Fire insurance is a contract between a policyholder and the insurance company in which the insurer agrees to compensate the insured in case of loss or damage happens to a particular property due to fire. The premium is also pre-decided and the insurer compensates for the loss up to the insured amount only. Important characteristics […]
What is the Scope of Fire Insurance Policy?
Fire insurance plays an imperative role by shielding you against various types of losses or damages which may arise due to fire. Moreover, a fire insurance policy can be purchased by both households and business owners. Here we are talking about fire insurance policies available along with office insurance policies for people in business. However, […]
What are the various clauses present under construction all-risk insurance?
Construction all risk insurance policy is taken by building contractors or developers to cover against the loss or damage caused to the property at their construction site. This policy also covers the contractor’s liability for third-party claims arising from the construction activities. There are various clauses present in the policy document of the construction all-risk […]
Importance of Fire Insurance Policy for Home, Office & Factory Owners
Fire insurance is one such policy in which an individual agrees to pay a certain sum of money to the insurer in exchange to get benefits for the fire losses. A fire insurance policy offers comprehensive security for stocks, business buildings, homes, etc. The policy offers financial security by covering losses or damages that may […]
How to decide the sum insured under a fire insurance policy?
The most important aspect of a fire insurance policy is the sum insured. The sum insured under a fire insurance policy should ideally represent the market value of the property/asset. If insured more than one property in the policy, should provide and divide values for each block into: Stocks, Buildings Plant and Machinery, furniture, or […]
What are the Utilities in Fire Insurance?
The purpose of a fire insurance policy is to shield you from various losses or damages which can arise after a fire accident. In this case, if you would have a fire insurance policy, you can approach the fire insurer who would settle your claim and thus, curtail your financial expenses to a great extent. […]
How is the Art Valued for Art Insurance?
It is important to have an up-to-date valuation of your artwork to ensure provide you full coverage in the event of a claim. Factors such as artist, market value, and date become important when art is valued for art insurance. Ways in which different categories of art are valued for Art insurance: Insured own artwork: […]
Six Factors Deciding Property Insurance Premium Rates
If you are looking for commercial property insurance to ensure your business, the following are the factors that can be deployed to decide premium rates: 1. Geography – With this, the insurer can determine environmental risks which your business can face, like an earthquake, flooding, etc. For instance, if your company is situated near the seashore, […]
What property Insurance should SMEs buy?
Property Insurance is an essential tool that helps in the smooth functioning of business even after a mishap. Every SME owner remains skeptical to buy a property insurance policy but it should be the first priority for small businesses. There are some unfortunate events such as fire, theft, earthquake, etc which could hamper the working […]
What is local authority clause in fire insurance?
A local authority clause in the fire insurance policy extends to cover the additional cost of reinstatement of the destroyed or damaged property that has been insured accordingly. This clause comes into effect when such an additional cost incurs. Due to the necessity to comply with the authority regulations. Such regulations can relate to the […]