Insurance of property means insurance of buildings, machinery, stocks etc against Fire and Allied Perils, Burglary Risks and so on. Property Insurance is a very vast category of General Insurance and the type of cover depends upon the type of property you are seeking to cover.
Examples are as follows:
- Goods in transit via Sea, Air, Railways, Roads and Courier can be insured under Marine Cargo Insurance.
- Hulls of ship and boats can be insured under Marine Hull Insurance.
- Aviation Insurance Policy for insurance of planes and helicopters.
Requirements to Purchase a Property Insurance Policy
The proposer of the policy should first and foremost have an interest in the assets being proposed for insurance, i.e. he/she should stand to lose financially in the event of loss or damage to such assets. Secondly, the proposer should submit a proposal form. The proposal form should disclose all details, which are true to the insured’s best knowledge and other information, which the proposer may feel is relevant.
Different Types of Property Insurance Policies
The most popular is the Standard Fire & Allied Perils Policies which covers most of the perils the property is exposed to like fire, riots, flood, and storm. Loss of current assets due to burglary and theft can be covered under Burglary & House Breaking Insurance Policy. Valuables can be covered under All Risks Policies and there are package policies for house owners and shopkeepers.