Many people opt for insurance policies because they want all or most of their risks to be covered. India’s Bharat Laghu Udyam Suraksha policy ensures such protection of your business – but there are some things a person must know before getting insurance. Let us know the relevance and impact of underinsurance on fire insurance […]
How does an insurer decide premium for high-risk businesses on Floater basis, under Bharat Sookshma Udyam Suraksha?
As India moves towards creating a more secure economy, various new schemes have been launched for the protection of business owners and their business-related properties. One such policy was launched by the Insurance Regulatory and Development Authority of India (IRDAI) is in 2021. It is known as Bharat Sookshma Udyam Suraksha Yojna. Under this policy, […]
Importance of Replacement Cost Value (RWA) in Property Insurance
Commercial property insurance is a crucial coverage that no business can do without. But have you heard of Replacement Cost Value? If not, here is the blog post jotting down the importance of replacement cost value in property insurance. It adds an advantage to your business insurance coverage. What is Replacement Cost Value? The replacement […]
5 Different Types of Property Insurance in India
Property insurance is an essential investment for every homeowner and for businesses as it offers protection against unforeseen incidents such as thefts, fire, and natural or man-made disasters. It is crucial to ensure that your property is protected in case of damages caused by such incidents. However, many property owners tend to overlook this critical […]
How Earthquake extension clause impacts the premium of fire insurance?
A fire insurance policy provides coverage against any property loss or damage in the event of a fire. Policy documents specify perils like fire, lightning, aircraft damage, storm, typhoon, and hurricane, offering insured protection. This article will explore the addition of an earthquake extension clause to a fire insurance policy. Unfortunately, earthquake damage is not […]
Housing Society Fire Insurance Policy and Perils covered under it?
The India Risk Survey (IRS) states that fire outbreaks are the third biggest risk to business continuity and operations. The survey attributes the increased fire risk to safety regulation non-compliance and inadequate fire services. This increase in risk follows closely behind information and cyber insecurity and natural disasters. Every housing society and business should have […]
What has delayed completion coverage or delay in start-up (DSU) in property insurance?
Construction projects face various challenges due to labour shortages, adverse weather effects, equipment damage, project conflicts, etc. This could lead to delays resulting in huge financial losses to construction companies. Delayed completion or DSU cover in property insurance provides financial security in such situations, aiding against potential losses. Delayed completion coverage in property insurance safeguards […]
What are goods held in the trust clause in fire insurance?
Overview The “Goods Held in Trust” clause in fire insurance ensures that property or goods stored by an insured party—but owned by someone else—are also protected under the fire insurance policy. This clause is especially relevant for businesses such as warehouses, distributors, and logistics companies that handle third-party goods. In the event of fire damage, […]
Importance of Machinery Breakdown Insurance (MBD) and its coverage under property insurance?
The smooth functioning of machinery and equipment is one of the major aspects of a successful business. and The breakdown of machinery and physical damage to equipment can disrupt the business operation completely and the lost productivity can pose a huge loss. However, in a big-scale business like manufacturing, such eventualities are unavoidable despite regular […]
Renters Insurance in India: A Complete Guide
India is home to billions of people that fall into different income classes. As per the World Inequality Database report, our country falls into the tab of countries having ‘extreme inequalities’ where the average national income stands at Rs. 2,04,200. These numbers clearly indicate that having a home you can call your own is not financially […]