ZIMSEC O Level Commerce Notes: Insurance: Property Insurance
- Is taken by individuals.
- It covers household movable items such as furniture, Tvs and jewellery.
- Covers against losses due to theft and fire.
- Compensation is based on the value of items at the time the risk occurs i.e. after wear and tear and depreciation has been deducted.
- Is taken by the owner of buildings i.e. shops and houses.
- It covers against damage to buildings.
- Compensation is based on the value of the buildings at the time when the risk occurs.
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