IARD insurance: what is it?


Property and casualty insurance is intended to cover the risks to the insured’s property, which translates in all a series of insurance contracts for professionals.

DEFINITION of P&C insurance and risks covered

In the world of insurance, the acronym IARD stands for “Fire, Accidents and Diverse Risks”. It is therefore a family of insurance which is opposed to that of personal insurance or life insurance..

In effect, property and casualty insurance covers property damage and protection, as opposed to life insurance that protects people, which can be health, accident, death, or life insurance. In the context of professional insurance, the manager’s unemployment insurance can be attached to this category of LIFE insurance.

P&C contracts therefore provide coverage for property in the event of claims. They are therefore essential for protect premises, equipment, stocks or vehicles against accidents or risks inherent in the activity.

These risks can therefore be risks of fire or accidents, but also risks of theft, flooding, deterioration following any unintentional cause, including linked to economic factors such as inflation.

Some insurers and brokers specialize in property and casualty contracts, others focus on personal insurance, and finally others, most of them, offer both offers intended to guarantee property and personal insurance.

STANDARD CONTRACTS

When it comes to covering property, the creativity of insurers is matched only by the diversity of the needs of their policyholders. To list the equipment and goods that may merit insurance, you should start by listing the different professional activities…
Indeed, several insurers are betting on insuring as precisely as possible each type of valuable asset held by a company. This can be computer equipment, but also furniture for shops or types of machinery for industry.

Some of the most common contracts can nevertheless be highlighted:
– Contract of Car Insurance sometimes within the framework of insurance of car fleet for companies requiring a lot of vehicles;
– Contracts protecting the inventory, goods, equipment and machinery of a company. If it is possible to isolate each element with a specific insurance, the whole is generally covered by a single professional multi-risk insurance ;
– Insurance contracts dwelling or insurance of business premisesfor example under rental liability for tenants, for any loss that may occur in the premises used by the company, whether offices, factories or stores.
The professionals concerned

Reading this simple list makes it easy to understand that all professionals are, to varying degrees, concerned by insurance in the so-called P&C category.

In many cases, insurance of this type is compulsory for professionals, through the prism of civil liability and the damage that these goods may cause to third parties.

This is particularly the case for civil liability car insurance for VTC drivers, insurance of temperature-controlled foodstuffs for restaurants, and for all professionals receiving the public in stores, or welcoming employees, stocks and equipment on their premises, with regard to the insurance of the commercial premises. This is also the case for civil liability insurance for all so-called “regulated” professions and a few other specific cases.

These provisions are valid for all legal forms and professional regimes: SARL, SA, EURL, but also micro-enterprises and self-employed entrepreneurs.

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