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.