Key Takeaways The Primary Information Loop: Successful engineering claim settlement depends heavily on a clear multi-step notification system, starting with internal logs and moving quickly to formal insurer alerts. The Surveyor Cooperation Imperative: The claimant carries the absolute responsibility to cooperate with the surveyor, providing honest facts and site access; failing to do so leaves […]
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 Key Takeaways The Two Tiered Recovery Shield: Advanced office insurance policies […]
What is Local Authorities Clause in Property Insurance?
The Local Authorities Clause in property insurance ensures that if a property is damaged and must be repaired or rebuilt, any additional costs required to comply with local municipal or government regulations will be covered by the insurer, provided the clause is included in the policy. This clause is especially important when: New building codes […]
What is the average clause in fire insurance?
A fire insurance policy has an average clause mentioned in it which takes care of the cases of under-insurance. If insured the assets in the fire insurance policy, for less than their full value, the insured requires to bear a proportion of the loss according to the average clause mentioned in the policy document. Since […]
How are assets valued under a property insurance policy?
The purpose of a property insurance policy is to help a policyholder gets a replacement for lost or damaged goods. However, to make extensive use of the policy, it is inevitable to know how are assets valued under a property insurance policy. Let’s look at different ways on the basis of which assets are […]
Ten Scenarios When Your Claim Gets Rejected Under the Contractors’ All Risk Policy
As a contractor, it is your prime responsibility to safeguard your capital investment against any losses or damages and ensure the completion of the work within the deadlines. To deal with unforeseen situations, there is a contractors’ all-risk insurance policy which covers risks that may arise during construction. It includes physical loss or damage to […]