Types of property insurance policies
There are 2 types of property insurance policies:
This type of policy insures only the listed risks. Therefore, no insurance coverage is granted when a non-listed threat has materialized.
The burden of proof that the damage is indeed covered, lies with the insured party.
The insured party must prove:
That the risk is included in the list of risks within the policy and has not been excluded
That the damage was unexpected
The extent of the damage
This type of policy insures all risks to the property, with the exception specifically listed in the policy.
The burden of proof that the risk is not insured, lies with the insurer.
The scope of insurance in property policies
In property insurance, the insured is entitled to compensation for damages caused to them and expenses incurred to mitigate the damage after the insurance event.
Structure insurance.
Contents insurance:
Furniture, equipment, and fixtures
Machinery and stationary equipment
Inventory – raw materials in work process and finished stock.
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