What is the coverage basis for Scheduled Property under the HO-15 endorsement?

The coverage basis for Scheduled Property under the HO-15 endorsement is based on an open peril basis. This means that the coverage encompasses all risks of loss to the property, except for those specifically excluded in the policy.

This open peril approach is advantageous because it provides broader protection for the scheduled items, making it less likely for policyholders to face coverage disputes when a loss occurs. Essentially, unless a peril is explicitly mentioned as excluded, it is covered. This is in contrast to other coverage forms, such as named peril policies, which only cover risks that are specifically listed in the policy documentation.

The HO-15 endorsement enhances the standard homeowners insurance policy by allowing for personal property to be covered under this more comprehensive approach, ensuring that policyholders have peace of mind regarding their valuable belongings.