PROPERTY INSURANCE

Property Insurance

Property insurance generally refers to contracts that cover either liability or property protection for property owners. It offers monetary compensation to the owner or renter of a property and its contents in the event of damage or theft, as well as to a third party other than the owner or renter if that person is hurt on the property. A homeowners or renters policy will often cover personal property.
It mostly consists of tangible assets that have a material worth. Since tangible property has a distinct physical form and consistency, it is vulnerable to a variety of threats, including theft and robbery as well as fire and related perils. However, if a person wisely purchases property insurance before any unforeseen circumstance, he will be appropriately compensated for his loss as soon as the level of damage is determined.

Insurance policies

• Covers loss of profits of a business due to reduction in the turnover caused by a loss or damage that is covered in the Standard Fire Policy.
• This policy covers for physical loss or damage to machinery and equipment against unforeseen and sudden physical loss of, or damage to the insured items, necessitating their repair or replacement, other than specified excluded perils.