Property and Liability Insurance

Buying appropriate property and liability insurance is important in planning for personal financial security. This is particularly true for liability insurance, because people in general have become so litigious and claims-conscious.


There are two basic approaches to insuring property: specified perils coverage and “any risk of loss” coverage (or “all risks” or open risks coverage). Specified perils coverage protects against the specific perils (causes of loss) named in the policy. On the other hand, any risk coverage protects against all the risks or perils that may cause loss to the covered property, except those specifically excluded in the policy. Thus, the exclusions are important in ...

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