Property Insurance

What Is 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.

Property Insurance is insurance on homes, cars, and businesses. Technically, property insurance protects a person or business with an interest in physical property against its loss or the loss of its income-producing abilities. Property insurance mainly protects a person or business against legal liability for losses caused by injury to other people or damage to the property of others.

ISO provides services for property insurance companies that write the following lines of Property Insurance:

Commercial Lines

• automobile
• businessowners (property and liability combined for smaller commercial customers)
• capital assets (output policy)
• crime and fidelity
• electronic commerce
• employment-related practices liability
• equipment breakdown (formerly boiler and machinery)
• farm
• financial institutions
• general liability
• inland marine (diverse commercial goods and properties)
• management protection
• market segments
• medical-professional liability
• package policies (property and liability combined)
• property
• umbrella
• workers compensation

Personal Lines

• automobile
• dwelling property
• homeowners (property and liability combined)
• inland marine (diverse personal goods)
• personal liability (including personal umbrella)
• watercraft

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