Hospitals and medical establishments use sophisticated electronic equipment which is critical for carrying out medical procedures, tests, and treatment. Damage to this equipment can hamper work and result in financial losses. Electronic equipment insurance (EEI) can be taken to overcome potential monetary losses and other related risks. We look at the types, features, and benefits, […]
How can insurance ensure your firm is productive and stays safe during the hot summers?
While summers bring warmth and sunshine, they do present a trying time for your field and warehouse employees. Here are a few steps to take to ensure safety and optimal productivity for your employees during the summer. Insure your air conditioning machinery Most of India experiences extremely high temperatures in summer. It becomes almost impossible […]
What types of properties can be insured under property insurance?
Owning a property involves a considerable amount of money. Whether you use the property for residential or commercial purposes, any damage to the property can be financially challenging. You might have to spend a considerable amount of money in getting the damages repaired or replaced. Such costs might pose a financial strain and that is […]
Factory & warehouse insurance: The saviour during turbulent times!
In business, “location” takes a very special place, and so does the actual building that you zero in on as your office. It should not only be aesthetic and aligned with your business requirements, but it should also offer optimal safety standards for your employees and assets. If the unit you plan to set up […]
How does underinsurance impact fire insurance claim settlement?
Underinsurance refers to inadequate insurance coverage of the policyholder. In this article, we’ll get to know how underinsurance impact fire insurance claim settlement. If a policyholder is underinsured, it will result in economic losses for him/her in the event of a claim far exceeding any premium savings that might have resulted from underinsurance. Therefore […]
How does fire insurance claim settlement vary between reinstatement clause and market value policies?
We have discussed below the two bases of claim settlement that can be opted in a fire insurance claim settlement : Market value basis – the default one and Re-instatement value basis To explain how does the claim settlement works in the above cases under the Fire Insurance policy, let us start with […]
How does an insurer decide on the premium to be charged for property insurance?
Insurers follow a structured approach to a price premium for underwriting each risk. That’s how a premium is decided to be charged for property insurance. Below is the list of steps that they take – Assess the quantum of risk at each location – Insurers assess each proposal with information on the quantum of […]
About the relevance of the designation clause in fire insurance policy?
The designation of property is the most important clause in a fire insurance policy. The fire insurance policy defines the designation of property clause. Insurers agree to accept the designation entered in the insured’s books to determine coverage. After accepting this clause, insurers will accept item classification and sum insured as per the policyholder’s books. […]
What options are available for a property owner to arrive at sum insured?
Whenever you opt-in for property insurance coverage, the first information you will have to provide to the insurance company is the value of the property to be covered, referred to as the sum insured in insurance terms. Many times we have observed that clients are not able to provide accurate value of the sum insured […]
Which add-on covers are recommended for property insurance?
We suggest policyholders consider subscribing to add-ons available under the property insurance cover. Below we cover an exhaustive list of add-ons for you to evaluate the relevant ones for your property insurance – 1. LONG-TERM AGREEMENT- Insurers offer premium discounts for longer coverage agreements i.e. for 3-5 year coverage terms. 2. TEMPORARY REPAIR […]