Property insurance guarantees money coverage on most risks to property, such as fire, larceny and some weather damage. It includes special forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, builder's risk insurance, debris removal insurance, boiler and machinery insurance. There are two main ways to insure property- open perils and named perils. Open perils cover all the causes of loss not specifically named in the policy. Named perils need the name of cause of loss listed in the policy for insurance to be applied. Individual or juridical party can conclude an insurance contract on the objects in relation to which they possess property interest: buildings, transfer units, power operating machines, equipment, transportation, tonnages, objects of incomplete industry, objects of capital construction, inventory, raw material, goods, etc.
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