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.
See also
External links
- Fire insurance (EH.Net Encyclopedia of Economic History)