Fire insurance is a type of property protection that covers destruction and losses due to fire and related perils. Most policies come with some sort of fire coverage. But homeowners can buy extra defence in case their belongings are lost or ruined from a blaze. This blog will let you know the best way to […]
What is the difference between new for old and wear and tear in Property Insurance?
Property insurance is a type of insurance that helps protect an individual from financial losses due to damage or destruction to their personal property. Generally speaking, under Property & Causality Insurance, the two types of coverage within this insurance are new for old and wear and tear. New for old refers to replacing physically damaged […]
What is the floating policy of fire insurance?
The floating policy of fire insurance is a type of property and casualty insurance that provides coverage for damage sustained to movable property due to an occurrence involving fire. The cost of such floater fire insurance policy is charged based on the total value of insured items. This would cost an average of premiums that […]
Property Insurance Coverage-Leasehold Versus Freehold Properties
Property insurance is an absolute necessity for protecting your real estate investments. Whether you’re a leasehold or freehold property owner, knowing the nuances in coverage is crucial for making wise insurance choices. Here, we’ll delve into the intricacies of property insurance policies, examining the variations between leasehold and freehold properties. Furthermore, we’ll explore additional relevant […]
Consequential Loss: Definition, Insurance, Vs. Direct Loss
Losses resulting from an uncontrollable event describe consequential loss. This type of loss often results in financial or economic losses above and beyond the actual physical damage caused by the event itself. Consequential loss examples in insurance include lost profits, interruption of operations, and reduction in wages or revenue due to a force majeure event […]
Fire Insurance Policy for Non-Hazardous Goods Storage
Non-Hazardous Goods Storage Fire Insurance policy is a specific type of insurance that offers tailored financial protection for non-hazardous goods stored in facilities in the unfortunate event of fire damage. This insurance not only covers the goods themselves, but it also provides additional safeguards for any other property that may be lost or damaged as […]
Fire Insurance & Engineering Insurance Policy in India
A fire insurance policy safeguards your finances and provides you with financial relief in case of any damage due to fire. It also helps protect the interests of co-owners in cases where multiple people own the same property. Fire insurance plans are an important part of risk management practices for businesses as it helps them […]
How does an insurer decide premium for high-risk businesses on Floater basis, under Bharat Sookshma Udyam Suraksha?
As India moves towards creating a more secure economy, various new schemes have been launched for the protection of business owners and their business-related properties. One such policy was launched by the Insurance Regulatory and Development Authority of India (IRDAI) is in 2021. It is known as Bharat Sookshma Udyam Suraksha Yojna. Under this policy, […]
5 Different Types of Property Insurance in India
Property insurance is an essential investment for every homeowner and for businesses as it offers protection against unforeseen incidents such as thefts, fire, and natural or man-made disasters. It is crucial to ensure that your property is protected in case of damages caused by such incidents. However, many property owners tend to overlook this critical […]
How Earthquake extension clause impacts the premium of fire insurance?
A fire insurance policy provides coverage against any property loss or damage in the event of a fire. Policy documents specify perils like fire, lightning, aircraft damage, storm, typhoon, and hurricane, offering insured protection. This article will explore the addition of an earthquake extension clause to a fire insurance policy. Unfortunately, earthquake damage is not […]