While most personal property insurance contract is under pressure from the banks, is required to issue a policy if you want to use the property or in the car as collateral for accessing credit programs, the document becomes a reliable protection against various contingencies.In this case, the destruction of property by third parties or due to force majeure, a citizen can regain its value, shifting the damage to the insurance company.
Insurance liability :
Signing the contract of property insurance, the insurer may get paid when the property is located, and all things in it are destroyed in an explosion or fire, the Gulf of water or other natural disasters.However, the insurance company usually reimburses only the direct damage in the amount that was originally stipulated in the policy, but even after the payment of compensation insurer remains liable for the insured object in the future, until the contract expires.
Species :
Currently, the insurance contract can be concluded with the citizens and legal persons on a voluntary basis.Company can insure against the risk of damage or destruction of such items of property, like air, water and land transport, and move with it loads.Citizens are invited to design policies to protect them from damage or loss of garden houses and villas, town houses and apartments, various vehicles and household goods.
Double insurance :
Often citizens or management of companies seeking to enter into a contract of property insurance with several insurers to increase the amount of compensation when the insured event at times.However, if the percentage of payments at the various companies will exceed the value of the insured property, the insurer should not expect to get a huge compensation.
Thus, the current legislation provides that in the case of "double" of insurance a person is issued a policy is required to inform the company of all the contracts relating to this property, which have been concluded with other insurance companies.In situations where the policyholder has not informed his agent in writing that the property is already insured by other companies, all policies may lose their validity.
insurance coverage :
every contract of insurance provides insurance cover on the basis of a list of possible risks specified in the policy is issued.List of insurance claims made on the basis of two methods, which include the method of eliminating, where the contract specifies the cases in which compensation is not paid.Methods of inclusion, on the contrary, provides for the payment of compensation only in the event of one of the insured events listed in the text of the treaty, and in some cases the company assumes no responsibility for the loss of client assets.
As a rule, in the policy indicates the size of the franchise - part of the damage that the customer will not be paid.For example, a conditional franchise provides that upon the occurrence of property damage policyholder will receive compensation if the damage exceeds the sum specified in the policy, the minimum threshold.A deductible unpaid portion of pre-prescribed percentage in the concluded agreement.
Indemnification :
each insurance contract should include a description of the procedures for seeking redress, and if the property is insured in full the cost, the insurer will only be paid a certain percentage specified in the policy.In situations where the contract provides for full compensation, payments are made within the limits specified in the policy specific amount.
