During the erection and installation of machinery, the dangers involved are high which can result in huge losses and damage to property. The risks can cause huge financial losses to the contractor. The policy offers cover at several stages of an engineering project, like Storage, Testing, Handling, and Commissioning at a plant or engineering site. […]
Who can purchase engineering all-risk insurance?
An engineering all-risk (EAR) insurance policy is an ideal purchase for certain businesses. Specifically, such businesses involve some developmental risks that could have devastating financial consequences. For instance, power plants, manufacturing and fabrication set-ups, water and wastewater treatment plants, and telecommunications centers. Engineering all-risk insurance policy offers coverage at several stages of an engineering project. […]
Who can buy Factory and Warehouse Insurance?
The factory and warehouse insurance policy is particularly taken up by wholesalers, distributors, and retailers for premises where their goods and items are stocked or stored. So, to summarize we can say any of the following can buy factory and warehouse insurance: Owner of the factory or the warehouse Company managing/owning the factory or the […]
How can you minimize the premium for Factory and Warehouse Insurance?
Quite a few measures can be taken to minimize or reduce the amount of premium payable on Factory and Warehouse insurance policy and policies such as: Additional security measures Automatic fire extinguishers Training your staff to safely operate the machinery or raw material Regularly maintaining your workplace Find an insurer who knows your field well […]
How to file a claim under Factory and Warehouse Insurance?
Given below are the steps you need to follow to file a claim under factory and warehouse insurance: Inform the Insurer: You will need to inform the insurer about the incident and the approximate loss incurred due to various factors mentioned in the policy. Complete the Claim Form: You might need to fill out a […]
What is not covered under Factory and Warehouse Insurance Policy?
Factory and Warehouse insurance policy does not cover the following: Short-Circuiting: Any mishap including fire due to short circuits is not covered in the particular policy. Deterioration: As we know everything has a time limit and depredation is a natural process. Hence the gradual deterioration of the machinery or the loss due to seepage and […]
What is the claim process for Property and Casualty Insurance?
Property and Casualty Insurance: Claim Process The claim process for Property and Casualty Insurance starts with the occurrence of any event. However, it may be a car accident or a house on fire, or a security violation. 1. Notify the loss: Firstly, the insured person should notify the loss insurance company as soon as possible. […]
How important is fire insurance for your business?
Although you may take every precaution and use the latest technology to ensure the safety of your business premises, you cannot completely rule out the possibility of an accident. Thus, fire insurance is both essential and recommended for your business. Why is fire insurance important? To understand the importance of fire insurance for your office […]
What is Required to purchase a Property Insurance Policy?
The person who is willing to take a property insurance policy should have a financial interest (insurable interest). Needs to insure in the asset. So, the person will be at a loss financially if any event causes damage to his asset. Therefore, let’s know more about the requirements to purchase a Property Insurance Policy To […]
Type of useful covers you can add to your Fire Insurance Policy
Apart from the perils that are covered by the standard fire insurance policy, you can opt for add-on covers with your fire insurance policy to cover additional risks upon payment of the additional premium amount. Add-on covers, also known as riders, can be added to your fire insurance policy to provide additional coverage for specific […]