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Articles Tagged: Property Insurance
What is Property Insurance and How to Buy It ?
Property insurance is an umbrella policy that covers various assets fixed or movable against the risk of damage. Plant, machinery, stock in the warehouse are valuable properties for business and can be vulnerable to many risks. The financial burden of such risks can be reduced with the help of a property insurance. Know about the […]
What is Co-insurance Clause in Property Insurance?
Co-insurance is an important clause in office insurance policy which is defined as the ‘sharing of risk’ between multiple insurance companies. Usually, one insurance company lead the policy document, and that insurer would be responsible for different aspects of the policy document, including the claim. In such a case, the insurance company will levy a […]
What is an All-Risk Property Insurance Policy?
An all-risk property insurance policy means that the policy will cover everything, expect the perils which are clearly listed under the exclusion head. It means, if something is not specifically excluded from the all-risk property insurance policy, it would be covered by the insurer. Often known as a comprehensive insurance policy, an all-risk property insurance […]
How Is the Loss of Profit Claim Settled Under Office Insurance Policy?
Loss of profit is based on the premise that the business is interrupted due to a covered peril. Loss of profit claims cover the following types of losses: Loss of revenue Excess cost of operations due to the insured peril Settlement of Loss of Revenue Claims Loss of revenue to the business is determined by: […]
What is Local Authorities Clause in Property Insurance?
The local authority clause in property insurance policy covers the loss of business income which applies when the government entity denies access to the covered property. Many catastrophic scenarios led to such actions by the government to protect individuals and businesses from any damage. These catastrophes may include floods, hurricanes or wildfires amongst the other […]
What to do when a vehicle is covered under more than one policy?
In case two motor fleet insurance policies are in existence for the same vehicles with the same covers, one of the motor fleet insurance policies is required to be cancelled. In those situations, where one of the motor fleet insurance policies Read More: How to file a claim under Motor Fleet Insurance? start at a […]
What does 72-hour clause signify in construction all risk policy?
In construction all risk insurance policy, 72-hour clause signifies any losses or damages which occur during any period of 72 consecutive hours and which arises due to= Earthquake, subterranean fire, volcanic eruption, Earth movement or collapse Bushfire Wind, storm, hurricane, cyclone, typhoon, hail, rainwater, etc. Flood, it means the inundation of normally dry land by […]
What are Some Items Typically Excluded From Property Insurance Policy?
A property insurance is an umbrella term which comprises of various insurance policies like office insurance, construction all risk policy, engineering all risk policy, factory & warehouse insurance, motor fleet insurance and art insurance, etc. Though, the purpose of a property insurance is to offer complete coverage against various natural and man-made perils like […]
How are assets valued under a property insurance policy?
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- […]