You are a commercial lines broker, working for an insurance company, explain why you would recommend a commercial named-peril policy. James, a new client, left his last insurance company as he was disgruntled that he had to pay an extra $10,000 to remove the wreckage from one of his warehouses that was damaged in a fire. James' policy did not have enough insurance available to cover the cost of debris removal after the lass was paid. course- C12 insurance on property

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A: The question is based on the concept of Cost Accounting.

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Q: your client, failed to record accrued salaries expense of P 50,000 as of December 31, 2022.   Based...

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Q: Sweet Company purchased equipment on January 1, 2018, for S28,000. Suppose Sweet Company sold the eq...

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Q: 6

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Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.