Property Fire Insurance offers protection for real and personal property, either owned or rented, through compensation for tangible losses that may result from unexpected averse events
Fire & Named Perils Insurance offers an option to compensate the insured for losses caused by unforeseeable damage or loss of property.
One of the most important tasks in Fire & Named Perils Insurance is proper estimation of the amount of coverage based on the replacement cost or book value.
Replacement cost (insurance based on the «new for old» principle, i.e. the cost of the new comparable property) may be a better solution in the event of loss.
Book value (the value that factors in depreciation) is a better choice for new properties. In all other cases, book-value based insurance is associated with additional expenses as depreciation is covered by the owner.
Competent estimation of the amount of an unconditional deductible is of paramount importance in insurance.
In developing Fire & Named Perils Insurance programs, AIG relies on a customized approach to its clients, gaining insight into busing of their companies and selecting the risks typical of each individual case.