June 14, 2024


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It is good to insure property against damage, destruction or theft. Because good luck to those who are ready

Property insurance is a collective term for several non-life insurance industries. All are regulated in Title III of the Insurance Contract Act “Private insurance of property and other property”. With these insurances, the insurance company provides insurance protection for the property if it is destroyed, damaged, or stolen.

Radim Frolík, a financial advisor and manager of SMS finance, speaks in our radio consultancy on the topic: of property insurance.

Property insurance includes:

damage or destruction by natural disasters

damage caused by theft by burglary or robbery

insurance of technical risks (insurance of machinery, electronics and construction, and assembly work,


insurance consignment

insurance agricultural insurance

Damage or destruction of things by natural events

A natural disaster is an event caused by natural forces. These are most often floods and storms, or their larger forms, but earthquakes and landslides are no exception.

In such a case, the property is first secured to prevent deterioration or damage to health, and the event is immediately reported to the insurance company.

Agricultural insurance

Agricultural production is a risky activity and, more than any other activity depends on the vagaries of the weather.

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The agricultural insurance program covers damage to agricultural premises and livestock, as well as to movable and immovable property. Agricultural insurance protects against loss or damage to crops and livestock.

Insurance as such has great potential as it provides financial security to low-budget farmers and their communities. At the same time, it encourages farmers to invest more and protects them from various accidents that could damage their livelihoods or the loss of income due to falling agricultural commodity prices.

Shipment insurance

Shipment insurance is a service that can compensate senders whose shipments are lost, stolen, or damaged during transport.

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Some carriers provide limited liability under the conditions of carriage. A review of the exact conditions of carriage will reveal whether a limited liability is offered or whether the customer must choose and pay for this service separately either through the carrier for additional costs or through a third party, ie the insurer.

Maritime insurance covers the loss of or damage to ships, cargo, terminals, and all transport by which property is transferred, acquired, or held between places of origin and final destination.

Technical risk insurance

Technical risk insurance includes, for example, machinery and electronics insurance, however, construction and assembly insurance also fall into this category. It is suitable for all subjects working with technology, regardless of their size, where the operation of a certain device is crucial and its possible failure means a loss for the given subject, whether property or financial.

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Concerning which company provides insurance, it is possible to ensure both the error of the personnel operating the equipment and the equipment failure, or it is possible to arrange insurance for mechanical or electronic interruption of operation (which does not include, for example, fire interruption).

As far as the insurance indemnity is concerned, it is always limited by the price of the equipment, which is current at the time of the damage. Of course, arranging a fuse is only possible for devices that are currently in working order.

Household insurance

This type of insurance normally covers damage caused to the equipment of apartments, family houses, and garages, but also things stored in common non-residential areas such as cellars, while the insurance also covers personal belongings. The insurance also covers things that are part of the apartment or house, such as wallpaper, built-in appliances, or floors.