What is the average clause in fire insurance?

A fire insurance policy has an average clause mentioned in it which takes care of the cases of under-insurance. If insured the assets in the fire insurance policy, for less than their full value, the insured requires to bear a proportion of the loss according to the average clause mentioned in the policy document. Since […]

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What is the Pair and Set Clause in marine insurance?

The Pair and Set Clause in Marine Insurance The Pair and Set clauses are a type of marine insurance or goods insurance. It covers losses caused by the partial or total destruction of two vessels owned by the same company. If one vessel is destroyed, both ships receive an indemnity, and they distribute damages between […]

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What is the general average clause in shipping insurance?

Shipping insurance policies contain various clauses that define the policy coverage, terms, conditions, and limitations. Understanding these marine insurance clauses is crucial for cargo owners, shipowners, insurance companies, and all the parties involved in the contract. The general average clause is one of the important clauses of shipping insurance. In this article, let us understand […]

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What are the important features of Specific Transit insurance?

Marine insurance is an important requirement for the smooth functioning of businesses involved in the shipping of goods. This insurance reassures their customers about having cover against damage or loss due to various marine perils. In this article, we will get to know about the important features of Marine / Transit Insurance. Marine insurance provides […]

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What is reinstatement clause in Fire Insurance?

Fire insurance policies often come with a reinstatement value clause in them which determines the methodology of claim settlement. The insurance company replaces the damaged property with a new property of the same type under the reinstatement value clause. The ‘New for old’ clause requires the insurance company to reinstate the damaged asset with a […]

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What is new Jason Clause in Marine Insurance Policies?

According to the marine insurance policies, the new Jason clause is included in most of the bills of ladings. To understand the meaning of the new Jason clause, it is important to understand how marine insurance works. What is marine insurance? A marine insurance policy is an agreement whereby the insurance company or the insurer […]

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Increased value clause in Marine Inland Transit Insurance

The traditional marine insurance policy covers only the market value of the ship commonly referred to as ‘Shipowner’s Interest’. However, there are other additional costs apart from the market value of the vessel requiring coverage. Some costs like sundries for the ship replacement, buying an equivalent new ship, such as office expenses, or brokerage also […]

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Reinstatement Value Clause in Office Insurance Policy

The reinstatement Value Clause (RVC), defines the terms and conditions of payment of reinstatement claims under property insurance policies. It defines the reinstatement value that will be payable after the loss. And the conditions under which this value may be altered even after the claim has been accepted by the insurer. So, what is Reinstatement […]

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What is Product Liability Insurance Policy?

Product liability insurance is a policy that indemnifies the distributor, wholesaler, and retailer against various losses or damages which could arise out of the consumption or use of products manufactured, sold or distributed by them. As a manufacturer who is supplying products, you always deal with the risk that your products could cause loss or […]

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