.. HOMEClosure of Property insurance covers such as fire insurance or home insurance, burglary insurance, earthquake insurance, (as retail) up to industrial scale, such as PAR insurance, CAR insurance, Energy insurance, EAR insurance and so forth. You might be also want to read about the meaning of :
Property
1. General understanding :
Quality or thing owned or possessed.
2. The understanding of 'property' in Insurance / Industry :
Specific building like factory, hotel complex or office building owned by
an entity such as a hotel chain or management building.
3. The understanding of 'property' in Law :
Article, item, or thing owned with the rights of possession, use, and
enjoyment, and which the owner can bestow, collateralize, encumber,
mortgage, sell, or transfer and can exclude everyone else from it. Two
basic kinds of property are : (1) Real (land) that involving a degree of
geographical fixity and (2) Personal (anything other than real property)
which does not involve geographical fixity.
Insurance
Risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party. Under an insurance contract, a party (the insurer) indemnifies the other party (the insured) against a specified amount of loss, occurring from specified eventualities within a specified period, provided a fee called premium is paid. In general insurance, compensation is normally proportionate to the loss incurred, whereas in life insurance usually a fixed sum is paid. Some types of insurance (such as liability insurance) are an essential component of risk management, and are mandatory in several countries. Insurance, however, provides protection only against tangible losses. It cannot ensure continuity of business, market share, or customer confidence, and cannot provide knowledge, skills, or resources to resume the operations after a disaster.
property insurance
Insurance that covers the owner or another person with an interest in a property. The insurance covers the loss of income produced through or because of the property. Property Insurance became a Class Business Unit (CBU) that most large capitalization compared to all other general insurance services.
Fire Insurance
Fire insurance business is governed by the authorized bureau that lays down the terms of coverage, the premium rates and the conditions of the Fire Policy. The risks covered by fire insurance policies 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
The following causes of Loss are covered :
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Exclusions
The following are excluded from insurance coverage :
- Loss or damage caused by war, civil war and kindered perils
- Loss or damage caused by nuclear activity
- Loss or damage to the stocks in cold storage caused by change in temperature<br
- Loss or damage due to over-running of electric and/ or electronic machines
Claims of Property Insurance
In 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.
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