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Peril refers to a specific event or cause of loss that is covered by an insurance policy. It represents the potential risks or hazards against which the policy provides protection, ensuring financial security and peace of mind for the policyholder.
Understanding perils in insurance is essential for both policyholders to determine the extent of coverage and for companies to assess the associated risks.
It can include different hazards such as fire, theft, natural disasters, accidents, or liability claims. Insurance policies specify the covered perils, and policyholders need to be aware of them to understand their coverage.
When a loss occurs due to a covered peril, the insured has the right to file a claim to receive compensation. The terms and conditions of the policy describe the covered perils, and it is important for policyholders to review them to ensure they have adequate protection.
In PSIC we consider different perils such as: fire, windstorm, explosion, riot or civil commotion, aircraft, including self-propelled missiles and spacecraft, vehicles, smoke, vandalism or malicious mischief, theft, falling objects, weight of ice, snow, and others, unless excluded in the policy.
Remember that you can expand the covered perils with endorsements to have the protection that suits your needs.
You can consult it with an agent for further details.
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Copyright © 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
