Property Insurance

The concept of Property Insurance dates back to 1700 AD England when the first set of insurance companies were founded.  Initially, houses with reasonable water supplies in major cities were started to be insured against risk of Fire by Insurance Companies having their own fire brigades that attended fires only in respect of the insured houses identified by a fire mark or ID of the Insurance Company concerned.  Eventually, insurance was extended to houses outside major cities and manufacturing premises where nearby water supplies were available.

The Industrial revolution in the beginning of the 19th century led to invention of the steam engine and machines replacing manual labor. Manufacturers relied on insurance protection for their investment in newly acquired boilers, engines, machines and premises.

During this period, several accidents arising out of overheating of machinery/boilers, ignition of greasy clothes, etc.  These necessitated the Insurers to organize risk inspections before they offered coverage leading to emergence of specialists in fire and engineering insurances. Fire insurers were also engaged in strengthening their expertise in evaluating risks and minimizing risk exposure.

The following are some of the covers available in respect of Property Insurance:-

3.  Burglary