STANDARD PROPERTY POLICY
is a highly restrictive building and personal property policy. It is a self-contained policy that includes very limited causes of loss and restrictive cancellation and non-renewal conditions. The significant restrictions in this policy place a heavy burden on the named insured. As a result, its use should be limited to only risks that cannot be insured in a more conventional manner. Of particular concern should be that only five days' notice is required for cancellation.