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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.
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Last Updated ( Monday, 11 August 2008 )
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Why are solution driven strategic insurance programs so critical to your success?
Integrating property, casualty, financial and professional lines of insurance together as the key to assuring solution effectiveness—and enabling ownership to make timely, well-informed decisions for their business