property insurance

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Insurance covering loss, damage, or destruction of any form of item from personal jewellery to industrial plant and machinery. Property-insurance policies are a form of indemnity in which the insurer undertakes to make good the loss suffered by the insured. The policy may state the specific compensation payable in the event of loss or damage; if it does not, the policy will normally pay the intrinsic value of the insured object, taking into account any appreciation or depreciation on the original cost. Such policies usually have a maximum sum for which the insurers are liable.

Subjects: Financial Institutions and Services.

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