The purpose of fire insurance is to offer you financial coverage in case of loss or damage due to fire. Further, a fire insurance policy comprises hazard, which is a condition that increases the chances of risk in an insured peril. There is a physical hazard and moral hazard; here we are talking about moral […]
Property Insurance
What is 50:50 Clause in Construction All-Risk Insurance Policy?
As a building developer or contractor, it is necessary for you to safeguard your capital investments and work in progress or material which are bought for use in the project against various types of losses or damages. Here you will get a better idea about the 50:50 Clause in the construction of all-risk insurance policies. […]
How is Proximate Cause Determined in a Fire Insurance Policy?
Proximate Cause is an important principle of insurance, which helps in deciding how the loss or damage happens and whether it is the result of an insured peril or not. The important point to consider here is that the proximate cause is the only nearest cause and not the remote cause. It mainly revolves around […]
What is the economic importance of contractor’s all-risk insurance?
The construction all-risk insurance policy plays an important role in the economy by providing stability to the functioning of the process. Following is the economic importance of a contractor’s all-risk insurance policy: Provides Security Construction projects are massive, and they include big numbers. Hence, any loss or damage to the property may result in some […]
Which Perils Are Not Covered By Fire Insurance Policies?
The Perils not covered by fire insurance policies are mentioned below: Spontaneous combustion Burning of property by order of any Public Authority Property undergoing any heating or drying process The explosion of boilers (other than domestic boilers) Total or partial cessation of work Permanent or temporary dispossession by order of the Government Normal cracking or […]
What Are The Various Declaration Clauses in Construction All-Risk Insurance Policy?
Construction all risk insurance policy offers to cover the assets and liabilities of the contractor during the construction work. The policy is arranged to cover the assets like materials, tools, plants, and equipment from any loss or damage. It also covers the contractor against the liability arising from undertaking the construction work and causing injury […]
How much coverage does construction all-risk insurance provides?
As a contractor, it’s your responsibility to ensure the financial protection of the civil engineering work, you are carrying out. Therefore, it is essential to get financial protection against various losses or damages. This you can do with the cover in construction all-risk insurance policy that can be helpful. The policy would play an imperative […]
What are the 12 perils of standard fire insurance policy?
The 12 Perils of Standard Fire Insurance Policy A fire insurance policy is a contract between the policyholder and the insurance company to indemnify the insured for the financial losses suffered due to the destruction or damage of the property/goods caused by the fire. All the movable and immovable properties like buildings, plants & machinery, […]
What does All Peril Deductible clause in fire insurance mean?
All peril deductible clause in fire insurance is a situation where all the risks are covered. The policy is much closer to what a comprehensive insurance policy is. In the case of all peril deductible clauses in fire insurance, the insurer will cover all the risks or perils, with a deductible clause. It means, that […]
What Makes It Important to Have a Fire Insurance for Your New Office?
Congratulations on your new office! Indeed, it is a result of your hard work and a big achievement for you. Though you might have done everything to beautify its interiors, have you protected it from the fire? You might counter this question by saying that you have installed various fire safety equipment, like a fire […]