Loss of profit is based on the premise that the business is interrupted due to a covered peril. The Loss of profit claims under Office Insurance covers the following types of losses: Loss of revenue Excess cost of operations due to the insured peril Settlement of Loss of Revenue Claims Loss of revenue to the […]
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Type of Warranties under Office Insurance Policy and their significance.
Warranty ‘s meaning in Office Insurance Policy implies an agreement that is there at the time of the policy inception and will be there throughout the policy tenure. There will be no variation in the terms and conditions of the policy without the written consent of the insurer. For the purpose of the warranty, the […]
What happens if you cancel the office insurance in the middle of the year?
An office insurance policy plays a crucial role by offering you financial coverage against various losses or damages that can happen due to perils like fire, theft, burglary, earthquake, riot, etc. It comprises of fire insurance policy that secures against losses arising due to fire. Read More: Importance of Fire Insurance Policy for Home, Office […]
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 […]
What Is Tenant’s Legal Liability Under Office Insurance?
Many businesses rent the premises and assets on the premise to operate the office. In the case of a burglary, fire, or another incident, both assets belonging to the owner of the premise and the tenant, can be damaged. In the case of damage to the owner’s assets (used by the tenant), the liability falls […]
What to Do Under an Office Insurance If An Insured Person Meets With An Accident?
Office package policy also has provisions for personal accident cover for the insured. All provisions of personal accident cover offered in the office package policy are similar to a standalone personal accident policy. Meaning, the following are covered: Death due to accident Permanent Total Disability Permanent Partial Disability Temporary total disability Hospitalization expenses incurred due […]
How Does Office Insurance Policy Work?
Office Insurance Policies are useful tools to safeguard your workplace from uninvited damages. Fire, inundation, lightning, etc. are out of anyone’s control and thus events are unusually unpredictable. Office insurance will work to minimize your losses from such accidents and ensure that your business continues as usual.
Basic features of office insurance (fire) policy
Q1. What assets can be covered fire insurance policy for the office? Buildings, machinery, furniture, fixtures and fittings, electrical installations, stocks, stocks in trade including work in progress, etc. belonging to any industry, offices, service occupancies, households, etc. Q2. What are the perils/risks covered under fire insurance? Fire. Lightning. Explosion / implosion. Aircraft damage. […]
Directors and Officers Insurance under Companies Act 2013
The Companies Act 2013 has brought in significant changes, which highlight the protection of the interests of stakeholders and other shareholders. The increased responsibilities assigned to the directors and officers heighten the chance of their being accountable for acts they commit either wrongfully or unintentionally, thereby leading to significant legal costs or other financial burdens. […]
Directors and Officers Insurance for Nonprofit Organisations
Directors and Officers (D&O) insurance is a crucial form of coverage for nonprofit organisations, providing protection for the board members and officers who make critical decisions on behalf of the organisation. This directors and officers insurance cover for nonprofit organisations safeguards against legal claims and liabilities that may arise from their actions or decisions while […]