What is Hazard Insurance?

Insurance danger is also called "insurable danger" or "insurance risk". Dangers stated in the insurance contract that the insurer is willing to cover. The danger of insurance must meet the following conditions: (1) The danger must occur, and no insurance is needed without danger. (2) The occurrence of danger is accidental, that is, the danger does not necessarily occur, nor is it caused by the intentional behavior of the insured. The time and place of the danger and the degree of damage to the property are uncertain. (3) The danger must have a certain scope so that the liability of the insurer has clear boundaries. (4) Danger can cause significant economic losses. There is no need to take insurance measures for the danger of causing only small economic losses. ^[1]