Designation of property is the most important clause in a fire insurance policy. As per fire insurance policy wordings, designation of property clause is defined as – For the purpose of determining, where necessary, the item under which any property is insured, the insurers agree to accept the designation under which the property has been entered in […]
A fire insurance policy covers all properties— moveable or immovable, against various perils. The fire insurance policy has been renamed as the standard fire and special perils policy. Some of the properties that are covered under the policy are: Building: Both under construction and completed projects Interiors, partitions, and electrical Plant & Machinery, equipments and […]
If a misfortune befalls, take the following steps immediately: Inform losses or damages immediately to the insurance company so that a competent surveyor can come to ascertain total losses Give the estimated figures of damages Give full corporation to surveyors by giving them all the necessary documents for assessment of the loss Corporate with the […]
Published in Economic times on Apr 29 2016, Written by Kapil Mehta A fire entails not just tremendous physical and financial damage, but also a fair amount of emotional and mental trauma. Nobody expects a fire, so it’s important to be prepared for how to deal with one, if it ever does occur. The aftermath […]
The chemical industry in India is the third largest producer in Asia and is expected to double its share in the global chemical market by 2021. While chemical manufacturers are expanding due to growth in automotive, textile and construction industry, the risk associated with chemical industry is also growing. Use of new chemicals has increased […]
A fire insurance policy covers for the loss or the damage caused to the property due to fire. A standard policy provides the insured, the coverage against the perils as mentioned in his policy documents. Some of the perils are fire, lightning, aircraft damage, storm, typhoon, hurricane etc. However, the policy does not cover the […]
An escalation clause or phrase in a fire insurance contract effectively allows for an increase in the sum insured to cover any unexpected costs which may arise from fluctuations. It simply means, that should inflation increase the price of items, for instance, these costs will be covered under a fire insurance policy as well. While […]
If a loss arises out of theft and burglary, the standard fire and special insurance policy usually exclude it, unless stated otherwise. Usually, most of the fire insurance companies think that burglary, theft or housebreaking are not linked with the fire accident, and therefore, the insurer prefers to deny any claim which arises out of […]
The purpose of a fire insurance policy is to offer you financial coverage in case of loss or damage due to fire and related perils. At the time of taking a fire insurance policy, you would have to compute the price of the items which you want to cover. However, the prices of these items […]
A fire insurance policy has an average clause mentioned in it which takes care of the cases of the under-insurance. In the fire insurance policy, if the assets are insured for less than their full value, the insured is required to bear a proportion of the loss according to the average clause mentioned in the […]
