Published in Economic Times on 30 July 2015, Written by Kapil Mehta A shop owner faced a huge loss of his raw material and premises when water leaked through the ceiling of the bathroom of his godown. In locating the source of the leakage, the plumber ripped out the entire bathroom including the tiles and […]
Fire and special perils policy covers 12 risks
Published in Mint on 19 May 2015, Written by Abhishek Bondia Why does my insurance company ask for a health check-up before policy issuance? Recently, the insurance company declined the proposal to cover my mother. Is their stand valid? —Ashwin Khattar Insurance companies are entitled to conduct medical underwriting before policy issuance. This allows them […]
Risks Involved in Chemical Industry
The chemical industry in India is the third largest producer in Asia and is expected to double its share in the global chemical market by 2021. While chemical manufacturers are expanding due to growth in automotive, textile and construction industry, the risk associated with chemical industry is also growing. Use of new chemicals has increased […]
Basic features of office insurance (fire) policy
Q1. What assets can be covered fire insurance policy for the office? Buildings, machinery, furniture, fixtures and fittings, electrical installations, stocks, stocks in trade including work in progress, etc. belonging to any industry, offices, service occupancies, households, etc. Q2. What are the perils/risks covered under fire insurance? Fire. Lightning. Explosion / implosion. Aircraft damage. […]
What is Co-insurance Clause in Property Insurance?
Co-insurance is an office insurance policy is an important clause, which is defined as the ‘sharing of risk’ between multiple insurance companies. Usually, one insurance company leads the policy document. And the insurer would be responsible for different aspects of the policy document, including the claim. In such a case, the insurance company will levy […]
What is an All-Risk Property Insurance Policy?
An all-risk property insurance policy means that the policy will cover everything, except the perils which are clearly listed under the exclusion head. It means, that if something does not specifically exclude from the all-risk property insurance policy, the insurer would cover it. Often known as a comprehensive insurance policy, an all-risk property insurance policy […]
What to do if construction site which is covered under construction all-risk policy gets damaged?
If a construction site that is covered under construction all risk insurance policy gets damaged, the policyholder needs to approach the insurer and file a claim. In the event of any loss or damage that arises under a claim under construction all-risk policy, the following steps should be taken= Take all measures to curtail the […]
How Is the Loss of Profit Claims Settled Under Office Insurance Policy?
Loss of profit is based on the premise that the business is interrupted due to a covered peril. The Loss of profit claims under Office Insurance covers the following types of losses: Loss of revenue Excess cost of operations due to the insured peril Settlement of Loss of Revenue Claims Loss of revenue to the […]
What is Local Authorities Clause in Property Insurance?
The local authorities clause in the property insurance policy covers the loss of business income which applies when the government entity denies access to the covered property. Many catastrophic scenarios led to such actions by the government to protect individuals and businesses from any damage. These catastrophes may include floods, hurricanes, or wildfires amongst other possible […]
What to do when a vehicle is covered under more than one motor policy?
In case two motor fleet insurance policies are in existence for the same vehicles with the same covers. Cancel one of the motor fleet insurance policy. Read More: How to file a claim under Motor Fleet Insurance Policy? In situations where one of the motor fleet insurance policies starts at a date later than the […]