The previous article introduced the classification of personal insurance, and today I will share the classification of property insurance.


Article 12 of the "Insurance Law" stipulates: Property insurance is an insurance with property and its related interests as the subject matter of insurance.


Let me introduce the characteristics of property insurance from six aspects:


Feature 1: Property Risk


The diversity of property forms determines the diversity of property risks. The risks covered by property insurance include not only various natural disasters and accident risks, but also legal liability and credit behavior risks.


Feature 2: The subject of insurance


The insured subject of property insurance must be the property or interest whose value can be measured in currency, but the property or interest whose value cannot be measured in currency cannot be used as the insured subject of property insurance, such as air, rivers and state-owned land.


Feature Three: Insurance Interest


The insurable interest in property insurance arises from the relationship between persons and things. The insurable interest in life insurance arises from the relationship between people.


In property insurance, the insurable interest is regulated by quantity, and the insured amount must be limited to the actual value of the property . If the insured amount exceeds the actual value of the property, it will be invalid because the policyholder has no insurable interest. The insurable interest of life insurance is generally not limited in quantity.


Under normal circumstances, the insurable interest requirement of property insurance exists in the whole process from the conclusion of the insurance contract to the occurrence of the loss. The insurable interest in life insurance is only required to exist when the insurance contract is concluded.


For insurance benefits, you can read my previous article Can I buy insurance for anyone? , which has a simple and intuitive introduction to insurance benefits.


Feature 4: Insurance Amount


The determination of the insurance amount of property insurance generally refers to the actual value of the subject matter of insurance , or according to the actual needs of the policyholder, the maximum possible loss and the maximum expected loss are used to determine the insurance amount of the property insurance purchased.


That is to say, the insurance amount is not as much as you want to insure. It is impossible to insure 1 million for something that is only worth one dollar.


Feature 5: Insurance period


The insurance period of property insurance is relatively short, and the insurance period of general property insurance is usually 1 year or less.


Feature Six: Insurance Contract


The property insurance contract is a kind of loss compensation contract. The amount of compensation is limited to the insured's economic interests returning to the state before the loss, and the insured is not allowed to obtain additional benefits.


Next, introduce the classification of property insurance:


Specifically, it can be divided into: enterprise property insurance, home property insurance, auto insurance, engineering insurance, liability insurance, credit insurance, guarantee insurance, ship insurance, cargo insurance, special


Special risks, agricultural insurance, etc.


Enterprise property insurance


Enterprise property insurance refers to the property insurance that takes the property and materials stored in a fixed place by the enterprise as the subject of insurance.


Home Insurance


Household property insurance refers to property insurance that takes personal living materials, farm implements, private houses and other properties as the subject of insurance.


auto insurance


Motor vehicle insurance refers to the insurance of means of transport that takes the motor vehicle itself and its related economic interests as the subject of insurance. Car insurance is divided into two parts: compulsory traffic insurance and commercial insurance.


engineering insurance


Engineering insurance refers to the insurance that takes property loss and related legal compensation liabilities in engineering projects as the subject of insurance.


Liability


Liability insurance refers to the insurance that takes the insured's liability for compensation to a third party as the subject of insurance. Such as: public liability insurance, employer liability insurance, professional liability insurance, etc.


credit insurance


Credit insurance refers to a kind of insurance in which the obligee insures the credit risk of the debtor from the insurer. When the debtor fails to perform its obligations, the insurer shall bear the liability for compensation. Divided into short-term credit insurance and long-term credit insurance.


Guarantee


Guarantee insurance refers to the insurance that the guaranteed person (debtor) requests the insurer to guarantee his own credit according to the requirements of the obligee (creditor). liability.


To put it simply, credit insurance is the insurance purchased by the creditor, and guarantee insurance is the insurance purchased by the debtor.


Ship insurance


Ship insurance refers to the insurance of means of transportation with various ships, water installations and their collision liabilities as the subject of insurance.


cargo insurance


Cargo transportation insurance refers to the insurance that takes the goods in transit as the subject of insurance, and the insurer is responsible for compensation for the loss of goods caused by natural disasters and accidents.


Agricultural insurance


Agricultural insurance refers to an insurance in which agricultural producers transfer the property losses caused by disasters and accidents in the process of agricultural production and operation to the insurer at the cost of paying insurance premiums.


In fact, there are many subdivided insurances in each category, but as an understanding, I personally feel that this content is enough. When you really need specific insurance, you can go to a single category and then look for specific types of insurance. I don’t know if after reading this article, everyone has a simple understanding of property insurance! !