Here are some of the terms commonly used in case of general insurance: Insurance: It is a contract between two people (or companies) wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. Proposal: It is the application form for applying […]
The procedure to process a claim starts on the occurrence of any event. It may be a car accident or a house on fire, or a security violation. Notify the loss: Firstly, the insured person should notify the loss to the insurance company as soon as possible. A report with the Police: In case of […]
The person who is willing to take a property insurance policy should have a financial interest (insurable interest) in the asset that needs to be insured. So, the person will be at a loss financially if any event causes damage to his asset. To purchase a property insurance policy, you need to submit a proposal […]
The property insurance is the insurance that protects the physical goods and the equipment of the business or home against any loss from theft, fire, and any other perils. It can be an all-risk coverage policy that gives protection against all the risks, or it can be named-risk coverage policy that gives protection against only […]
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. This insurance policy will help the insured reduce the financial […]
The purpose of property insurance policy is to help a policyholder gets a replacement for lost or damaged goods. However, to make the extensive use of the policy, it is inevitable to know how assets are valued under a property insurance policy. Let’s look at different ways on the basis of which assets are valued- […]
Its’ good that you are thinking about buying a property insurance, however, there are some factors that you should consider in order to ensure you choose the right one= Have a clear understanding of the claim process Two insurance companies can promise to give you the same coverage, but they can vastly differ when it […]
In any case, property insurance is not expenditure but a necessity which you should consider if you want to protect your property from both natural and man-made calamities like flood, storm, theft, burglar, etc. Given that property involves your huge investment, considering a property insurance just expenditure is a mistake. Read more: Five Mistakes That […]
As a real estate professional or a broker involved in the property market, you may be committed to your clients. However, what if you advise your client to invest in a particular property deal which turns out to be wrong? You might be sued by the client. If God forbid, the verdict goes against you, […]
The recent incidences of terror attacks have compelled various insurance companies to offer terrorism insurance cover. On this line, property insurance companies are offering terrorism coverage under their policies. As per insurance companies, any act which causes any kind of physical violence, irrespective of whether there is any loss of life or property, is considered […]
