Key Takeaways The Scene Preservation Rule: Policyholders must avoid clearing debris or moving damaged items unless it is clinically necessary to stop a secondary disaster (like an active fire); altering the site can lead to an immediate claim denial. The Repair Freeze Mandate: Undertaking permanent structural repairs on a partially damaged house before an official […]
How to file a claim under Engineering All Risk Insurance?
Key Takeaways The Primary Information Loop: Successful engineering claim settlement depends heavily on a clear multi-step notification system, starting with internal logs and moving quickly to formal insurer alerts. The Surveyor Cooperation Imperative: The claimant carries the absolute responsibility to cooperate with the surveyor, providing honest facts and site access; failing to do so leaves […]
What is Property Insurance Policy?
The property insurance policy is the insurance that protects the physical goods and the equipment of the business or home against any loss from theft, fire, and any other perils. It can be an all-risk coverage policy that gives protection against all the risks. Or can a named-risk coverage policy give protection against only those […]
What does Builder’s Risk Insurance Policy cover ?
The Builder’s Risk Insurance Policy cover is a unique product that provides coverage of the damages of the building that are presently under construction at various events. Key Takeaways The Vulnerability of Open Sites: Structures under construction are highly exposed to weather perils; sudden heavy rain and hailstorms can easily compromise un-cured masonry, leading to […]
What is Property Insurance definition?
Property insurance as the name suggests provides cover against damage and theft of property to the owner or tenant of the property. It can be used to cover the structure of a building, or the contents kept inside the building by its owner(s) or tenants. Key Takeaways The Portfolio Consolidation Advantage: Modern property insurance operates […]
What is covered under a Fire Insurance Policy?
A fire insurance policy covers all properties- movable or immovable- against various perils. The fire insurance policy has been renamed as the standard fire and special perils policy. So, in this article, we must discuss what is covered under a Fire Insurance Policy. Key Takeaways The Spontaneous Combustion Gap: Standard fire insurance excludes damage from […]
How to file claims under a Fire Insurance policy in India?
Fire insurance is a crucial aspect of protecting your business from devastating financial losses. Fires can occur at any time, and the resulting damage can lead to expensive repairs or even the destruction of your business. Having fire insurance ensures that you are financially protected in case of a fire. Key Takeaways The Actual Ignition […]
What is Property Insurance and How to Buy It ?
Property insurance is an umbrella policy that covers various assets fixed or movable against the risk of damage. Plants, machinery, and stock in the warehouse are valuable properties for business and can be vulnerable to many risks. The financial burden of such risks can be reduced with the help of property insurance. Know about the […]
What Are The Risks Covered Under Fire Insurance Coverage?
A fire insurance policy is basically a contract between the insurer and the buyer. In the contract the insurer promises to pay for the loss or damages caused to the property of the insurer for a specific period of time. The policyholder initially purchases the policy for a period of one year and can renew […]
How to insure your property from damage
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 […]