Property insurance

Property insurance

Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft.

Fire Insurance in India

Fire insurance business in India is governed by the All India Fire Tariff that lays down the terms of coverage, the premium rates and the conditions of the Fire Policy. The fire insurance policy has been renamed as Standard Fire and Special Perils Policy. The risks covered are as follows: Dwellings, Offices, Shops, Hospitals(Located outside the compounds of industrial/manufacturing risks) Industrial / Manufacturing Risks Utilities located outside industrial/manufacturing risks Machinery and Accessories Storage Risks outside the compound of industrial risks Tank farms / Gas holders located outside the compound of industrial risks

Perils Covered- Cause of Loss

Fire Lightning Explosion/Implosion Aircraft damage Riot, Strike Terrorism Storm, Flood, inundation Impact damage Subsidence , landslide Bursting or overflowing of tanks Bush fire etc.

ClaimsIn the event of a fire loss covered under the fire insurance policy, the Insured shall immediately give notice there of to the insurance company. Within 15 days of the occurrence of such loss the Insured should submit a claim in writing giving the details of damages and their estimated values. Details of other insurances on the same property should also be declared.

ee Also

*automobile insurance

External links

* [http://eh.net/encyclopedia/article/Baranoff.Fire.final Fire insurance] (EH.Net Encyclopedia of Economic History)


Wikimedia Foundation. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • property insurance — Insurance covering loss, damage, or destruction of any form of item from personal computers to industrial plant and machinery. Property insurance policies are a form of indemnity in which the insurer undertakes to make good the loss suffered by… …   Big dictionary of business and management

  • Property Insurance — A policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft. Property insurance can include homeowners insurance, renters insurance, flood insurance and earthquake… …   Investment dictionary

  • property insurance — turto draudimas statusas Aprobuotas sritis draudimo veikla apibrėžtis Asmens turtinių interesų draudimas, kai draudimo išmokos dydis priklauso nuo tam asmeniui padarytų ar jo patirtų nuostolių, asmens turėtų kitų išlaidų dydžio, tačiau neviršija… …   Lithuanian dictionary (lietuvių žodynas)

  • property insurance — Insurance in which the risk is that of the loss of property, as from fire, flood, windstorm, etc A contract of insurance whereby the insurer becomes bound, for a consideration in the form of a premium or premiums, to indemnify the insured for… …   Ballentine's law dictionary

  • property insurance — insurance that guards against damage or destruction of property …   English contemporary dictionary

  • property insurance — noun : insurance against direct loss or damage, consequential loss, loss due to liability for damages, or loss due to dishonesty or failure of others to perform their duty …   Useful english dictionary

  • Commercial Property Insurance — Insurance that is used to cover any type of commercial property. Commercial property insurance protects commercial property from such perils as fire, theft and natural disaster. This type of insurance is carried by a variety of businesses,… …   Investment dictionary

  • Citizens Property Insurance Corporation — was created in Florida in 2002 to provide property insurance for home owners who could not obtain insurance elsewhere, an insurer of last resort. It is a government established, not for profit insurer in Florida. It is the largest insurer in the… …   Wikipedia

  • insurance — in·sur·ance /in shu̇r əns, in ˌshu̇r / n 1: the action, process, or means of insuring or the state of being insured usu. against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a: the business of insuring persons or …   Law dictionary

  • insurance — /in shoor euhns, sherr /, n. 1. the act, system, or business of insuring property, life, one s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”