles
  1. Insurance

    What Is and Isn't Covered by Homeowners Insurance

    Understanding what your insurance covers can be confusing. Learn what almost all insurance policies have in common so you're prepared if disaster strikes.
  2. Insurance

    6 Good Reasons To Get Renter's Insurance

    If you rent, you still need insurance for personal property and if anyone is injured at your place. The good news: It also covers losses when you travel.
  3. Insurance

    Insurance Coverage: A Business Necessity

    Don't go to work without this policy in place - especially if your work is in your home.
  4. Insurance

    What Does Renter's Insurance Cover?

    Renter's insurance is supposed to cover a tenant's personal property as well as liability claims, but not all policies deliver.
  5. Investing

    Use Real Estate To Put Off Tax Bills

    Find out how you can build wealth and reduce your taxes.
  6. Investing

    What You Should Know About Real Estate Valuation

    Anyone involved in a real transaction can benefit from gaining a basic understanding of the different methods of real estate valuation.
  7. Taxes

    Getting U.S. Tax Deductions On Foreign Real Estate

    If your home or second home is not in the United States, you can still get U.S. tax deductions. How many and what kind depends on whether you also rent it.
  8. Insurance

    Renter's Insurance: A Comprehensive Guide

    Everything you need to know about renter's insurance.
RELATED FAQS
  1. Does homeowners insurance cover vandalism?

    Discover how vandalism is covered under most all-perils home insurance policies except if the home has been vacant for a ... Read Answer >>
  2. How does the 80% rule for home insurance work, and how do capital improvements affect ...

    The 80% rule refers to the fact that most insurance companies will not fully cover the cost of damage to a house due to the ... Read Answer >>
Hot Definitions
  1. Operating Ratio

    A ratio that shows the efficiency of a company's management by comparing operating expense to net sales. Calculated as:
  2. Expense Ratio

    A measure of what it costs an investment company to operate a mutual fund. An expense ratio is determined through an annual ...
  3. Pro Forma

    A Latin term meaning "for the sake of form". In the investing world, it describes a method of calculating financial results ...
  4. Trumpcare

    The American Health Care Act, also known as Trumpcare and Ryancare, is the Republican proposal to replace Obamacare.
  5. Free Carrier - FCA

    A trade term requiring the seller to deliver goods to a named airport, terminal, or other place where the carrier operates. ...
  6. Portable Alpha

    A strategy in which portfolio managers separate alpha from beta by investing in securities that differ from the market index ...
Trading Center