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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What does Warranty Signify in Office Insurance Policy?
Warranty in Office Insurance Policy is 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 insurer has an […]
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 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. […]
Here’s how to claim health insurance from your office cover and personal cover at the same time
Hospital costs are increasing at a rapid rate. Medical inflation is considered to be growing at a faster rate than general inflation. In such a scenario, it is increasingly common for individuals to exhaust their policy limits. A thorough approach to filing a claim can ensure that out of pocket expenses are minimised. Published on […]
How to choose the right insurer to buy a Director’s and Officers’ Liability insurance from?
A Director’s and Officers’ Liability Insurance provides directors and officers unmatched coverage to organizations and their key personnel against third-party liabilities. If they commit mistakes or neglect important details, they might suffer a liability claim from third parties. When such a claim arises, the D&O policy provides much-needed financial security. Moreover, the D&O policy […]