MANAGEMENT

Detailed explanation-1: -The consequential loss was also to be provided. Thus, the consequential loss policy includes the loss of tangible and intangible properties.

Detailed explanation-2: -Nature of insurers’ assets Intangible assets cover non-physical assets such as intellectual property, goodwill, and brand recognition. Tangible assets capture all physical assets such as property, financial instruments and cash. In terms of balance sheets, insurers have predominantly tangible assets.

Detailed explanation-3: -Fire insurance coverage includes mishaps caused due to accidental fire, lightning, implosion or explosion, etc. And also, man-made perils such as bursting of water tanks and pipelines or overflowing, leakages from water sprinkles, and so on.

Detailed explanation-4: -A fire insurance policy will not cover losses related to fires set deliberately. Fire insurance also only covers losses related to a fire, so if your property suffers loss or damage from another cause, it would not be covered.