property insurance contract

Property Insurance Contract

THIS PROPERTY INSURANCE CONTRACT (hereinafter referred to as the “Contract”) entered into by and between [INSURER], of [INSURERS Address] (hereinafter referred to as the “Insurer”) and [INSURED], a resident of [INSUREDS Address] (hereinafter referred to as the “Insured”) on this, the [DAY] day of [MONTH], [YEAR].

WHEREAS, the Insured desires to obtain insurance coverage for the following property: [List Property].

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and of the payment of the premium hereby agreed to be paid, the parties hereto agree as follows:

1. Insurance Coverage. In consideration of payment of the premium provided hereunder, the Insurer agrees to, upon the terms, conditions and limitations of this Contract, insure the Insured against any loss or damage to the following property (hereinafter referred to as the “Property”):

[DETAILS OF PROPERTY]

2. Limits of Liability. The limits of liability of this Contract shall be as follows:

[DETAILS OF LIMITS]

3. Premium. The Insured shall pay to the Insurer a premium of [PREMIUM AMOUNT/RATE] for the coverage provided herein. The premium shall be due on [DAY] and payable at [LOCATION].

4. Nontransferability. This Contract and all rights, duties and obligations thereunder shall not be transferred or assigned by the Insured without the prior written consent of the Insurer.

5. Loss Settlement. In the event of a covered loss, the Insurer shall pay the Insured the lesser of the actual cash value of the Property at the time of the loss or the limits set forth herein.

6. Notice of Loss. In the case of any loss or damage covered by this Contract, prompt notice thereof shall be given to the Insurer in writing.

7. Inspection of Property. The Insurer shall have the right to inspect the Property at any time during the term of this Contract.

8. Waiver of Subrogation. The Insured waives any and all rights of subrogation against the Insurer that may arise from the enforcement of this Contract.

9. Severability. If any provision of this Contract is deemed to be void or unenforceable, then such provision shall be void or unenforceable to the extent it is so declared, and all other provisions of this Contract shall remain in full force and effect.

10. Governing Law. This Contract shall be governed by and construed in accordance with the laws of [GOVERNING STATE].

IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the date above written.

[Insurer]

[Insured]

Property Insurance Contract

This Property Insurance Contract (hereinafter referred to as the “Agreement”) is legally binding and made and entered into by and between the Insured (person or business) and the Insurer (the insurance company), both of whom agree to be bound by its terms and conditions.

This Agreement is entered into this day of Month Year, and binds both parties to its terms and conditions, which shall not be amended or changed without written agreement of both parties.

The Insured agrees to insure the property indicated below, physical location of the property, for a period of days/weeks/months/years against the risks stated in this Agreement. In consideration of the payment of the premium(s) as stipulated in this Agreement, the Insurer agrees to indemnify the Insured in accordance with the provisions of this Agreement.

The Insured’s property that is insured is as follows:

• Property Name:

• Physical Location (address):

• Description of Property and Assets:

The property is insured against the following risks:

• Fire and allied perils

• Burglary/theft/robbery

• Explosion/implosion

• Natural disasters

The Insurer agrees to pay the Insured up to the limit of liability shown in the Schedule attached to this Agreement in the event of damage to the Insured’s property declared by this Agreement.

The Insurer reserves the right to inspect the Insured’s property at any time to determine the limits of coverage and validity of the claim.

This Agreement shall remain in full force and effect throughout the term of insurance and shall be subject to the laws of the jurisdiction in which the Insured’s property is located.

Both parties hereby declare that they have read and fully understand the terms and conditions of this Agreement and agree to abide by them.

Signed by:

Insured:

Insurer: