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?
Hospital or medical equipment insurance is a specialized policy designed to protect healthcare facilities against financial losses from damage or breakdown of critical medical devices. It covers equipment such as MRI machines, X-ray units, surgical tools, monitors, and more. Key Takeaways The “All-Risk” Distinction: Unlike standard property insurance that only covers external perils (like fire), […]
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 – Key Takeaways The Obsolescence Solution: Involuntary Betterment is crucial for older plants. It ensures that if an exact replacement for old machinery […]
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. Key Takeaways […]
What is covered under art insurance?
Today, works of art are considered a profitable investments. 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 […]
What is covered under Engineering All Risk Insurance?
Engineering all risk insurance covers a wide range of risks to which a project is exposed, starting right from the ordering of material at the site till successful testing and completion of the project. This plan is very useful for owners, contractors, architects, consulting engineers, and investors because it leads to the reduction of overall […]
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. Key Takeaways The Basic Structural Blindspot: Standard fire insurance frameworks maintain a tight underwriting focus; they cover common bush fires […]
What is Property Insurance definition?
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. Key Takeaways The Portfolio Consolidation Advantage: Modern property insurance operates […]
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. Plants, machinery, and 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 property insurance. Know about the […]