An engineering all-risk insurance policy covers the loss arising out of the erection and installation of machinery, plant, and steel structures. It protects coverage against physical damage to the contract works, equipment, and machinery. This policy also covers the liability for third-party bodily injury or property damage. Indemnity in general means the security against a […]
What Are Some of The Conditions Applicable To The Construction All-Risk Policy Claims?
There are two types of losses payable by a construction all-risk (CAR) policy: Material Damage Third-Party Liability These conditions are derived from the principle of indemnity and ensure that the insured does not profit from the insurance claims. Conditions Applicable to Material Damage Claims Repairable damages should be repaired unless the cost of repair exceeds […]
Type of Warranties under Office Insurance Policy and their significance.
Warranty ‘s meaning in Office Insurance Policy implies an agreement that is there at the time of the policy inception and will be there throughout the policy tenure. There will be no variation in the terms and conditions of the policy without the written consent of the insurer. For the purpose of the warranty, the […]
What happens if you cancel the office insurance in the middle of the year?
An office insurance policy plays a crucial role by offering you financial coverage against various losses or damages that can happen due to perils like fire, theft, burglary, earthquake, riot, etc. It comprises of fire insurance policy that secures against losses arising due to fire. Read More: Importance of Fire Insurance Policy for Home, Office […]
What is the basis of Loss Settlement in Construction all-risk policy?
Construction is vulnerable to various losses or damages. As a contractor, it is necessary for you to meet the client’s deadline. Here construction all-risk insurance policy can help you by covering various risks during construction. Mainly, it offers coverage for physical loss or damage to the property, tools, plant & machinery, along with the third-party […]
What is Construction Insurance?
Are you aware that more than 60 accidents have resulted in approximately 47 deaths and 35 injuries? It occurred on the civil project sites of four metro projects since 2013? Therefore, in face of the escalating number of accidents on project sites. It’s crucial to have safeguard through Construction All Risk Insurance. A construction site […]
What is earthquake extension clause in fire insurance?
A fire insurance policy covers the loss or damage caused to the property due to fire. A standard policy provides the insured, the coverage against the perils as mentioned in his policy documents. Some of the perils are fire, lightning, aircraft damage, storm, typhoon, hurricane, etc. So let’s know what is earthquake extension clause is […]
What is Escalation Clause in Fire Insurance?
An escalation clause in fire insurance contract allows for an increase in the sum insured to cover any unexpected costs. The unexpected costs can be a resultant to fluctuations in the market, like inflation increase the price of items, for instance. While it is necessary to have comprehensive fire insurance to get coverage against losses […]
Are losses arising out of theft and burglary covered under the Standard Fire and Special Perils policy?
If a loss arises out of theft and burglary, the standard fire and special insurance policy usually exclude it, unless stated otherwise. Usually, most fire insurance companies think that burglary, theft, or housebreaking are not linked with fire accidents. And therefore, the insurer prefers to deny any claim which arises out of theft and burglary […]
What is Excess Policy in Fire Insurance?
The purpose of a fire insurance policy is to offer you financial coverage in case of loss or damage due to fire and related perils. At the time of taking a fire insurance policy, you would have to compute the price of the items which you want to cover. However, the prices of these items […]