Property Insurance provides financial protection to individuals and businesses against loss of or damage to physical assets arising from unforeseen events such as fire, lightning, explosion, riots and strikes, impact damage, earthquake, storm, cyclone, flood, theft, and electrical or mechanical breakdown, as covered under the policy. This protection is offered through various policy types, including Fire Insurance, Machinery Breakdown Insurance, Burglary Insurance, Industrial All Risks (IAR), and Property All Risks (PAR) policies.
The insurance helps cover the cost of repairing, replacing, or reinstating damaged property, subject to the terms, conditions, and exclusions of the policy.
