What type of policy is the HO-2 Broad Form?

The HO-2 Broad Form is classified as a named perils policy, which means that it covers specific risks explicitly listed in the policy. In this case, the policy provides coverage for a range of perils, such as fire, theft, vandalism, and certain types of water damage, among others. The key feature of a named perils policy is that if a peril is not included in the list of covered risks, it is not insured under the policy.

This distinguishes it from an all-risk policy, which would cover any risk that is not specifically excluded. The HO-2 does not fall under the category of basic form policies, as it offers broader coverage than a basic form, which typically includes coverage for fewer perils. Additionally, it is not an exclusionary policy, which would specifically detail what is not covered. The focus on specific, named perils makes the HO-2 a type of named perils policy that effectively protects homeowners from various common risks.