DEFINITION OF PROPERTY AND PECUNIARY INSURANCE.

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Property insurance is the type of insurance that underwrites property and pecuniary, i.e to insure buildings, stock, machinery and other contents against fire and range of additional events such as explosion, storm, floor, earthquake and subsistence fire of the site, falling of aircrafts and in the catastrophic events e.g malicious damage, inoacte by vehicles and theft, loss of gross profit e.t.c. While pecuniary insurance is the insurance that covers or provides protection to reimburse those parts of gross profits which are lost as a result of the inability of the business to operate after a fire or other insured events e.g the payroll, loss of gross rentals for ownerenof let properties, loss of gross fees for the schools and colleges, loss of gross revenue e.t.c.

Property insurance is subdivided into two namely.
i. Real property.
These are immovable properties such as landed properties, real estates, office buildings, premises, machines and plants.

ii. Personal property.
These are basically everything that is immovable, it means that a property is not fixed to the land neither is it fixed to the structure. E.g marine vessels, cars, aircrafts, and decorative such as executive chairs, deep freezers and other utensils,rug/carpets/kitchen utensils e.t.c.

Perils or risks property insurance covers includes;

1. Building: these includes real estates, office/private buildings aanndd office premises.

2. Stock: this includes articles, money and treasury bills.

3. Machinery: this includes engines/plants.

4. Storm.

5. Flood, earthquake, substinence of site, falling aircrafts, escape of water, malicious , impact by vehicles, theft and loss of gross profit

6. Explosion/fire content.

Perils or disks pecuniary insurance covers includes;

1. Loss of gross profit.

2. Loss of gross rentals.

3. Loss of gross revenue by professional firms e.g estate agents, solicitors, accountants and doctors

4. Infidelity of employees.

5. Loss of stock.

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