The purpose of a property insurance policy is to help a policyholder get a replacement for lost or damaged goods. However, to make extensive use of the policy, it is inevitable to know how assets are valued under a property insurance policy. Key Takeaways The Fixed Asset RCV Constraint: Replacement cost value calculation models are […]
Which Additional Benefits Can be Covered Under Contractor’s All Risk Policy?
A contractor’s all-risk insurance policy plays an important role by shielding you against losses or damages which may arise at the construction site. Here are some of the additional benefits which you can get added to your contractor’s all-risk insurance policy- Cover for air freight= A policyholder can get the expenses incurred on air freight. […]
Which Expenses Are Covered by The Fire Policy?
A fire policy provides cover for any losses occurred due to fire to property, stock, or assets. A fire insurance policy is a comprehensive policy that works as a contract between the insurer and the insurance company (see “What is Fire Insurance Policy?” here). It offers compensation for the losses that take place due to […]
Who Should Buy a Fire Insurance Policy?
Any individual, firm, organization, or institution can apply for a fire insurance policy. Given below is a list of people or entities who should buy a fire insurance policy: Owners of buildings and the owners of the content inside the building which includes artifacts, furniture, etc. Educational Institutions Shopkeepers Industrial or Manufacturing firms Godown keepers […]
How should insured file a claim under construction all risk policy?
Construction all risk insurance policy provides coverage for engineering works such as the construction of residential buildings, commercial buildings, factories, roads, waterways, drainage schemes, sewage works, bridges, etc. The policy document of this insurance states the steps that the insured needs to follow in the event of any loss or damage. Key Takeaways The Core […]
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 […]
How Do the Insurance Principles Apply to Fire Insurance Contracts?
A fire insurance policy offers protection against losses or damages that may arise due to a fire accident. Like in the case of other insurance contracts, insurance principles are applicable to fire insurance contracts. Here are some ways through which insurance principles apply to fire insurance contracts – Key Takeaways The Triple Timeline Mandate: Fire […]
What are the different Types of Property Insurance Policies Available in India?
As an umbrella policy, property insurance comprises various insurance policies, which you can buy as per your requirements. Here are some of the different types of property insurance policies available in India- Key Takeaways The Property Insurance Umbrella: Property insurance is not a single restrictive policy; it acts as a wide commercial umbrella containing highly […]
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. Key Takeaways The Project Cost Valuation […]