Which of the following is a feature of the Special Form (DP-3)?

The Special Form, often referred to as DP-3, provides coverage on an open perils basis. This means that buildings and structures are protected against all risks of physical loss or damage, except for those specifically excluded in the policy. This open perils approach offers broader protection compared to other forms that only cover named perils, which are specifically listed in the policy. For instance, in the case of a named peril policy, if a peril isn't included in that list, there would be no coverage for losses resulting from that peril. The broad nature of coverage in the DP-3 makes it the preferred option for many property owners looking for more comprehensive protection.

In contrast, the other options refer to limitations or specific features that do not apply to the DP-3. Coverage for named perils is characteristic of the Basic Form (DP-1) and Broad Form (DP-2), while the DP-3’s open perils coverage is one of its defining features. The exclusion of theft coverage may apply to certain forms of dwelling insurance, but the DP-3 typically includes coverage for theft of personal property. Lastly, the DP-3 is not limited to owner-occupied properties; it can also cover tenant-occupied dwellings, which