What Are the Types of Property Insurance? Property insurance in India is not one product but a family of policies, each built for a specific asset or stage of risk. The core types are Fire/Standard Fire and Special Perils (SFSP) insurance, All-Risk property insurance, Building and Contents insurance, Erection All Risk (EAR), Contractor’s All Risk […]
Fire Insurance – The Complete Guide
What Is Fire Insurance? Fire Insurance is a property insurance contract that indemnifies the insured for financial loss to buildings, machinery, stock, and other business or personal assets caused by fire and, under a Standard Fire and Special Perils (SFSP) policy, by 11 additional named perils such as lightning, explosion, storm, and riot damage. What […]
Fire & Property Insurance Clauses
What Are Fire & Property Insurance Clauses? Fire and Property Insurance clauses are the specific provisions inside a policy wording that define how coverage actually works – which property the policy covers, how the insurer assesses its value, how insurer and insured share a loss, and how the insurer calculates a claim. They matter because […]
Building Insurance – Complete Guide
What Is Building Insurance? Building Insurance protects the physical structure of a residential or commercial property – walls, roof, floors and, depending on the policy, certain permanent fixtures – against insured risks such as fire, lightning or storm damage. It does not automatically cover contents, and actual protection always depends on the policy’s insured perils, […]
Engineering All Risk (EAR) Insurance – Complete Guide
What Is Engineering All Risk (EAR) Insurance? Engineering All Risk (EAR) Insurance, sometimes called Erection All Risks insurance, is designed for construction, erection, and installation projects involving plant, machinery, and steel structures. It also generally provides broad protection against accidental physical loss or damage during covered project activities, plus liability for third-party injury or property […]
The Best Way to Utilise Fire Insurance Policy
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
Overview: Consequential Loss vs Direct Loss in Insurance Direct Loss refers to physical or immediate damage caused by an insured peril—like structural damage to buildings, broken equipment, or lost inventory. This type of loss is typically covered under standard property or casualty policies. Consequential Loss (also known as indirect or special loss) involves secondary financial […]