Page 102 - RISK Management IC86 Ebook
P. 102
Risk Management
Property loss exposures
Types of property losses
n Property losses can be at least classified into four categories,
according to:
l Class of property affected
l Cause of loss
l Whether loss is direct or indirect
l Nature of the organization's interest in the property.
Property class
n Real property - This is also termed as real estate & includes
land (both developed and undeveloped), buildings and
structures of any type
n Personal property - This generally relates to most types of
movable property and can be classified as tangible and
intangible property. Tangible property is something that can
be physically touched. It encompasses items like Money &
securities, Accounting & other business records, etc
Causes of loss
n Natural perils
These include perils of nature also known as Acts of God
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