Construction projects face various challenges due to labour shortages, adverse weather effects, equipment damage, project conflicts, etc. This could lead to delays resulting in huge financial losses to construction companies. Delayed completion or DSU cover in property insurance provides financial security in such situations, aiding against potential losses. Delayed completion coverage in property insurance safeguards […]
How Can Fire Loss of Profits (FLOP) help a software consulting firm?
As a software consulting firm, clients are paying you for your expertise and your lifetime unique skills. So, if something happens to your business enterprise or machinery, you may have to suspend your normal business activities. This causes reduced turnover or additional expenses for maintaining normal consulting operations. Fire Loss of Profit (FLOP) Insurance tends […]
What is the Loss of Rent Cover Under Property Insurance?
Loss of rent coverage under a property insurance policy covers you for damages caused by an insured event, like a fire or severe weather. It doesn’t cover you for periods of rental voids, though many landlords might think it would. If you want to claim under this section of your policy, make sure you have […]
How Does the Advance Loss of Profit (ALOP) work for a Construction Project?
Nowadays, various construction projects face several challenges that may result in a delay and involve financial loss to the firm. A delay in completion can lead the construction companies, developers, contractors and other parties to incur significant losses. The Advance Loss of Profit (ALOP) Insurance provides coverage for financial losses due to construction and infrastructure […]
How Does an All-Risk Home Insurance Policy Work?
Owning a home is a crucial milestone in most of our lives. We thorough our financial plans and often save for our dream house. However, imagine a frustrating situation to spend your money and time replacing the ageing roof only to have a large maple tree in your backyard cause damage to it during the […]
What is a Specific Fire Insurance Policy, and when is it required?
Specific Fire Insurance Policy have quickly risen to be one of the most necessary requirements of every individual. This is for both personal and business purposes. If you are looking to obtain a policy, it is very important you understand your needs and concerns first. Insurance policies can help in providing security as well as […]
Hospital or medical equipment insurance: What is covered and what is not?
Hospitals and medical establishments use sophisticated electronic equipment which is critical for carrying out medical procedures, tests, and treatment. Damage to this equipment can hamper work and result in financial losses. Electronic equipment insurance (EEI) can be taken to overcome potential monetary losses and other related risks. We look at the types, features, and benefits, […]
What types of properties can be insured under property insurance?
Owning a property involves a considerable amount of money. Whether you use the property for residential or commercial purposes, any damage to the property can be financially challenging. You might have to spend a considerable amount of money in getting the damages repaired or replaced. Such costs might pose a financial strain and that is […]
Which add-on covers are recommended for property insurance?
We suggest policyholders consider subscribing to 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 REPAIR COST- Cover […]
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. To avoid any confusion later, it is important to know the role of Contribution Clause in claim settlement process. The principle […]