Selasa, 15 Maret 2011

What Exactly Is Property and Casualty Insurance?

The Property and Casualty Insurance is designed to take care of most of the risks to an individual or a business's property like damage, records, losing money, theft, furniture, trademarks, machinery and as well as supplies. There are some special insurance policies currently available that are designed to cover natural disasters like earthquakes, and floods which may damage and individual's private residence.
A property may be insured for named or multiple dangers. You will need to accurately identify all that you have lost. A key example is when your house is burnt down by fire, you would only be allowed to make a claim under the "named peril property insurance" if you had previously insured your house against fire. The other perils that are commonly covered are theft, explosion and lightning. You should always carefully examine all the risks that are part of your insurance policy. Otherwise, you may end up paying for insurance that would not assist you in the event of maybe your car stolen.

All causes of damage or loss that have not been removed from a policy are covered by the open perils. Unless your insurance premium explicitly excluded it, you will be able to receive assistance from open perils property insurance. If you did not take the option to be insured for floods, you will definitely not receive assistance for any damage to your house caused by a flood. Some of the items that are often found in the list of open perils exclusion are nuclear accidents, earthquakes, war, and acts of terrorism. You can purchase an additional coverage plan if your open peril insurance does not cover the open peril that you may face.
The cost of property insurance premiums may be reduced if the client have a good claim history and have taken the proper steps to reduce the risk of damage or loss. Some ways of reducing the cost of property insurance is by installing alarms, sprinkler systems, smoke detectors and security personnel. Mostly it depends on whether or not the steps taken can in reality prevent damages.
Many businesses and companies prefer insuring their properties with a Business Owner's Insurance premium known as BOP. In this policy, liability insurance and property insurance are joined into a single policy to create this special insurance policy. Some of these BOPs also offer Business Interruption and Extra Expense insurance premium as a further option.
The BOPs are considered very convenient though it provides less coverage than the standard insurance premiums. This explains why many companies that opt for it also end up buying other policies for a full coverage. A good example of a BOP is the premium called the "extra expense insurance". This works by reimbursing the policy holder money to cover the effects of a short-term move in the event of an incident covered by the policy occurring e.g. a flood. While the "Business Interruption Insurance" pays for any likely loss of revenue or profit in the event of the business being interrupted by an incident covered by the policy.

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