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, […]
Which Assets are Not Covered by The Fire Insurance Policies?
Any individual with an insurable interest in a property should purchase a fire insurance policy. The policy is a comprehensive cover that provides for losses incurred due to a fire. Any individual who owns a property, plant, manufacturing unit, stocks, bank, financial institution, etc. should purchase a fire insurance policy. The premium for the policy […]
Why Should We Buy Property Insurance?
The most important reason to purchase property insurance is the uncertainty of the future. You can’t predict what would happen in the next moment, and therefore, to get complete coverage against life’s uncertainty, it is essential to buy a property insurance policy. A property insurance policy is an umbrella policy that includes office insurance, factory […]
What Makes Construction All Risk an Imperative Part of a Construction Business?
Undeniably, many risks are associated with every construction project. Like, during the construction, process equipment can damage or fire engulfed some part of the project, or there may be theft of some construction items. Then there are many such issues which can arise during a project which was not even anticipated by the business. Further, […]
Risks You Should Consider While Running a Construction Business
The construction business is one of the most complex ones in the industrial sector due to the involvement of machines and equipment on a large scale. Their use increases the risks of accidents at the site. A construction project includes complex and time-consuming procedures with deadlines that can be tough to meet due to the […]
What are the various types of fire insurance policies for a start-up?
If you are a start-up, it is essential to buy a fire insurance policy that plays an imperative role by covering your business against various losses or damages. There are various factors that you should consider in order to choose the right kind of fire insurance policy. Here are the important parameters which should be […]
What Factors You Need to Consider About Property Insurance Coverage
It is good that you are thinking about buying property insurance, however, there are some factors that you should consider in order to ensure you choose the right one= Have a clear understanding of the claim process Two insurance companies can promise to give you the same coverage, but they can vastly differ when it […]
What are the physical hazards in fire insurance?
The insurance industry uses the terms like risks, perils, and hazards to differentiate between various conditions of insurance. The possibility of loss is denoted by the term ‘risk’, whereas the term ‘peril’ denotes the cause of the loss. The term ‘hazard’ denoted a condition that increases the possibility of loss. Physical hazards in fire insurance […]
How is Indemnity Estimated in Fire Insurance?
The principle of indemnity ensures that there is no profit to the insured after the claim, and he/she only retains his/her financial position as it was before the loss. Estimation of indemnity will consider all the ways and methods to ensure this application in every insurance contract including fire Insurance. Indemnity is estimated in Fire […]
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 fire insurance, all perils are covered by the insurer with a deductible clause for the policyholder. At the time of a claim, the insurer bears a portion […]