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 happens if you cancel the office insurance in the middle of the year?
An office insurance policy plays a crucial role by offering you financial coverage against various losses or damages that can happen due to perils like fire, theft, burglary, earthquake, riot, etc. It comprises of fire insurance policy that secures against losses arising due to fire. Key Takeaways Immediate Dispatch Effectiveness: A policyholder’s mid-term cancellation notice […]
What is the basis of Loss Settlement in Construction all-risk policy?
Construction is vulnerable to various losses or damages. As a contractor, it is necessary for you to meet the client’s deadline. Here, a construction all-risk insurance policy can help you by covering various risks during construction. Mainly, it offers coverage for physical loss or damage to the property, tools, plant & machinery, along with third-party […]
What is Construction Insurance?
Are you aware that more than 60 accidents have resulted in approximately 47 deaths and 35 injuries? It occurred on the civil project sites of four metro projects since 2013? Therefore, in face of the escalating number of accidents on project sites. It’s crucial to have safeguard through Construction All Risk Insurance. Key Takeaways 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 […]
What is Escalation Clause in Fire Insurance?
Overview Escalation Clause in Fire Insurance is a policy provision designed to counteract inflation and rising reconstruction costs by automatically increasing the sum insured over time. Typically structured as a fixed percentage added annually (e.g. 5–10%), this clause ensures that policy coverage remains inflation‑aligned and prevents underinsurance at the time of claim.. Key Elements Definition […]
Are losses arising out of theft and burglary covered under the Standard Fire and Special Perils policy?
If a loss arises out of theft and burglary, the standard fire and special insurance policy usually excludes it, unless stated otherwise. Usually, most fire insurance companies think that burglary, theft, or housebreaking are not linked with fire accidents. And therefore, the insurer prefers to deny any claim that arises out of theft and burglary […]
What is Excess Policy in Fire Insurance?
The purpose of a fire insurance policy is to offer you financial coverage in case of loss or damage due to fire and related perils. At the time of taking a fire insurance policy, you would have to compute the price of the items which you want to cover. However, the prices of these items […]
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 […]
What are the Moral Hazards in Fire Insurance?
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 […]