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Hazard is defined as any risk that can potentially cause damages or losses covered by insurance. It can come in various forms, from natural events such as fires, floods, and earthquakes, to human-caused incidents like theft, vandalism, and car accidents.
Hazards are divided into two categories: physical and moral.
Hazard insurance is generally associated with property insurance and is designed to protect policyholders against risks that can cause damage or losses to the insured property. Mortgage lenders ofter require this type of insurance as a condition for granting a loan.
At PSIC, hazard plays a crucial role in our risk assessment process. We carefully analyze and evaluate various risks associated with potential insured losses.
Through comprehensive evaluations, such as identifying fire-prone areas or assessing hazardous work environments, we can develop customized risk management strategies and recommend suitable coverage options. Our underwriting team is responsible for carrying out this task. They assess the risks associated with the activity or property to be insured by analyzing different factors such as geographical location, safety conditions, and other elements that may pose a danger to the insured property or activity.
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At PSIC, we consider that they can be helpful for you.
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Copyright © 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.
