What type of insurance policy covers a specific kind of property for a defined amount?

The correct type of insurance policy that covers a specific kind of property for a defined amount is Specific Insurance. This type of policy is designed to protect a particular piece of property—such as a vehicle, a piece of jewelry, or a piece of art—by providing coverage that is limited to that specific item. The defined amount refers to the predetermined sum insured, which means that in the event of a loss or damage, the policy will pay out up to that amount.

Specific Insurance stands out for its targeted coverage, allowing policyholders to safeguard valuable items individually rather than collectively. This makes it particularly useful for high-value possessions, where the cost to replace or repair an item may far exceed typical coverage limits associated with more general policies.

In contrast, other types of insurance mentioned do not adhere to this fundamental principle of insuring a specific property for a defined amount. Broad Insurance typically covers a wider array of risks and properties, Comprehensive Insurance provides a more extensive range of protections beyond specific items, and Excess Insurance serves to cover amounts that exceed the limits of other existing insurance policies.