If your home insurance policy has been assigned to an adjuster and you might be wondering, what do home insurance adjusters do? In a nutshell, property insurance adjusters, also known as claims adjusters, are professionals who are responsible for assessing and evaluating property damage or loss claims on behalf of insurance companies or policyholders. Their […]
Impact of underinsurance on fire insurance claim settlement in Bharat Laghu Udyam Suraksha Policy
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 insurance […]
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 underinsurance impact fire insurance claim settlement?
Underinsurance refers to inadequate insurance coverage of the policyholder. In this article, we’ll get to know how underinsurance impact fire insurance claim settlement. Key Takeaways The Proportional Penalty: The “Average Clause” doesn’t just apply to total losses. If you insure 50% of your property’s value, the insurer will only pay 50% of any loss you […]
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 the claim settlement works in the above cases under the Fire Insurance policy, let us start with an example on […]
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. Art insurance is becoming increasingly popular among collectors due to several reasons. First, the value of […]
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?
Property and Casualty Insurance: Claim Process The claim process 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 insurance company as soon as possible. […]
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. Key Takeaways The Fire Suppression Paradox: Property destruction during an active emergency is driven by […]
How to file a claim under Building Insurance?
Key Takeaways The Scene Preservation Rule: Policyholders must avoid clearing debris or moving damaged items unless it is clinically necessary to stop a secondary disaster (like an active fire); altering the site can lead to an immediate claim denial. The Repair Freeze Mandate: Undertaking permanent structural repairs on a partially damaged house before an official […]