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Property, Cargo

Property, Cargo

Covers an insured’s property against damage, destruction or loss by a covered peril.
First-party insurance that indemnifies the owner or user of property for its loss, or the loss of its income-producing ability, when the loss or damage is caused by a covered peril, such as fire or explosion. In this sense, property insurance encompasses inland marine, boiler and machinery (BM), and crime insurance, as well as what was once known as fire insurance, now simply called property insurance: insurance on buildings and their contents.

Cargo insurance – Inland or ocean marine insurance covering property in transit.