Property insurance indemnifies the person with an interest in physical property for loss or damage caused by various causes. Marine coverage is included in this type of insurance coverage. Indemnification is a term associated with the restoration of a policyholder to the same financial condition they were in before the loss occurred.
Liability insurance covers the legal liability of an insured resulting from bodily and personal injuries to other persons or physical damage to their property. Legal liability arises out of actual or alleged negligence.
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