http://www.pressreader.com/search?query=Buying%20Property%20and%20Liability%20Insurance
In a business perspective, the purchase of a property has been on the rise across the world. The purchase of property and the liability of insurance goes hand in hand due to the fact that they facilitate economic stability for an entity or individual. According to the Wall Street article Tiongson, (2015) it expounds on the need for incorporating the insurance policies in all the business transaction. The article articulates that it is fundamental to take into consideration insurance for all properties. In other terms, insurance of a property is considered as a mechanism to reduces or eradicate the loss of property in case of accident or risk. For instances, Tiongson, (2015) advises the Philistine couple to insure their first car in order to avoid the impact that may arise from risk or accident.
Tiongson clearly elaborates the trending issues of insurance policies. According to the article, the registration with the land transportation office the laws requires basic compulsory Third Party Liability (CTPL). A third party is defined as any person other than a passenger, household member of the car owner or family member. The insurance code of Philistines states that the CTPL protects all pedestrian from any potential damages and injuries caused by the use of an insured car. Non-life insurance provides comprehensive car insurance that has an extensive coverage by insuring a person against damages, car theft, liabilities caused by collisions, malicious acts, fire, and nature. It provides financial security by covering car repairs and any other damages. It is advisable that before getting insurance for property read the fine print and understand what is covered or entailed. The article differentiates the types of insurance policies that are to be insured by individual and organization. In the current world, it is prudent to note that their different insurance cover. Therefore, buying property means that one requires getting in touch with the insurance company for insurance policies.
The insurance companies’ offers different policies depending on the nature of their claim process and terms of insurance. When insuring a house, the factors to takes into consideration includes fire, floods and earthquakes. In addition, it is recommended that premiums are compared objectively and fairly in order to establish the best insurances. Some companies have relatively low rates and a complicated claim process. The insurance companies are mandated the duties of performing the property evaluation in order to determine the premium to be paid on monthly or annually basis. The property requires a suitable insurance plan to safeguard the insurer from any form of risk that might befall him or her. In other words, the article outline that the insurance has the role of compensating the insured to his or her initial financial position
In conclusion, liability insurances are crucial because risks and any damages do not give alerts or warnings in advance. The risk or loss takes place in time when an individual or organization does not expect hence might not be in a suitable position to adjust to the loss or risk. Personally, most of my properties are insured just in case of anything the company will take full responsibility. The equipment is insured in cases of theft and robbery just to take precaution when it happens the insurance company would replace them. Buying a property and doing the liability insurance goes hand in hand with one another.
Works Cited
"PressReader - Connecting People Through News." PressReader - Connecting People Through News. Web. 26 Apr. 2015.
