A property, whether it be your home, office, factory or warehouse is one of your most prized possessions. Even minor damage to it can affect your finances a lot. The purpose of all these properties is also something that makes you value them more than anything in your life. While a home protects you and […]
What are the Non-Manufacturing Risks Mentioned in Fire Insurance?
Fire insurance is an important policy that offers financial security in case of any loss or damage due to fire. Misfortunes can strike even when you have taken all the safety regulations. Therefore, it makes complete sense to go with fire insurance and secure your business from the losses or damages due to fire. Key […]
What is Contract Price Insurance Clause in Property Insurance?
Property insurance covers the owners or the rental of the property against any damage or theft to the structure or its contents. It covers for perils like fire, smoke, wind, hail, lightning, theft, and burglary. Property insurance policy has various clauses and fire insurance is one of them. The fire insurance policy includes a clause […]
How does Reinstatement of Indemnity Limit Work in Construction All Risk Policy?
As a building developer or contractor, you are required to take steps to safeguard your capital investments against various losses or damages along with the work in progress or the materials that were bought for use in the project. Key Takeaways The Mid Term Exhaustion Risk: High-severity site accidents can consume your entire protection layout […]
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. Key Takeaways The Small Business Imperative: Initial cash management must prioritize structural safety nets, demonstrating that […]
What will be the cost of a fire insurance policy?
Cost of a Fire Insurance Policy Fire Insurance is the perfect protection plan for your offices, home, and any other workplace. It protects your building, assets, furniture, and fixtures against a series of perils. Claims can be settled under this policy either on a market value basis or on a reinstatement value basis. So, what […]
What is covered by the Terrorism Clause in a Property Insurance policy?
The recent incidences of terror attacks have compelled various insurance companies to offer terrorism insurance coverage. On this line, property insurance companies are offering terrorism coverage under their policies. Key Takeaways The “Add-on” Reality: Terrorism is not automatically included in base property or fire insurance. You must specifically request it and pay an additional premium […]
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 […]
What are the 3 Major Risks You Should be prepared for as a Builder
Urbanization has led to the development of high-story residential areas consisting of flats or apartments. Owning a construction business is like a dream for many. What’s better than using a set of tools, being your boss, and creating amazing places where people can live and work. However, the things that make these buildings appealing can […]
How does a Declaration Policy Work for a Warehouse or a Factory?
Wholesalers, retailers, or distributors often take the factory and warehouse insurance policy to protect the stored goods or other items against the said perils. In factory and warehouse insurance, a declaration policy takes care of the frequent fluctuations in stock or stock values. Stock stored at a warehouse or factory may include raw materials or […]