Property & Equipment Insurance for Clinics, Labs & Hospitals

We suggest policyholders consider subscribing for add-ons available under the fire insurance cover. Below we cover an exhaustive list of add-ons for you to evaluate the relevant ones for your property insurance – LONG TERM AGREEMENT- Insurers offer premium discounts for longer coverage agreements i.e. for 3-5 year coverage terms. TEMPORARY REPAIR COST- […]

The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies during a claim settlement. The principle of contribution only applies to those insurance contracts which are contracts of indemnity. In fact, however, there would have […]

What is Property Insurance defination? 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 […]

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 […]

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 […]

Building insurance is a product that offers insurance cover to residential and commercial buildings. Specifically, owners can buy this policy to protect their buildings from risks due to fires or natural disasters, explosions, burglaries, etc. Let’s find how to minimse the premium of building insurance. Tips to lower initial premium on building insurance The premium […]

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 […]

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 […]

We have discussed below the two bases of claim settlement that can be opted in a fire insurance policy : 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 on […]

Although you may take every precaution and use the latest technology to ensure the safety of your business premises, you cannot completely rule out the possibility of an accident. Thus, fire insurance is both essential and recommended for your business. Why is fire insurance important? To understand the importance of fire insurance for your office […]

How to file a claim under Building Insurance? Following steps should be taken to file a claim under building insurance: Step 1: Inform the company: Notify your insurance company. You must not try to undo the damage yourself if you have an insurance which covers the damage that you have suffered. Next, one must prevent […]