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.
***
MEDICAL,USA: Insurance policy that provides benefits if something is damaged or lost and the cause is described in the policy (e.g., stolen, accident, destroyed by fire).
***
Insurance providing financial protection against the loss of, or damage to, real and personal property caused by such perils as fire, theft, windstorm, hail, explosion, riot, aircraft, motor vehicles, vandalism, malicious mischief, riot and civil commotion, and smoke.

Insurance that covers the owner or another person with an interest in a property. The insurance covers the loss of income produced through or because of the property.

A computerized record of all fire losses over $500 established by the American Insurance Association (AIA). The PILR enables companies to determine undisclosed duplicate insurance coverage and patterns of losses on submitted risks.

A registry created by the American Insurance Association of losses of $500 or more due to fire. Insurers use this information to determine patterns of losses.

Exposure to loss from the damage, destruction, or taking of property.Peril : the cause of a loss Examples are Fire, windstorms, water leakage and vandalism.Direct Property Loss : A loss that occurs because property is adversely affected by the fact that some other property is damaged, destroyed or taken by a specified peril. For example, food in a refrigerator spoils when Fire destroys a transformer.Property Interest : The rights that a business possesses in piece of property; for example, as an owner, representative of the owner, or a secured creditor.

Loss of Use of Property A business can also lose the use of property without suffering physical damages. For example, a number of governmental agencies have the authority to close down a business in certain circumstances. A restaurant can be closed by a local Board of Health because of unsanitary conditions, manufacturer can be closed for violations of occupational safety and health regulations.

A term used in commercial crime policies that refers to tangible property other than money that holds intrinsic value; for example, office furniture or supplies.