Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage causing events as fire, lightning, explosion and theft. Property designates those real or intellectual goods that are commonly recognized as being the rightful possessions of a person or group. ... National Flood Insurance Program In 1968, Congress created the National Flood Insurance Program (NFIP) in response to the rising cost of taxpayer funded disaster relief for flood victims and the increasing amount of damage caused by floods. ... Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. ... Home insurance, or homeowners insurance, is an insurance policy that combines various personal insurance protections which can include losses occurring to ones home, its contents, loss of its use (additional living expenses), loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may... Boiler insurance is a type of property insurance that pays accidental losses to machinery and equipment. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of catastrophic financial loss. ...
All University properties are required to at least carry this tier of insurance and the extent to which we are charged a premium depends on the funding of each specific building or its occupants (refer to How PropertyInsurance Premiums Are Applied By The Fund).
All-risk insurance is the most comprehensive coverage you can purchase, and like extended coverage, a premium is charged to all departments requesting this coverage, regardless of their funding status.
While all propertyinsurance authorized for the University must be placed through the Fund, certain property coverages may not be offered by them or they may prefer not to underwrite certain risks.
An insurance contract in which the terms of the policy are not fixed at the inception nor is an expiration date specified, but limits of liability are set forth for the protection it offers.
A kind of insurance with which a salesman or a sales agent whose income is tied to profits or commissions on certain property can insure against loss of income due to the destruction of the property.
Insurance protecting the interest of only one of the parties having an insurable interest in property, such as insurance protecting a mortgagee but not a mortgagor or protecting a seller but not a buyer.
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