Property Insurance has several different names in the insurance industry. Depending on your insurer it can also be known as Fire and Perils cover or Material Damage cover. But regardless of the name, it covers the material items of your business such as buildings, contents, stock, plant and machinery, customers’ goods and goods in your care, custody and control.
The policy normally covers perils such as fire, lightening, explosion/implosion, destruction or damage caused by aerial devices, natural events like earthquakes, storms, cyclones, floods, storms, rainwater, wind, hail, snow and bushfires.
There are often variations between insurers on the specific perils covered and their basis of settlement.
This makes it imperative to seek advice from an insurance adviser to review the following key considerations when placing property cover: