Property insurance is a wider definition of a type of insurance pertaining to protections offered to tangible and intangible assets of an organization. There are various sub classes of Property insurance and many of them can be insured on a stand-alone basis or in aggregation as a parcel.
Types of Property Insurance
The standard perils covered under this policy are Fire, Lightning, Earthquake, Storm, Tempest, Flood, Bursting & Overflowing of Water Tanks and Apparatus, Impact Damage, Aircraft Damage, Riot & Strike, Malicious Damage and Explosion. Usually a pre-underwriting inspection is engaged before providing cover.
However, the Insurer may agree to issue a Fire & Allied peril insurance without the need for physical inspection if satisfied with the information provided to assess the risk.
For more details on Fire & Allied Peril Insurance, please e-mail : email@example.com
For more details on Burglary Insurance, please e-mail : firstname.lastname@example.org
The standard Fire & Allied peril insurance operates on the basis of a name peril insured policy which means that the event given rise to a claim under the policy should trigger from a peril which is named in the insurance policy. As opposed to a named peril policy, if the insurer is satisfied, they may issue a Property All Risk policy without the mention of perils which are sought to be covered under the insurance but with a wider wording providing protection to a range of risks reserving the ability to exclude perils which are deemed uninsurable.
These uninsurable perils & circumstances are stated by way of exclusions under the policy. In the absence of a specific exclusion stating the circumstances under which a claim may not be admitted, any other cause, event or a peril relative to the ambit of a Property All Risk insurance stated in the operating clause of the policy will be admitted and honored subject to the rest of the terms & conditions, covenants & clauses to which the insurance is made subject to.
For more details on Property All Risk Insurance, please e-mail : email@example.com
It is important to select an appropriate Indemnity Period during which the business can be restored to its pre-loss position following a loss.
For more details on Business Interruption Insurance, please e-mail : firstname.lastname@example.org