Owning a property involves a considerable amount of money. Whether you use the property for residential or commercial purposes, any damage to the property can be financially challenging. You might have to spend a considerable amount of money in getting the damages repaired or replaced. Such costs might pose a financial strain and that is […]
Articles Tagged: Property Insurance
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 does 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 property […]
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 Fire Insurance, let us start with an example […]
How does an insurer decide on the premium to be charged for property insurance?
Insurers follow a structured approach to a price premium for underwriting each risk. That’s how a premium is decided to be charged for property insurance. Below is the list of steps that they take – Assess the quantum of risk at each location – Insurers assess each proposal with information on the quantum of […]
What is the relevance of the designation clause in fire insurance?
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 […]
What options are available for a property owner to arrive at sum insured?
Whenever you are opt-in for property insurance cover, the first information you will have to provide to the insurance company is the value of property to be covered, referred to as sum insured in insurance terms. Many times we have observed that clients are not able to provide accurate value of sum insured for coverage […]
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 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 month […]
What is covered under art insurance?
Today, works of art are considered a profitable investment. Indeed, they are expensive and constitute a long-term investment. However, their allure also means they can be stolen. Or they might be inadvertently destroyed. Thus, it is important to insure your art. Your art collection may also be of much greater value than you think. That […]
Filing a claim under motor fleet insurance
Motor fleet insurance provides cover to your entire fleet of vehicles. It is designed chiefly for companies with a large number of vehicles. Of course, individuals with more than one vehicle can also opt for this insurance. Let’s get to know about filing a claim under motor fleet insurance. What is motor fleet insurance? Instead […]
Exclusions of motor fleet insurance policy
When you want to insure more than one vehicle, a motor fleet insurance policy is a great choice. It is one policy that provides insurance cover against loss or damage to all your vehicles. However, it is important to remember that your standard motor fleet insurance policy has some limitations. Here we will get to […]