Property may be defined as anything that can be reduced to exclusive possession. It can be tangible (land, structures and household goods) or intangible (the right to use and enjoy tangible property) and it can be real or personal. (i) Owned Property: An individual obtains the exclusive right to the property its use and enjoyment, the right to transfer by sale and the obligation to pay any debt on the property. Ownership is the highest right an individual can possess in property. (ii) Non owned property: Property that is held in a person’s possession but is not owned involves a bailment.

Damage to another person’s property. The purpose of liability insurance is to cover property damage to a third party resulting from the negligent or intentional acts of an insured.
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UK: In an insurance policy it means physical damage to tangible property as opposed to financial loss, even if flowing from the damage, or bodily injury. It does not refer to ‘property’ in the sense of a right of ownership.
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Refers to physical damage to tangible property and to loss of use of tangible property, whether or not physically damaged.

Insurance against loss due to claims for damages because of injury to others property.

Covers the insured against claims which arise out of destruction or damage of others property.

Protection against liability for damage to the property of another, including loss of the use of the property.

A coverage usually written in conjunction with a bodily injury liability policy. This insurance covers damage done to another person’s property, usually including loss of use.