Property coverages
The major property products. Know the shape of each; the exact current form editions are VERIFY (ISO and state forms get revised). All concepts STABLE.
Personal lines (individuals/families)
Section titled “Personal lines (individuals/families)”- Dwelling policies (DP) — for dwellings not eligible for a homeowners policy (e.g., rentals, vacant). DP-1 (basic), DP-2 (broad), DP-3 (special).
- Homeowners (HO) — package policies combining property + liability for owner-
occupied homes:
- HO-2 — broad form (named-peril).
- HO-3 — special form (open-peril on the dwelling, named-peril on contents); the most common owner policy.
- HO-5 — comprehensive (open-peril on dwelling and contents).
- HO-4 — renters/tenants (contents + liability; no building).
- HO-6 — condo owners (interior/contents + liability).
- HO-8 — older/modified homes (functional/repair-cost basis).
Homeowners policies are packages: Section I = property, Section II = liability (a casualty concept — see 06 Casualty).
Commercial property
Section titled “Commercial property”- Building and Personal Property Coverage Form (BPP) — the workhorse for insuring commercial buildings and business contents.
- Business income / business interruption + extra expense — the indirect-loss coverages (lost net income + continuing expenses while shut down; extra costs to keep operating). See 00 Property principles.
- Businessowners Policy (BOP) — a packaged property + liability policy for small/ medium businesses (commercial analog to a homeowners package).
Specialty / other
Section titled “Specialty / other”- Inland marine — property in transit or movable property (contractor’s equipment, fine art, goods being shipped over land).
- Ocean marine — ships, cargo, and marine liability.
- Flood — generally excluded from standard property policies; written through the federal NFIP (National Flood Insurance Program) or private flood markets.
- Earthquake — usually excluded; added by endorsement or separate policy.
- FAIR plans / residual markets — state-backed coverage of last resort for property that can’t get coverage in the standard market.
How this maps to the line of authority
Section titled “How this maps to the line of authority”All of the above sit under the Property line of authority (see 03 Lines of authority). The Glacis Tech E&O product is not here — it’s a Casualty/liability coverage. Property is on the exam because the P&C track tests both halves.
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