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 […]
Property 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. 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 […]
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 the Fire Insurance policy, let us start with […]
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. Why is fire insurance important? To understand the importance of fire insurance for your office […]
How to file a claim under Building Insurance?
The 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 insurance that covers the damage that you have suffered. Next, one must prevent further damage. If you move, your property you […]
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 policy Intimate the office: The first step is […]