India is home to billions of people that fall into different income classes. As per the World Inequality Database report, our country falls into the tab of countries having ‘extreme inequalities’ where the average national income stands at Rs. 2,04,200. These numbers clearly indicate that having a home you can call your own is not financially […]
Property Insurance
The ignored need of insurance by small businesses
As I was thinking about topics for this column, I was in two minds whether to write about the need for insurance for small businesses or not. It is not a very popular topic. The next morning, I read about the fire incident at the Bhagirath Palace at Chandni Chowk, Delhi. More than 120 shops […]
Select the right insurer for Hospital Property & Medical lab Equipment
In a country like India, with 50+ insurance companies when it comes to buying a property insurance, it is about trusting an insurer with your hard-earned money. Choosing a right policy for your hospital can be a challenging task, given the multiplicity of products available in the market. Buying an hospital property insurance policy is […]
How Can Fire Loss of Profits (FLOP) help a software consulting firm?
As a software consulting firm, clients are paying you for your expertise and your lifetime unique skills. So, if something happens to your business enterprise or machinery, you may have to suspend your normal business activities. Thus, causing a reduction in your turnover or you may incur certain additional expenditures for keeping normal consulting operation […]
What is the Loss of Rent Cover Under Property Insurance?
Loss of rent coverage under a property insurance policy covers you for damages caused by an insured event, like a fire or severe weather. It doesn’t cover you for periods of rental voids, though many landlords might think it would. If you want to claim under this section of your policy, make sure you have […]
How Does the Advance Loss of Profit (ALOP) work for a Construction Project?
Nowadays, various construction projects face several challenges that may result in a delay and involve financial loss to the firm. A delay in completion can lead the construction companies, developers, contractors and other parties to incur significant losses. The Advance Loss of Profit (ALOP) Insurance provides coverage for financial losses due to construction and infrastructure […]
What is the importance of obtaining NOC from the fire department in processing an insurance claim?
A fire is not only physically and financially damaging, but can be traumatic for those involved. As fires are unexpected, it’s important to know how to deal with them if they occur. The aftermath is stressful. So, it’s of utmost importance to obtain the fire NOC document from the Fire department for quick settlement of […]
How Does an All-Risk Home Insurance Policy Work?
Owning a home is a crucial milestone in most of our lives. We thorough our financial plans and often save for our dream house. However, imagine a frustrating situation to spend your money and time replacing the ageing roof only to have a large maple tree in your backyard cause damage to it during the […]
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 […]
Insurance Selections That Can Help Protect Retail Stores and Shopping Centres from Fire Damage
One of the most common questions in a business environment is how to find the best insurance options for your retail shop or shopping center. It is important to know what type of insurance coverage you need. There are a few different types of retail shops, including grocery stores, clothing stores, electronics stores, and more. […]