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HO-5: Open perils for dwelling coverage and personal property coverage The policy you choose affects your cost of homeowners insurance since insurers set premiums based on the level of risk they ...
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]
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 ...
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 ...
A homeowners insurance policy is designed to provide you with financial protection from a variety of damage-causing events, also called perils. Exactly what homeowners insurance covers and which ...
DIC insurance is commonly used by business owners, especially those with large-scale operations or expensive corporate buildings, to bridge the gap in coverage from their standard insurance policies.
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.
It is a supplemental form of insurance meant to fill in the coverage gaps left by a FAIR Plan policy. It includes coverage for a wider selection of perils, like theft, and can provide liability ...