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Definition: Broad Form Property Damage Endorsement
Broad form property damage endorsement was an addition to 1986 edition of standard general liability policy that provided a negation for the exclusion of property from the care and custody of the insurer. Thus an extra insurance of property was also made available under this new amendment to the standard general liability.
Thus this addition helped to reduce the risk of losses for the insurance holder, due to damage of property on which contracted operations are being performed. A higher premium is paid for this additional insurance by the insurance holder.
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