Property Damage Liability Coverage
Property is an object owned by someone. If you own a car it is classified as your property. As property can be damaged, lost or stolen, we take out insurance to provide protection against these risks. Property insurance policies provide specific cover, for the specified property, against damage or destruction by perils (risks) such as fire, theft, or accident. Property Damage refers to physical damage to tangible (can be seen and touched) property and also includes the loss of use of the property.
Property Damage Liability insurance will protect the insured person against legal liability claims for losses or damage to the property of third parties caused by the insured’s car during an accident. The property of the third party referred to in this case does not only include the car of the third party, but also other property belonging to him, such as his house or fence. The amount of third party liability cover will be stipulated in your insurance policy and it is of vital importance to ensure that you are sufficiently covered for third party liability claims. Also ensure that you are familiar with the terms, limits and conditions relating to property damage liability cover as laid down in your insurance policy.