California Varieties of Risk Part 2 - Property Risk

If you own anything, you are subject to the risk that your property will be damaged or destroyed, or lost or stolen, or rendered unusable for some reason.

The modern property/casualty insurance industry arose from “fire” insurance for tangible property at fixed locations on land, and from “marine” insurance for tangible property in transit, either on land or water. Today, property risk and insurance are being fundamentally transformed with the growth of intangible property, principally data and information on computer networks.

This course covers the nature of different types of property and the risks of loss, or “perils,” confronting property owners. The course then discusses the means for managing those risks of loss, principally by “retaining” risk at the owners’ potential expense or “transferring” the risk by purchasing insurance.

Our Topics include

• Real and personal property
• Property onsite and in transit
• Property of others
• Property risk management
• Risk retention
• Risk transfer
• Insurable interest
• Property covered and not covered
• Limits and sublimits
• Ordinance-law coverage
• Deductibles
• Coinsurance requirements
• Warranties
• Loss settlement
• Loss of use of property
• Parametric risk contracts
• Intangible property risk
• “Cyber” risk management and insurance