What does Standard Property Policy mean? Read on to discover the definition & meaning of the term Standard Property Policy - to help you better understand the language used in insurance policies.
Standard Property Policy
A restrictive Insurance Services Office, Inc. (ISO), commercial property policy (CP 00 99) intended for use when, for underwriting reasons, coverage would otherwise be unavailable. Combines in one form many of the provisions of the common policy conditions, commercial property conditions, building and personal property coverage, and basic causes of loss forms. However, there are significant coverage restrictions in the following areas: covered causes of loss, cancellation, vacancy, coverage territory, and coverage options.
We hope the you have a better understanding of the meaning of Standard Property Policy.