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Property Insurance.docx

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McMaster University
Tony Belsito

Property Insurance – pp 315 Property Insurance is what covers the catastrophes that happens to your home (burglary, fire) Peril : risk/loss Liability Insurance is insurance that covers you in case something happens on your property ( someone falls on ice) You should have a picture record/ or plain record of what you have in case of vandalism and theft. Negligence: If you don’t protect others from harm, you are negligent (not salting) Indemnity ( You can not claim for more than your loss, than what you actually lost). If you lost 10 000 in a fire, you can’t claim 20 000. If they catch you, you get charged with fraud because you are lying***** (This why they like to see pictures of inventories that you have) Actual vs replacement: Most policies nowadays use a replacement cost. You would want to be able to replace your asset. If they reimburse you for the actual, you’re going to get 5000. If they have a replacement cost, they buy you a new car( or a replace it ). Subrogation (pp 318): It’s asking for the person who caused you harm, to pay for damages. Make your insurance company, to go make a claim to their insurance company to get the money back. Co-Insurance: It requires you to a buy a replacement of the value of what damage you have caused. (A really good example is on page 319- at the top)
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