About the Talk
September 23, 2014 12:00 AM
Buenos Aires, ArgentinaBuenos Aires, Argentina
AXIS Capital, a group of companies with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has built a global franchise that is well diversified by product –i.e. Property and Casualty Insurance.
When damage, theft or loss occurs, property insurance covers a business’s building and its contents such as money and securities, accounts-receivable records, inventory, furniture, machinery, supplies and even intangible assets such as trademarks.
There are insurance companies that offer property insurance by named danger, like fire and theft. Others bid policies that cover many perils. Most basic multiple-peril policies comprise losses caused by fire and theft; however business owners can buy added kinds of coverage if they must. For an instance, a business in the Jakarta, Indonesia may want to purchase an earthquake-insurance policy.
Businesses with effective loss-control measures and claim histories often pay lower insurance premiums compared to companies with perilous procedures and poor claims histories. Taking steps to prevent loss like hiring security personnel to avoid shoplifting, installing a sprinkler system to contain fires or using an alarm system to guard against theft can help control complaints in the cost of property insurance.
Types of Coverage
Several businesses buy property insurance by means of a business-owner’s policy (BOP), which packages property and liability insurance into one policy; on the other hand, given that the amount of coverage available in a BOP is generally lower than in a standard property-insurance policy, companies that require a lot of coverage typically stick with a distinct policy.
Some BOPs also comprise business-interruption insurance and extra-expense insurance which is two kinds of elective coverage in a property insurance policy that protect a business after a loss occurs.
Business-interruption insurance provides payments for expenses like salaries, taxes and debts, in addition to any loss of profit because of the interruption of business.
Extra-expense insurance recompenses the expenses of temporarily moving a business when a covered peril happens. Remember to review your policy. For instance, if a fire devastates a clothing store, extra-expense insurance will recompense for a business to continue operations and cover such expenses as buying or leasing equipment, getting new merchandise and notifying customers about changes that have happened.