A fire insurance policy is basically a contract between the insurer and the buyer. In the contract the insurer promises to pay for the loss or damages caused to the property of the insurer for a specific period of time. The policyholder initially purchases the policy for a period of one year and can renew […]
What is Co-insurance Clause in Property Insurance?
Co-insurance is an 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 […]
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. Key Takeaways The Inverse Burden of Proof: In an all-risk property contract, […]
What are Some Items Typically Excluded From Property Insurance Policy?
Property insurance is an umbrella term that comprises various insurance policies like an office insurance policy, 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 […]
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 – Key Takeaways The Triple Timeline Mandate: Fire […]
What are the different Types of Property Insurance Policies Available in India?
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 […]