As an umbrella policy, property insurance comprises various insurance policies, which you can buy as per your requirements. Here are some of the different types of property insurance policies available in India- Key Takeaways The Property Insurance Umbrella: Property insurance is not a single restrictive policy; it acts as a wide commercial umbrella containing highly […]
What are the physical hazards in fire insurance?
The insurance industry uses the terms like risks, perils, and hazards to differentiate between various conditions of insurance. The possibility of loss is denoted by the term ‘risk’, whereas the term ‘peril’ denotes the cause of the loss. The term ‘hazard’ denoted a condition that increases the possibility of loss. Physical hazards in fire insurance […]
What is not covered under Burglary Insurance bought as a Property Insurance?
It takes years of effort for creating assets, however, one theft or any other loss/damage can cripple you financially. Burglary insurance is the right policy to keep your property safe and gets peace of mind. It covers losses or damages to property due to burglary and housebreaking. Though burglary insurance is meant to offer comprehensive […]
What is the Definition of Commercial Property Insurance?
As the term itself says, a commercial property insurance policy helps people in business by covering their commercial property, against a myriad of losses or damages. In most cases, a commercial property insurance policy offers coverage for standard fire & special perils and burglary. As the cases of burglary in business premises are increasing over […]
Reinstatement Value Clause in Office Insurance Policy
The reinstatement Value Clause (RVC) defines the terms and conditions of payment of reinstatement claims under property insurance policies. It defines the reinstatement value that will be payable after the loss. And the conditions under which this value may be altered even after the claim has been accepted by the insurer. So, what is the […]
What is Contract Price Insurance Clause in Property Insurance?
Property insurance covers the owners or the rental of the property against any damage or theft to the structure or its contents. It covers for perils like fire, smoke, wind, hail, lightning, theft, and burglary. Property insurance policy has various clauses and fire insurance is one of them. The fire insurance policy includes a clause […]