Property insurance provides protection against most risks to property, such as fire, theft, and some weather damage. These include special forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways - opening the hazard and naming the danger.
Open dangers include all causes of loss that are not specifically excluded in the policy. General exceptions to open hazard policies include damage from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named the danger of requiring the cause of the actual loss should be listed in the policy for insurance to be provided. The more commonly named hazards include those events that cause damage such as fire, lightning, explosion, and theft.
Video Property insurance
Histori
Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 homes. The devastating effect of fire changing the development of insurance "from the issue of comfort to be one of urgency, the change of opinion is reflected in Sir Christopher Wren's inclusion of a site for 'Insurance Office' in his new plan for London in 1667". A number of experiments on fire insurance schemes were meaningless, but in 1681, economist Nicholas Barbon and eleven associates set up the first fire insurance company, "Home Insurance Office", behind the Royal Exchange to ensure brick houses and skeletons. Initially, 5,000 homes were insured by the Barbon Insurance Office.
After this first successful venture, many similar companies were established in the next decade. Initially, each company uses its own fire department to prevent and minimize fire damage on property that is insured by them. They also started issuing 'Fire insurance marks' to their customers; this will be displayed clearly above the main door to the property to help with positive identification. One of the famous companies is Hand in Hand Fire & amp; Life Insurance Society, founded in 1696 at Tom's Coffee House in St. Louis. Martin Lane in London.
The first existing property insurance company was established in 1710 as the 'Sun Fire Office' now, through many mergers and acquisitions, the RSA Insurance Group.
In Colonial America, Benjamin Franklin helped to popularize and standardize insurance practices, particularly Property insurance to spread the risk of loss from fire, in the form of perpetual insurance. In 1752, he founded Philadelphia's Contribution for Home Insurance from Losses by Fire. The Franklin Company refused to insure certain buildings, such as wooden houses, where the risk of fire was too great.
Maps Property insurance
Type Coverage
There are three types of insurance. The scope of replacement cost pays a fee for repairing or replacing your property with similar & amp; quality regardless of depreciation or appreciation. The premium for this type of coverage is based on the value of the replacement cost, and not based on the actual cash value. Actual cash value coverage provides replacement cost minus depreciation. The extended replacement cost will pay out beyond the coverage limit if the cost for construction has increased. This will generally not exceed 25% of the limit. When you obtain an insurance policy, the limit is the maximum amount of benefits the insurance company pays for a particular situation or event. The limit also includes the age below or above what the insurance company will not issue a new policy or continue policy.
This amount needs to fluctuate if the cost of replacing homes in your neighborhood increases; the amount should be in line with the value of your actual home reconstruction. In case of fire, replacement of household content is tabulated as a percentage of the value of the house. In the case of high value items, insurance companies may request to specifically close these items apart from other household contents. One last coverage option is to have an alternative living arrangement included in the policy. If property damage caused by a closed loss prevents you from staying in your home, the policy can pay alternative residence arrangements (eg, hotel and restaurant costs) for a certain period of time to compensate for "lost use" of you home until you can return. Additional cost of living allowances may vary, but is usually set to 20% of the coverage limit of residence. You need to talk to your insurance company for advice on the right coverage and determine what type of limit might be suitable for you.
US Property Insurance Claim
World Trade Center case
After the September 11 attacks, the jury discussed the insurance payments for the destruction of the World Trade Center. Leaseholder Larry A. Silverstein looking for more than $ 7 billion in insurance money; he believes two attacks have occurred in the WTC. Insurance companies - including Chubb Corp. and Swiss Reinsurance Co. - claim the "coordinated" attack is counted as one event. In December 2004 a federal jury arrived at a compromise decision.
In May 2007 New York Governor Eliot Spitzer announced more than $ 4.5 billion would be available to rebuild the 16 acre (65,000 m 2 ) WTC complex as part of a major insurance claims settlement.
Post-Hurricane Katrina property insurance claim
After Hurricane Katrina, several thousand homeowners filed lawsuits against their insurance company that accused them of bad faith and failed to adjust their claims promptly and promptly.
Florida Consumer Choice Act
On 24 June 2009, Florida Governor Charlie Crist vetoed the Consumer Choice Act (H.B.Ã, 1171). The bill will rule out state regulations, and allow the largest Florida insurance companies to set their own tariffs.
Commenting on the recall of State Farm from Florida, Ted Corless, a property insurance lawyer who has represented major insurance carriers such as Nationwide, noted "that homeowners really should look out for themselves". Five days after Crist vetoed the Consumer Choice Act, Corless defended the deregulation of property insurance by pointing out that "if a blue-chip insurance company wants self-esteem out of the market", then they will get out of business. He accused Crist of making choices on behalf of consumers, not protecting their right to vote. In 2006 the average annual Florida insurance premium was $ 1,386 for homeowners, one of the highest in the country.
Fire insurance in India
The fire insurance business in India is governed by the All Fire Tariff of India which sets the terms of coverage, premium rates and fire policy conditions. The fire insurance policy has been renamed "Standard and Special Risk Fire Policy". Risks covered are as follows:
- Residence, office, shop, hospital:
- Industrial, manufacturing risk
- Utilities that are outside the industry/manufacturing risk
- Machines and accessories
- Store risks outside of industrial risk compounds
- Tank farm/gas holder located outside the industrial risk compound
Dangers closed
The following causes of harm are included:
Exceptions
The following are exempt from insurance protection:
- Loss or damage caused by war, civil war, and family danger
- Loss or damage caused by nuclear activity
- Loss or damage to stock in cold storage caused by temperature change
- Loss or damage due to excess electrical and/or electronic machinery
Claim In the event of fire enclosed in the fire insurance policy, the insured must immediately notify the insurance company. Within 15 days after the loss, the insured must file a claim in writing providing details of the estimated damage and value. Other insurance details on the same property should also be stated.
See also
- Builder risk insurance
- House insurance
- Interest that can be insured
- Tenant insurance
- Vehicle insurance
Other:
- Hamburger Feuerkasse, the world's oldest insurer.
References
External links
- Fire insurance (EH.Net Encyclopedia of Economic History)
Source of the article : Wikipedia
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