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. Key Takeaways The Coverage Gap: […]
What has delayed completion coverage or delay in start-up (DSU) in property insurance?
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 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 to […]
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 […]