Property insurance is a type of insurance that helps protect an individual from financial losses due to damage or destruction to their personal property. Generally speaking, under Property & Causality Insurance, the two types of coverage within this insurance are new for old and wear and tear. New for old refers to replacing physically damaged […]
Property Insurance
What is the floating policy of fire insurance?
The floating policy of fire insurance is a type of property and casualty insurance that provides coverage for damage sustained to real estate or personal property due to an occurrence involving fire. Policies include deductible, premium rate(s), and limits based on insured amount per item, with value/replace options. Unlike a regular homeowner’s or renter’s policy, […]
Property Insurance Coverage-Leasehold Versus Freehold Properties
Property insurance is an absolute necessity for protecting your real estate investments. Whether you’re a leasehold or freehold property owner, knowing the nuances in coverage is crucial for making wise insurance choices. Here, we’ll delve into the intricacies of property insurance policies, examining the variations between leasehold and freehold properties. Furthermore, we’ll explore additional relevant […]
Consequential Loss: Definition, Insurance, Vs. Direct Loss
Consequential Loss in Insurance Consequential Loss is a term used to describe losses that occur due to an event beyond one’s control. This type of loss often results in financial or economic losses above and beyond the actual physical damage caused by the event itself. Consequential loss examples in insurance include lost profits, interruption of […]
Fire Insurance for Non-Hazardous Goods Storage
Non-Hazardous Goods Storage Fire Insurance is a specific type of insurance that offers tailored financial protection for non-hazardous goods stored in facilities in the unfortunate event of fire damage. This insurance not only covers the goods themselves, but it also provides additional safeguards for any other property that may be lost or damaged as a […]
Fire Insurance & Engineering Insurance Policy in India
A fire insurance policy safeguards your finances and provides you with financial relief in case of any damage due to fire. It also helps protect the interests of co-owners in cases where multiple people own the same property. Fire insurance plans are an important part of risk management practices for businesses as it helps them […]
Relevance and Impact of underinsurance on fire insurance claim settlement in Bharat Laghu Udyam Suraksha
Many people opt for insurance policies because they want all or most of their risks to be covered. India’s Bharat Laghu Udyam Suraksha policy ensures such protection of your business – but there are some things a person must know before getting insurance. Let us know the relevance and impact of underinsurance on fire claim […]
What type of equipment can a hospital cover under medical equipment insurance policy and what are the risks covered?
You must have seen many big medical institutes like a hospital or any other well-dedicated medical facility having dozens of high-quality medical equipment on their premises. The evolution of medical science has brought plenty of high-capacity machinery used for medical purposes like MRI scanning machines, CT-scan machines, X-rays, etc. All this equipment needs proper maintenance […]
How does an insurer decide premium for high-risk businesses on Floater basis, under Bharat Sookshma Udyam Suraksha Yojna?
As India moves towards creating a more secure economy, various new schemes have been launched for the protection of business owners and their business-related properties. One such policy was launched by the Insurance Regulatory and Development Authority of India (IRDAI) is in 2021. It is known as Bharat Sookshma Udyam Suraksha. Under this policy, any […]
Importance of Replacement Cost Value (RWA) in Property Insurance
Commercial property insurance is a crucial coverage that no business can do without. But have you heard of Replacement Cost Value? If not, here is the blog post jotting down the importance of replacement cost value that adds an advantage to your business insurance coverage. What is Replacement Cost Value? The replacement cost value […]