Under the property insurance property of a person/persons ae insured against a certain specified risk. The risk may be fire or marine perils,theft of property or goods,damage to property at accident.

(a) Marine Insurance. Marine insurance provides protection against loss of marine perils. The marine perils cause damage, destruction or disappearance of the ship and cargo and non-payment of treight. So, marine insurance insures ship (hull),cargo and freight. Previously only certain nominal risks were insured but now the scope of marine insurance. had been divided into two parts:(i)Ocean Marine Insurance and (ii)Inland Marine Insurance. The former insures only the marine perils while the latter covers inland peril which may arise with the delivery of cargo (goods)from the go-down of the insured and may extend up to the receipt of the cargo by the buyer (importer) at his go-down.

(b) Fire Insurance. Fire insurance covers risks of fire. In the absence of fire insurance,the fire waste will increase not only to the individual but to the society as well. With the help of fire insurance,the losses,arising due to fire are compensated and the society is not losing much. The individual is protected from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss. The fire insurance does not protect only losses but it provides certain consequential losses also. War risk,turmoil,riots,etc., can be insured under this insurance ,too.

(c) Miscellaneous Insurance. The property,goods,machine,furniture,automobile,valuable articles,etc.,can be insured against the damage or destruction due to accident or disappearance due to theft. There are different forms of insurances for each type of the said property whereby not only property insurance exists but liability insurance and personal injuries are also insured




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