An engineering all-risk (EAR) insurance policy is an ideal purchase for certain businesses. Specifically, such businesses involve some developmental risks that could have devastating financial consequences. For instance, power plants, manufacturing and fabrication set-ups, water and wastewater treatment plants, and telecommunications centers. Engineering all-risk insurance policy offers coverage at several stages of an engineering project. […]
What does not cover under Art Insurance?
Art insurance secures the most precious work created by an artist against financial damage. The coverage is applicable for all of the insured perils or risks. The following risk does not cover in art insurance: Art insurance does not cover loss to the insured article due to the aging of its intrinsic material. Loss to […]
How can you minimize the premium for Factory and Warehouse Insurance?
Quite a few measures can be taken to minimize or reduce the amount of premium payable on Factory and Warehouse insurance policy and policies such as: Additional security measures Automatic fire extinguishers Training your staff to safely operate the machinery or raw material Regularly maintaining your workplace Find an insurer who knows your field well […]
What is Property Insurance Policy?
The property insurance policy is the insurance that protects the physical goods and the equipment of the business or home against any loss from theft, fire, and any other perils. It can be an all-risk coverage policy that gives protection against all the risks. Or can a named-risk coverage policy give protection against only those […]
What does Builder’s Risk Insurance Policy cover ?
The Builder’s Risk Insurance Policy cover is a unique product that provides coverage of the damages of the building that are presently under construction at various events. This policy covers damages caused by any of the following events: Fire The Wind (may be excluded in coastal areas) Theft Lightning Explosion Hails Vehicles Vandalism Limited coverage […]
What is covered under a Fire Insurance Policy?
A fire insurance policy covers all properties— moveable or immovable, against various perils. The fire insurance policy has been renamed as the standard fire and special perils policy. So, in this article, we must discuss what is covered under a Fire Insurance Policy. Some of the properties covered under a fire insurance policy are: Building: […]
Risks Involved in Chemical Industry
The chemical industry in India is the third largest producer in Asia and is expected to double its share in the global chemical market by 2021. While chemical manufacturers are expanding due to growth in automotive, textile and construction industry, the risk associated with chemical industry is also growing. Use of new chemicals has increased […]
What is the basis of indemnity in Engineering all-risk insurance Policy?
An engineering all-risk insurance policy covers the loss arising out of the erection and installation of machinery, plant, and steel structures. It protects coverage against physical damage to the contract works, equipment, and machinery. This policy also covers the liability for third-party bodily injury or property damage. Indemnity in general means the security against a […]
Type of Warranties under Office Insurance Policy and their significance.
Warranty ‘s meaning in Office Insurance Policy implies an agreement that is there at the time of the policy inception and will be there throughout the policy tenure. There will be no variation in the terms and conditions of the policy without the written consent of the insurer. For the purpose of the warranty, the […]
What is earthquake extension clause in fire insurance?
A fire insurance policy covers the loss or damage caused to the property due to fire. A standard policy provides the insured, the coverage against the perils as mentioned in his policy documents. Some of the perils are fire, lightning, aircraft damage, storm, typhoon, hurricane, etc. So let’s know what is earthquake extension clause is […]