Probability of loss / chance of loss For example, leaving the keys inadvertently in the car door increases the risk of theft and the reverse situation is the closure of the vehicle and leave it in the garage by a guard will reduce the risk of theft, that there are degrees of danger (degrees of probability …
Loss of profit insurance provides protection to the insured against:1 Loss of net profit as a result of production shortfall or interruption following a fire accident.2 Loss due to continued payment of fixed expenses Overheads following a fire incident (such as rent and fixed wages)3 Additional expenses incurred by the insured to prevent or reduce …
Fire insurance documents vary in conditions, exceptions and wording from country to country and from time to time. Therefore, we will not refer to a specific document but we refer to the principles of fire insurance. The purpose of the fire insurance policy is to compensate the insured for material damage The fire or thunderbolt shall …
Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner’s insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also …
Property insurance provides protection against risks to property, such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some …
