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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 […]
The most important reason to purchase property insurance is the uncertainty of future. You can’t predict what would happen in the next moment, and therefore, to get complete coverage against the life’s uncertainty, it is essential to buy a property insurance policy. A property insurance policy is an umbrella policy which includes office insurance, factory […]
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, […]
Property insurance covers the owners or the rental of the property against any damage or theft to the structure or its contents. Property insurance covers for perils like fire, smoke, wind, hail, lightning, theft and burglary. A property insurance has various clauses and fire insurance is one of them. There is a clause called contract […]
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: […]
The local authority clause in property insurance covers the unexpected losses which occur due to additional cost of reinstatement of the destroyed or damaged property to comply the local bylaws but subject to sum insured. This clause provides coverage against the damage incurred to fulfill the necessity to comply with the building or other regulations […]
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 […]
Many businesses rent the premises and assets on the premise to operate the office. In the case of a burglary, fire or another incident, both assets belonging to the owner of the premise and tenant, can be damaged. In the case of damage to the owner’s assets (used by the tenant), the liability falls on […]
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 […]
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- […]