Types of Property Insurance
Did you know in a day 40percent of the Kenyan population lose their property to fire accidents, fraud and theft cases and other unavoidable climatic disasters each day. Insurance is characterized with transferring or shifting of risks from one individual to a group and sharing loses on some equitable basis by all members of the group. Property insurance covers the risk losing tangible properties and liabilities such as cars, estates, household items and ships. There are various types of property insurances available both to a businessman and an individual. Here is a list of five types of property insurance beneath.
1.Fire Insurance.
Fire Insurance covers damage caused by fire itself, lightning, smoke, failing walls, damage caused by fire brigade while combating fire and damage caused to property while moving it to safety
2.Household Insurance.
Household insurance covers the house itself, contents and any personal property like clothes, cameras, television, woofers and other personal related items. Money related items are usually excluded, such as share certificates and bonds. To learn more on money related items, Finstock Evarsity college has a structured investment courses that keep your money in your pockets. This courses are: Basics in debt management and basics in stock market investments
3.Marine Insurance.
Marine Insurance is the oldest type of insurance. It covers the ship itself and other goods carried on the ship. The law governing the marine insurance is basically by British law. Imports and exports through the coastline are covered by the marine insurance law. Also marine insurance covers on damage caused by water, fire, wear and tear and theft in the enroute of shipping of goods across the border. The insurance industry is a dynamic industry provides employment to hundreds of people, agents, brokers, underwriters, inspectors and surveyors. Enrolling for the Basics in Insurance course will offer you an employment opportunity in this sectors after completion of the course at Finstock Evarsity College. This will also give you an opportunity to export and import your goods smoothly when insured as a businessman.
4.Motor Insurance.
The Motor Insurance is governed by two acts of parliament. The first one is the road traffic act which deals with procedures on licensing of vehicles and making it compulsory for owners of vehicles to ensure their vehicles. The second one the insurance motor vehicle third party risks that makes it illegal for a person to drive or allow anybody else to drive a vehicle that is not insured for third party personal injury liability. Third party coverage and comprehensive coverage are the major types of coverages in the Motor Insurance. Third party covers fire and theft of the vehicle whereas the comprehensive covers fire and theft and damage to the insured vehicle. Owning a car is a major personal goal for both a business man and an individual which who require driving skills, a course offered at Finstock Evarsity College. Insuring your vehicle with motor insurance is a basic commitment you will have to make. To make this easier all you need to do is to equip yourself with insurance policies knowledge through enrolling in an Insurance course offered at Finstock Evarsity College.
5.Special Perils Insurance.
Special peril refers to disasters caused either by nature or intentionally caused by man. They include riots, floods, earthquakes, storms and wars. These perils are covered by the special perils insurance. The insurance companies usually insure these separately in addition to the major fire insurance. Perils are unpredictable and may occur any time, insuring yourself with this insurance policy will be a great decision to take. You will need to have knowledge on procedures and a depth know-how of the insurance policies, at Finstock Evarsity College we offer a course in Insurance which will equip you with knowledge on insurance procedures and policies.
