The Fundamentals of a Property Insurance Policy.

A familiar phrase in the London market is “damaged or destroyed”.
The distinctive property roofed will include real property such as a factory or storehouse and will possibly include stuffing such as stock or, in other words, personal property as specified or else excluded. The insuring clause may affirm that the policy will cover all risk of physical loss or damage (or both) in respect of property recognized in the policy; even though many policies may basically state that the policy covers loss and damage to the Property without identifying types of properly but subsequently excluding certain classes of property.
It is difficult to identify any uniformity and each ARPI policy has its own characteristics-particularly in respect to the approach in which it deals with property which is not part of the main building or contents.
Commonly, however, whether the insuring clause refers to “property” or “real property”, the policy will exclude land, roads, pavements, bridges and also property in the course of construction or erection and material to be used in the course of the construction and erection of the property. On other occasions, the cost of restoring external landscape may be referred to specifically and a separate limit applied in respect of each and every loss.
As mentioned above, policies vary as to whether or not they endeavor to define the property cover in the insuring clause or whether they simply refer to “property” and exclude types of property later in the policy. . It may also include underground property such as drains, tunnels and pipes. In Hughes  v.PotomacIns. Co., 199CalApp2d239 (1962), even the phrase “dwelling building” was held to include damage to the underlying land. Some policies will refer specifically to “buildings and contents”, whilst others may refer to “real property” which, unless otherwise qualified, would include all things attaching to the land so that they become part of it and therefore would probably include trees and landscaping around the buildings such as shrubberies and pathways
Also, certain types of personal property which are readily exchanged for cash or perhaps notoriously hard to value are also excluded, such as glass, china, fragile objects, jewellery, precious metals, precious stones, rare books, works of art, bullion, furs, currency, cheques, credit cards, deeds and similar items.
ARPI policies may also cover the assureds attention in property owned by others, mainly where the assured is the guardian of that property.