Property insurance pays the insured for covered loss or damage to physical property, such as buildings, contents, equipment and inventories as scheduled on the insurance policy. Losses such as fire, hail, lightning, wind, frozen pipes, vandalism, theft, etc. are considered covered perils on a typical property insurance policy.
Pastor Thompson arrives at Church early one Sabbath morning after a night of storms. As he pulls into the parking lot he sees that high winds have knocked a tree limb over onto the roof of the church building. Upon further inspection he finds that the limb created a hole right into the sanctuary and rain has been pouring inside throughout most of the night.
In this scenario the Property Insurance Policy would work to pay for the clean up and repair of the roof as well as the resulting water damage to the interior.
The Property policy contains exclusions and limits, as well as a deductible, which is the amount the insured incurs before insurance can pay.
Examples of Exclusions:
Foundation of Buildings
Animals (unless scheduled)
Underground pipes, flues or drains
Piles, piers, wharves or docks (unless scheduled)
For more information about the policy covering your property, please contact your conference treasury department.
This summary briefly describes some of the coverage(s) and services available. This summary does not provide coverage of any kind, nor does it modify the terms of any policy. For precise details of coverage, please refer to the policy documents.