property insurance
First-party insurance that indemnifies the owner or user of property for
its loss, or the loss of its income-producing ability, when the loss or damage
is caused by a covered peril, such as fire or explosion. In this sense, property
insurance encompasses inland marine, boiler and machinery, and crime insurance,
as well as what was once known as fire insurance, now simply called property
insurance: insurance on buildings and their contents.
See also: all risks coverage,
building
and personal property coverage form,
business income coverage,
causes of loss forms,
commercial property
coverage forms, commercial
property policy,
difference-in-conditions
insurance, direct damage coverage,
earthquake coverage,
equipment breakdown insurance,
first-party insurance,
flood coverage,
inland marine coverage,
named perils coverage,
time element insurance.
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