Property Insurance

Fort Worth insurance lawyers need to understand the different types of property insurance to be able to properly advise clients.
As stated by a 1972, Dallas Court of Appeals case, property insurance involves the indemnification of the insured by the insurance company for the loss of, or damage to, identifiable property.
These property insurance policies are intended solely to indemnify the insured for their actual monetary loss.
The most popular types of personal property insurance are auto and homeowners insurance. Both these also provide liability coverage.
Here are some of the different types of commercial property insurance coverage:
1) Building and contents insurance – Provides coverage on insured buildings and the property contained in the buildings. Example: A 1952, United States 5th Circuit case said a fire policy requiring that the building be “closed in, doors and windows hung, and a roof in place” did not provide coverage after a loss where the evidence showed the front doors had not been hung, windows had not been balanced, and the roof was not complete.
2) Machinery insurance – This covers steam boilers, pressure vessels, and various types of machinery such as air conditioning equipment, air compressors, turbines and all types of production equipment. A 1971, Waco Court of Appeals case ruled a cotton picker was covered under this type of policy even though it was located outside of the geographical area identified in the policy at the time of the loss, because the declarations page omitted the specific geographical limitation.
3) Commercial crime insurance – This covers losses caused by employee dishonesty, forgery, theft, burglary, robbery, extortion. It usually covers both money and securities.
4) Commercial inland marine insurance – This covers a wide range of loss exposures, which usually involve some element of transportation or communications. Examples of inland marine exposures are property in transit, mobile equipment, property being installed by a contractor, bridges, and radio towers.
5) Farm insurance – This covers the farmer’s residential loss exposures such as dwelling and household personal property and business loss exposures. Farm buildings and farm personal property, including livestock, are usually insured under one form.
6) Other property coverages – Other coverages include aircraft insurance, marine vessel and cargo insurance, condominiums, builders risk insurance, business income, commercial flood, commercial credit, commercial title, and difference in conditions insurance.
There are other types of coverages.
One thing to keep in mind about all of them is that when they are refusing to pay a claim – contact an experienced insurance law attorney.

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