SME and home insurance products have a large potential market. An easy-to-understand product that is attractively priced will help drive adoption Published in MoneyControl, Feb 24, 2021 || Written By – ABHISHEK BONDIA What is more risky to insure – 100 warehouses having inflammable chemicals in 100 drums each or one warehouse with 10,000 drums of […]
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How does underinsurance impact fire insurance claim settlement?
Underinsurance refers to inadequate insurance coverage of the policyholder. In this article, we’ll get to know how underinsurance impact fire insurance claim settlement. If a policyholder is underinsured, it will result in economic losses for him/her in the event of a claim far exceeding any premium savings that might have resulted from underinsurance. Therefore […]
How does fire insurance claim settlement vary between reinstatement clause and market value policies?
We have discussed below the two bases of claim settlement that can be opted in a fire insurance claim settlement : Market value basis – the default one and Re-instatement value basis To explain how does the claim settlement works in the above cases under the Fire Insurance policy, let us start with […]
About the relevance of the designation clause in fire insurance policy?
The designation of property is the most important clause in a fire insurance policy. The fire insurance policy defines the designation of property clause. Insurers agree to accept the designation entered in the insured’s books to determine coverage. After accepting this clause, insurers will accept item classification and sum insured as per the policyholder’s books. […]
What is a declaration fire insurance policy. What are its advantages?
The declaration policy is designed to give better protection in cases where the stock fluctuates from time to time. Under the declaration of fire insurance policy, the insured takes out insurance for the maximum amount. And, which he considers would be at risk during the period of the policy. On a fixed date of every […]
What is reinstatement clause in Fire Insurance?
Fire insurance policies often come with a reinstatement value clause in them which determines the methodology of claim settlement. The insurance company replaces the damaged property with a new property of the same type under the reinstatement value clause. The ‘New for old’ clause requires the insurance company to reinstate the damaged asset with a […]
What are the major exclusions under Fire Insurance Policy?
The scope of fire insurance is quite extensive. The policy covers almost all types of damages that are caused due to fire and other allied perils. However, there are some major exclusions too in the policy. These exclusions specify when the coverage under the fire insurance policy would not apply. Most fire insurance policies include […]
What will be the cost of a fire insurance policy?
Cost of a Fire Insurance Policy Fire Insurance is the perfect protection plan for your offices, home, and any other workplace. It protects your building, assets, furniture, and fixtures against a series of perils. Claims can settle under this policy either on a market value basis or on a reinstatement value basis. So, what will […]
What are the Utilities in Fire Insurance?
The purpose of a fire insurance policy is to shield you from various losses or damages which can arise after a fire accident. In this case, if you would have a fire insurance policy, you can approach the fire insurer who would settle your claim and thus, curtail your financial expenses to a great extent. […]
What are the Non-Manufacturing Risks Mentioned in Fire Insurance?
Fire insurance is an important policy that offers financial security in case of any loss or damage due to fire. Misfortunes can strike even when you have taken all the safety regulations. Therefore, it makes complete sense to go with fire insurance and secure your business from the losses or damages due to fire. A […]