provides coverage for all causes of loss, with the exception of those specifically excluded in the policy. This option provides for comprehensive coverage whereby even the most abstract events are covered.
Named Peril Coverage
provides coverage for causes of loss specifically named within the policy. This coverage is very focused with little room for interpretation.
the cost of repairing or replacing damaged property without deducting for depreciation, subject to the terms of the policy.
Actual Cash Value
determined by subtracting depreciation from the replacement cost, subject to the terms of the policy.