What type of endorsement would you use to cover newly acquired property?

The property extension endorsement is specifically designed to provide coverage for newly acquired property. This type of endorsement is essential for a property owner or business that expands their asset base by purchasing additional properties or assets, ensuring that new acquisitions are included under existing insurance policies without the need for separate coverage.

The inclusion of this endorsement means that as new property is purchased, it automatically receives coverage up to a specified limit, streamlining the process and providing peace of mind. This is particularly beneficial as it saves the policyholder from having to update their policy frequently or take out new insurance policies to cover each new property, which could lead to potential gaps in coverage.

Other types of endorsements, while useful in different contexts, do not specifically address the need for immediate coverage of newly acquired properties. Options such as additional coverage endorsement may offer broader coverage, but they do not specifically provide for new acquisitions. The replacement cost endorsement focuses on the costs associated with replacing damaged or destroyed property rather than covering new property, and the inflation guard endorsement is designed to adjust policy limits in relation to inflation, not for newly acquired assets.