How to Reduce Premium of Professional Liability Insurance Coverage?

A professional liability insurance plays a crucial role in protecting you against legal claims for errors, omission and professional negligence. Also known as errors and omissions insurance policy, it indemnifies the policyholder against various claims which may arise due to a breach of duty, negligence, etc.; while discharging duties. Considering the vital role played by […]

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What does Warranties Signify in Office Insurance Policy?

In office insurance, it is warranted that the agreement which is there at the time of the policy inception, 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 is […]

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What is increased value clause in marine inland transit insurance?

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

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Which Factors Affect the Premium of a Group Health Policy?

Following factors affect the group health insurance premiums: Size of the group Average age of the group Type of Occupation of the group members Claim history of the employer (the group administrator in case of informal groups like travel and banks’ customers, RWAs, medical associations, etc.) Features and Riders Opted in the Plan Individual Effect […]

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Types of Risks & How to Manage Them?

There are many types of risks, depending on the context, and since we are covering insurance here, we’ll talk about the risk categories for insurance. In insurance risks are classified as follows: How to manage the risks? All risks can be managed in any or multiple of the following ways: Avoidance Retention Transfer Transfer & […]

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How is Claim Estimated in General Insurance Policies?

Claims are estimated based on the: Terms decided at the beginning of the policy The type of policy The type of asset insured The Assessors Report All claim payments under general insurance policies will also account for applicable deductible and co-payment clauses before paying the claim amount. Here is how claim is estimated in different […]

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Common General Insurance Terms You Should Be Aware Of

Here are some of the terms commonly used in case of general insurance: Insurance: It is a contract between two people (or companies) wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. Proposal: It is the application form for applying […]

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What is General Insurance?

Any insurance other than the life insurance is called as general insurance. There are certain principles that guide any insurance contract, the principle of indemnity being one of them. This principle states that the insured should not profit out of the insurance claim, i.e. insurance contract is supposed to return less than or equal to […]

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