Key Differences between Life, Marine and Fire Insurance

Insurance protection is important for everyone. As the old saying goes: “An ounce of prevention is worth a pound of cure.” Whether you are buying a car, leasing one, or just getting a new job, insurance is essential to protect not only your property but yourself and your family as well.  Today, life insurance, marine […]

Read More

What is a Specific Fire Insurance Policy, and when is it required?

Insurance policies have quickly risen to be one of the most necessary requirements of every individual. This is for both personal and business purposes. If you are looking to obtain a policy, it is very important you understand your needs and concerns first. Insurance policies can help in providing security as well as protection. So […]

Read More

How to increase fire insurance adoption of homes and small businesses?

SME and home insurance products have a large potential market. An easy-to-understand product that is attractively priced will help drive adoption Published in MoneyControl, Feb 24, 2021 || Written By – ABHISHEK BONDIA What is more risky to insure – 100 warehouses having inflammable chemicals in 100 drums each or one warehouse with 10,000 drums of […]

Read More

How does underinsurance impact fire insurance claim settlement?

Underinsurance refers to inadequate insurance coverage of the policyholder. In this article, we’ll get to know how underinsurance impact fire insurance claim settlement.   If a policyholder is underinsured, it will result in economic losses for him/her in the event of a claim far exceeding any premium savings that might have resulted from underinsurance. Therefore […]

Read More

About the relevance of the designation clause in fire insurance policy?

The designation of property is the most important clause in a fire insurance policy. As per fire insurance policy wordings, the designation of property clause is defined as – For the purpose of determining, where necessary, the item under which any property is insured, the insurers agree to accept the designation under which the property has […]

Read More

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. Under the reinstatement value clause, the damaged property is replaced by a new property of the same type. This clause is also called the ‘New for old’ clause as the insurance company is liable to pay […]

Read More

What are the major exclusions under Fire Insurance Policy?

The scope of fire insurance is quite extensive. The policy covers almost all types of damages that are caused due to fire and other allied perils. However, there are some major exclusions too in the policy. These exclusions specify when the coverage under the fire insurance policy would not apply.  The list of major exclusions […]

Read More

What will be the cost of a fire insurance policy?

Fire Insurance is the perfect protection plan for your offices, home, and any other workplace. It protects your building, assets, furniture, and fixtures against a series of perils. Claims can settle under this policy either on a market value basis or on a reinstatement value basis. So, what will be the cost of a fire […]

Read More