Property insurance concerns specified physical assets and insured losses under a contract. Building, contents, stock, equipment and property held for others may involve different sections and valuation bases.
The distinction that matters
A property policy is not automatically a business-interruption, liability or maintenance contract. Identify the insured asset and cause of damage before considering settlement.
What to check
- Who owns or is responsible for the asset.
- The insured events and exclusions.
- Replacement, market or indemnity value.
- Location, transit, excess and sublimits.
Example to discuss
For leased equipment, check the lease’s responsibility for loss and the policy’s insured-interest provisions rather than assuming the lessor insures every event.
This is a hypothetical comparison, not a customer claim or a determination of cover.
Sources and further reading
General information only. The policy, schedule and applicable rules determine the actual position. For a personal decision, use an appropriately qualified adviser or the relevant provider.