The declaration policy is designed to give better protection in cases where the stock fluctuates from time to time. Under the declaration of fire insurance policy, the insured takes out insurance for the maximum amount. And, which he considers would be at risk during the period of the policy. On a fixed date of every […]
What is a contribution clause and how does it apply during claim settlement?
The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies during a claim settlement. To avoid any confusion later, it is important to know the role of Contribution Clause in claim settlement process. The […]
Who should buy Property and Casualty Insurance?
Business owners having staff working in their factories, industrial premises, and even offices should have adequate Property and Casualty Insurance. This will protect them against heavy losses in case of property damage. And in addition, if this causes injuries to their own employees or another party. So, let’s see who should buy property and casualty […]
What is covered under art insurance?
Today, works of art are considered a profitable investments. Indeed, they are expensive and constitute a long-term investment. However, their allure also means they can be stolen. Or they might be inadvertently destroyed. Thus, it is important to insure your art. Your art collection may also be of much greater value than you think. That […]
What is covered under Building Insurance?
The building insurance policy for the business mainly provides coverages for: Damages to the building and the permanent fixtures in it that can be caused due to earthquakes, lightning, or leaking tanks and pipes. Deliberate damage is caused by someone with malicious intent externally or by someone who is unlawfully on the property. Loss due […]
What is not covered under Building Insurance?
Usually, the building insurance for commercial properties does not provide protection for: The contents of the building like office equipment, computers, documents, furniture, and other assets. Any intentional damages caused by your employees or the tenants to whom the office space is let out. Any damages caused by the pets, vermin, or wear and tear. […]
Minimizing the premium on building insurance
Building insurance is a product that offers insurance coverage to residential and commercial buildings. Specifically, owners can buy this policy to protect their buildings from risks due to fires or natural disasters, explosions, burglaries, etc. Let’s find out how to minimize the premium of building insurance. Tips to lower initial premium on building insurance The […]
Who can purchase building insurance?
For people living in or using a building, natural disasters or fires or burglaries are all real concerns. To protect against such risks, owners of commercial or residential buildings buy building insurance. So who can purchase building insurance? Owners of commercial or residential buildings may fully or partially use these structures themselves or rent them […]
What is covered under Engineering All Risk Insurance?
Engineering all risk insurance covers a wide range of risks to which a project is exposed, starting right from the ordering of material at the site till successful testing and completion of the project. This plan is very useful for owners, contractors, architects, consulting engineers, and investors because it leads to the reduction of overall […]
What is not covered under Engineering All Risk Insurance?
Engineering all-risk insurance policies cover the threats of loss arising out of the installation of machinery, plant, and engineering structures, like physical damage to the contract works, tools, and machinery, and liability for third-party bodily injury or property damage (PD) happening due to any of these operations. Insurance for the delay in start-up costs is […]