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 […]
Why do you need Commercial Property Insurance?
Mr. Kishan Singh owns a textile business in Vadodara and has rented an office in a commercial building for technical operations. Adjacent to it is a Tiffin Service office where fresh food is cooked and delivered to the employees. Once, due to the negligence of the workers in the adjacent office, the fire erupted and […]
What is the liability of Insurer in case of Reinstatement of machinery destroyed in a covered peril under Factory and Warehouse Insurance?
Factory and warehouse insurance plays an important role in an industrial set up which is involved in the manufacturing and storage of goods as well. It is a crucial insurance policy that gives financial coverage in case of loss or damage to the building, and machinery in and outside the premises. The factory and warehouse […]
Things to know about a fire insurance policy
At least six people died when a fire erupted at a four-story building of Excel Greentech, an LED packaging office in Noida’s Sector 11. It was lunchtime, and out of 40 staffers, around 15 were at the office, while others went out for lunch. So, massive was the fire, that an adjacent factory located around […]
Perils That Affect the Profitability of Your Factory & Warehouses
While setting up a new business, one of the things on your priority list is to establish a decent office for all the commercial work suitable as per your business requirements. For manufacturers, factories and warehouses also hold crucial importance for the proper functioning of their business. But it is often seen that while a […]