What does Property Insurance mean? Read on to discover the definition & meaning of the term Property Insurance - to help you better understand the language used in insurance policies.
First-party insurance that indemnifies the owner or user of property for its loss, or the loss of its income-producing ability, when the loss or damage is caused by a covered peril, such as fire or explosion. In this sense, property insurance encompasses inland marine, boiler and machinery (BM), and crime insurance, as well as what was once known as fire insurance, now simply called property insurance: insurance on buildings and their contents.
We hope the you have a better understanding of the meaning of Property Insurance.