Underinsurance refers to inadequate insurance coverage of the policyholder. In this article, we’ll get to know how does underinsurance impact fire insurance claim settlement. If a policyholder is underinsured, it will result in economic losses for him/her in the event of a claim far exceeding any premium savings that might have resulted from underinsurance. Therefore property […]
Property Insurance
How does fire insurance claim settlement vary between reinstatement clause and market value policies?
We have discussed below the two bases of claim settlement that can be opted in a fire insurance claim settlement : Market value basis – the default one and Re-instatement value basis To explain how does the claim settlement works in the above cases under Fire Insurance, let us start with an example […]
Filing an art insurance claim
Art insurance refers to insurance cover for artworks. Such insurance can come in handy if your art collection is stolen or damaged. In this article, we’ll get to know about the process of filing a claim under Art Insurance. The process of filing an art insurance claim To file a claim under art insurance, you […]
How to file a claim under Factory and Warehouse Insurance?
Given below are the steps you need to follow to file a claim under factory and warehouse insurance: Inform the Insurer: You will need to inform the insurer about the incident and the approximate loss incurred due to various factors mentioned in the policy. Complete the Claim Form: You might need to fill out a […]
What is the claim process for Property and Casualty Insurance?
The procedure to process a claim for Property and Casualty Insurance starts with the occurrence of any event. However, it may be a car accident or a house on fire, or a security violation. 1. Notify the loss: Firstly, the insured person should notify the loss the insurance company as soon as possible. 2. A […]
How important is fire insurance for your business?
Although you may take every precaution and use the latest technology to ensure the safety of your business premises, you cannot completely rule out the possibility of an accident. Thus, fire insurance is both essential and recommended for your business. Why is fire insurance important? To understand the importance of fire insurance for your office […]
How to file a claim under Building Insurance?
How to file a claim under Building Insurance? Following steps should be taken to file a claim under building insurance: Step 1: Inform the company: Notify your insurance company. You must not try to undo the damage yourself if you have an insurance which covers the damage that you have suffered. Next, one must prevent […]
How to file a claim under Engineering All Risk Insurance?
Engineering all-risk insurance is one of the General insurances which consider economic safeguarding, the risks faced at any ongoing project, installation project, and machines and equipment used at the project site. The following steps are to be followed for filing a claim under the engineering all-risk insurance Intimate the office: The first step is to […]
How Is the Loss of Profit Claims Settled Under Office Insurance Policy?
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 […]
What is Local Authorities Clause in Property Insurance?
The local authorities clause in the property insurance policy covers the loss of business income which applies when the government entity denies access to the covered property. Many catastrophic scenarios led to such actions by the government to protect individuals and businesses from any damage. These catastrophes may include floods, hurricanes, or wildfires amongst the […]