This type of insurance covers some form of tangible property and compensate the insured person for any loss or physical damage occurred to it.

The property may be goods, buildings, crops or any other material thing. The policy offers cover for a particular peril/risk only such as Fire or Theft or the contract may be written on an ‘ALL RISKS’ basis. In this case the insured has the benefit of the widest form of cover that is available in the market.