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However, multiple-peril coverage is a broader, more inclusive term that includes coverage combinations like business automobile, which is a single category of coverage, but actually qualifies as multiple-peril coverage [2] as it may provide indemnification for the perils of liability, physical damage (property), and medical payments. [3]
A standard homeowners insurance policy lists the following 16 events as named policy perils: Fire or lightning. Vandalism or malicious mischief. Theft. Riots. Smoke and ash. Volcanic eruptions ...
Insurance Cycle is a term describing the tendency of the insurance industry to swing between profitable and unprofitable periods over time is commonly known as the underwriting or insurance cycle. The underwriting cycle is the tendency of property and casualty insurance premiums , profits , and availability of coverage to rise and fall with ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
A difference in conditions policy is an insurance policy that can help provide additional and expanded coverage for your home or business if you live in a region that sees regular disasters.
Personal property coverage: This coverage makes up a large portion of your homeowners insurance and is designed to replace your home’s contents after a covered peril, including clothing ...
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.
For example, increasing jewelry coverage from the basic homeowners policy sublimit of $1,500 to $3,000 on a blanket policy may be all that is needed. Blanket coverage may be more cost-effective ...