The Basics of a Property Insurance Policy

policy has its own characteristics-particularly in respect to the manner in which it deals with property which is not part of the main building or contents.

Consistently, however, vehicles licensed for road use and other means of transportation, such as water craft, aircraft, caravans and locomotives are excluded from cover.

Also, certain types of personal property which are readily exchanged for cash or perhaps notoriously hard to value are also excluded, such as glass, china, fragile objects, jewellery, precious metals, precious stones, rare books, works of art, bullion, furs, currency, cheques, credit cards, deeds and similar items.

Policies will vary as to whether they cover computer and data processing as standard, as an extension or at all.

ARPI policies may also cover the assured’s interest in property owned by others, particularly where the assured is the custodian of that property.

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Willis J. Watson –
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