Property Insurance

Adjuster
An adjuster is an individual employed by a property and casualty insurance company to assess and settle claims brought by insureds. The adjuster evaluates the merits of each claim and makes recommendations to the insurance company.
All Risk / All Peril Insurance
All Risk or All Peril insurance covers each and every loss except for those specifically excluded, providing the broadest type of property protection available.
Amount at Risk
In insurance contexts, the 'Amount at Risk' is a key concept that refers to the potential financial loss an insurer faces, which can vary depending on the type of insurance policy.
Bailee's Customers Insurance
Bailee's Customers Insurance provides coverage for legal liability resulting from damage or destruction of bailor's property while under bailee's temporary care, custody, and control. It includes property on or in transit to and from the bailee's premises.
Blanket Insurance
Blanket insurance is a single policy that covers multiple kinds or locations of property, providing comprehensive coverage ideal for businesses with assets spread across different locations.
Business Property and Liability Insurance Package
A comprehensive insurance package that provides protection for a business's property against damage or destruction caused by perils such as fire, smoke, and vandalism, as well as liability coverage if the actions (or non-actions) of the business's representatives result in bodily injury or property damage.
Coinsurance
Coinsurance is a provision in insurance policies that mandates the insured to cover a certain percentage of the risk or loss, sharing the burden alongside the insurer. This encourages the insured to maintain adequate coverage corresponding to the property’s value.
Commercial Forms
Insurance policies covering various business risks, often tailored to protect businesses from a range of eventualities including property damage, liability, and employee-related risks.
Comprehensive Glass Insurance
Comprehensive Glass Insurance is a specialized type of insurance policy that provides coverage for damage to or loss of glass components within a structure. This type of insurance helps to mitigate the financial burden associated with repairing or replacing glass windows, doors, and other structural glass elements.
Contract of Indemnity
A contract of indemnity in property and liability insurance aims to restore the insured to their original financial condition after suffering a loss, without allowing for profit from the loss.
Exclusions
A provision in an insurance policy that indicates what is denied coverage, commonly including hazards deemed catastrophic in nature, wear and tear, property covered by other insurance, liability arising out of contracts, and liability arising out of workers' compensation laws.
Fair Access to Insurance Requirements (FAIR) Plan
A type of insurance coverage designed to provide a safety net for inner-city business owners or homeowners who are unable to purchase property insurance through conventional means.
Fire Insurance—Standard Fire Policy
An overview of the Standard Fire Policy, also known as the 165-line policy, commonly used across states. It includes details about its sections: Declarations, Insuring Agreements, Conditions, and Exclusions.
Hazard Insurance
Hazard insurance is a form of insurance that protects property owners against damages inflicted by certain risks, such as fires, storms, and other natural disasters.
Homeowner's Insurance Policy
An insurance policy designed specifically for homeowners, providing protection against losses caused by common disasters, hazards, theft, and liability. Coverage and costs of homeowner’s insurance policies can vary widely.
Incendiarism
Incendiarism refers to the act of deliberately setting fire to property, an act commonly known as arson. Arson is typically a covered peril under property insurance contracts, provided the property owner is not responsible for the arson.
Inflation Endorsement
An attachment to a property insurance policy that automatically adjusts its coverage according to the construction cost index in a community.
Inland Marine Insurance
Inland Marine Insurance provides coverage for loss or damage to property transported over land, excluding oceanic shipments. It primarily covers high-value items, equipment, and other movable property during transit.
Inland Marine Insurance
Inland marine insurance is a specialized type of property insurance that covers loss of or damage to goods, property, and equipment during transit over land or while being stored away from the main location. This insurance can also cover specialized types of movable property, including equipment and specialized tools.
Insurable Value
Insurable value refers to the cost of total replacement of destructible improvements to a property; it is often based on replacement cost rather than market value.
Insured
An individual or entity whose interests are protected under an insurance policy designed to indemnify against loss of property, life, health, etc.
Insuring Agreement, Property and Casualty Policy
The section of a property and casualty insurance policy that details the parties involved, policy duration, premium requirements, insurance limits, insured property specifics, considerations, covered perils, and policy assignment conditions.
Loss of Income Insurance
Loss of income insurance provides coverage in property insurance for an employee’s lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. Additionally, in health insurance, it compensates for lost income when an insured becomes disabled and cannot work.
Market Value Clause
A provision in property insurance that determines the reimbursement amount for damaged or destroyed property based on the price a willing buyer would pay to a willing seller, rather than the property's actual cash value.
Multiple Locations Forms
Multiple Locations Forms are insurance policies that provide coverage for property owned by one individual or entity across several locations. This includes merchandise, materials, fixtures, furniture, specified machinery, betterments, and improvements made by tenants.
Open Form (Reporting Form)
A single insurance policy covering all insurable property of specified type(s) at all locations of an insured business. Ideal for businesses with several locations.
Pro Rata Distribution Clause
A provision in many property insurance policies that automatically distributes coverage over insured property at various locations in proportion to their value.
Property Depreciation Insurance
Property Depreciation Insurance coverage ensures replacement of damaged or destroyed property on a new replacement cost basis without any deductions for depreciation. This coverage is equivalent to replacement cost property insurance.
Property Insurance
Property insurance is a type of insurance policy that provides financial reimbursement to the owner or renter of a structure and its contents in case of damage or theft. It also provides liability coverage against accidents that may occur on the property.
Replacement Cost Insurance
An insurance policy type in property and casualty insurance that covers the cost required to replace damaged property with items of similar kind and quality, without accounting for depreciation.
Reproduction Cost
Reproduction cost refers to the cost required for an exact duplication of a property, whether real or personal, taking into account the original materials, design, and workmanship as of a specific date. It is distinct from replacement cost, which involves replicating the functional utility of a property rather than creating an exact copy.
Standard Fire Policy
The Standard Fire Policy is a foundational insurance contract designed to provide coverage against fire-related damages to properties. It is essential for homeowners and businesses alike to protect their assets from unforeseen fire incidences.
Unoccupancy
Unoccupancy refers to the absence of people from a given property for at least 60 consecutive days. Many property insurance policies suspend coverage after a structure has been unoccupied for this period due to increased risks of vandalism, malicious mischief, or other hazards.
Water Damage Insurance
Water Damage Insurance provides protection in the event of accidental discharge, leakage, or overflow of water from various systems and through various openings, resulting in damage or destruction of the property scheduled in the policy.

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