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Which add-on covers are recommended for property insurance?

We suggest policyholders consider subscribing for add-ons available under the property insurance cover. Below we cover an exhaustive list of add-ons for you to evaluate the relevant ones for your property insurance –   1. LONG TERM AGREEMENT- Insurers offer premium discounts for longer coverage agreements i.e. for 3-5 year coverage terms.   2. TEMPORARY […]

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What is a contribution clause and how does it apply during claim settlement?

The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies during a claim settlement.   The principle of contribution only applies to those insurance contracts which are contracts of indemnity. In fact, however, there would be […]

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What is covered under art insurance?

Today, works of art are considered a profitable investment. Indeed, they are expensive and constitute a long-term investment. However, their allure also means they can be stolen. Or they might be inadvertently destroyed. Thus, it is important to insure your art. Your art collection may also be of much greater value than you think. That […]

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Type of useful covers you can add to your Fire Insurance Policy

Apart from the perils that are covered by the standard fire insurance policy, you can opt for add-on covers with your fire insurance policy to cover additional risks upon payment of the additional premium amount. The type of covers available with a fire insurance policy is as follows: Damage caused to the stock lying in […]

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What is Property Insurance defination?

What is Property Insurance defination? 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. This insurance policy will help […]

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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. Plant, machinery, 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 a property insurance. Know about the […]

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What is Co-insurance Clause in Property Insurance?

Co-insurance in office insurance policy is an important clause, which is defined as the ‘sharing of risk’ between multiple insurance companies. Usually, one insurance company leads the policy document. And the insurer would be responsible for different aspects of the policy document, including the claim. In such a case, the insurance company will levy a […]

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What is an All-Risk Property Insurance Policy?

An all-risk property insurance policy means that the policy will cover everything, except the perils which are clearly listed under the exclusion head. It means, that if something does not specifically exclude from the all-risk property insurance policy, the insurer would cover it. Often known as a comprehensive insurance policy, an all-risk property insurance policy […]

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What are Some Items Typically Excluded From Property Insurance Policy?

A property insurance is an umbrella term that comprises various insurance policies like office insurance, construction all-risk policy, engineering all-risk policy, factory & warehouse insurance, motor fleet insurance, art insurance, etc. So, What are some items excluded from Property Insurance Policy? Though, the purpose of property insurance is to offer complete coverage against various natural […]

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How Do the Insurance Principles Apply to Fire Insurance Contracts?

A fire insurance policy offers protection against losses or damages that may arise due to a fire accident. Like in the case of other insurance contracts, insurance principles are applicable to fire insurance contracts. Here are some ways through which insurance principles apply to fire insurance contracts  – 1. The complete disclosure of information – […]

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