How does insurance protect property and owner A short glance on the history of insurance shows that it has appeared to existence many decades ago, under the name of bottomry contracts, among the merchants of Babylon..! In fact, its main purpose is to afford protection facing the risk of loss..! And when that happens, it is supposed that insurer manages the risk to achieve a logic risk assessment that can help ensure a compliant indemnification for the victim..! It is an agreement between the insurer and the insured, where the insurance company vows to compensate the insured for certain types of loss, issuing from the risks that are noted in the insurance contract they agreed upon..!
