Insurers follow a structured approach to a price premium for underwriting each risk. That’s how a premium is decided to be charged for property insurance. Below is the list of steps that they take – Assess the quantum of risk at each location – Insurers assess each proposal with information on the quantum of […]
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 […]
What is Escalation Clause in Fire Insurance?
An escalation clause or phrase in a fire insurance contract effectively allows for an increase in the sum insured to cover any unexpected costs which may arise from fluctuations. It simply means, that should inflation increase the price of items, for instance, these costs will be covered under a fire insurance policy as well. While […]
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 […]
How Much It Cost of Construction All Risk Insurance?
As the contractor, you are responsible for the safety of your construction site. However, even if you would take all the safety measures; accidents can arise at your construction site and disrupt your business. As a contractor, you would be held responsible for the loss or damage caused at the construction site and even to […]
What will be the cost of a fire insurance policy?
Fire Insurance is the perfect protection plan for your offices, home, and any other workplace. It protects your building, assets, furniture, and fixtures against a series of perils. Claims can settle under this policy either on a market value basis or on a reinstatement value basis. So, what will be the cost of a fire […]
What is Excess in Engineering All Risk Insurance and how does it affect the premium?
The engineering all-risk insurance policy covers the insured against any unforeseen and physical loss of or damage to the insured items. Such damage to plants or machinery may necessitate its repair or replacement. In engineering all-risk insurance policies, an excess clause is present. The excess clause states that the asset owner must bear the minimum […]