Construction All-risk Insurance A 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 […]
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. The importance of Fire Insurance for Home Owners & Businesses cannot be downplayed. Key Takeaways The Fallacy of Scale: Disasters respect no spatial parameters; commercial […]
Five Mistakes That Businesses Make While Buying Commercial Property Insurance
So, you are looking for commercial property insurance to insure the building your business owns or leases along with the commercial property. But do you know, what are those mistakes you should avoid at the time of buying commercial property insurance? Keep reading and ask yourself, “Am I committing any of these?” Key Takeaways The […]
What are the different Types of Fire Policies Available in India?
A fire insurance policy covers losses that are caused by fire. It is a contract made between the insurer and the provider of the insurance service. A policy is available at a premium, and it covers the loss caused to the victim due to a fire. The different types of fire policies available in India […]
What does “Wall to Wall basis” mean in Art Insurance?
Statues, antique furniture, fine art, musical instruments, and other important collectibles are classified as assets. If you are a corporate collector, individual collector, fine art dealer, antique dealer, or if you have museums or hold art exhibitions, it makes sense to go with art insurance to provide comprehensive protection to the insured property against losses […]
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 more than one property is insured in the policy, it should provide and divide values for each block into: Stocks, Buildings Plant and Machinery, […]
What Is Tenant’s Legal Liability Under Office Insurance?
Many businesses rent the premises and assets on the premise to operate the office. In the case of a burglary, fire, or another incident, both assets belonging to the owner of the premise and the tenant, can be damaged. In the case of damage to the owner’s assets (used by the tenant), the liability falls […]
How Much It Cost of Construction All Risk Insurance?
As the contractor, you are responsible for the safety of your construction site. However, even if you would take all the safety measures; accidents can arise at your construction site and disrupt your business. As a contractor, you would be held responsible for the loss or damage caused at the construction site and even to […]
What is reinstatement clause in Fire Insurance?
Fire insurance policies often come with a reinstatement value clause in them which determines the methodology of claim settlement. The insurance company replaces the damaged property with a new property of the same type under the reinstatement value clause. The ‘New for old’ clause requires the insurance company to reinstate the damaged asset with a […]
What are the major exclusions under Fire Insurance Policy?
The scope of fire insurance is quite extensive. The policy covers almost all types of damages that are caused due to fire and other allied perils. However, there are some major exclusions too in the policy. These exclusions specify when the coverage under the fire insurance policy would not apply. Most fire insurance policies include […]