Property Insurance “Against All Risks”

In case of property insurance contract conclusion it is very difficult to provide and reflect in the agreement all cases which life may present to us. For example, living near the wood and insuring the property against fire impact who can guess that irreparable damage can bring the scared herd of animals or big truck. For this reason the insurance package called “against all risks” was developed by insurance companies.

This package includes receipt of payment in case of any suddenly arisen and unforeseen circumstances which did harm to insured property. However there are exceptions or, better to say, restrictions.

Firstly, the amount of insurance payment will depend directly on the amount of your fee.

Secondly, there are some cases which the insurance company simply doesn’t want to insure or cases which are excluded from the legislation in this region.

In all above cases the insurance company is exempted from payments based on the agreement signed by you.

It is worth noticing that though such agreement has obvious advantages it is not too popular among insurers. It is connected with inexpediency of costs and high cost of such policy. After all, it is obvious that its cost will exceed considerably any other insurance document which has the insurance from specific risks. In spite it insurance companies aim to improve and optimize insurance programs against all risks to acquire popularity and have adequate cost.

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