Overview Hospital or medical equipment insurance is a specialized policy designed to protect healthcare facilities against financial losses from damage or breakdown of critical medical devices. It covers equipment such as MRI machines, X-ray units, surgical tools, monitors, and more. ✅ What Is Covered: Accidental damage due to fire, theft, flood, or electrical/mechanical breakdown Transit […]
How can insurance ensure your firm is productive and stays safe during the hot summers?
While summers bring warmth and sunshine, they do present a trying time for your field and warehouse employees. Here are a few steps to take to ensure safety and optimal productivity for your employees during the summer. Insure your air conditioning machinery Most of India experiences extremely high temperatures in summer. It becomes almost impossible […]
What types of properties can be insured under property insurance?
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 […]
Factory & warehouse insurance: The saviour during turbulent times!
In business, “location” takes a very special place, and so does the actual building that you zero in on as your office. It should not only be aesthetic and aligned with your business requirements, but it should also offer optimal safety standards for your employees and assets. If the unit you plan to set up […]
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 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 the Fire Insurance policy, let us start with an example […]
How does an insurer decide on the premium to be charged for property insurance?
Overview The premium for property insurance is calculated based on various risk-related factors assessed by the insurer. These help insurers determine the potential exposure and ensure fair pricing. Key Factors That Influence Property Insurance Premiums: Type and value of the property (residential, commercial, industrial) Location of the property (flood-prone, high-crime, seismic zones) Construction material and […]
About the relevance of the designation clause in fire insurance policy?
Overview The Designation Clause in Fire Insurance—also known as the designation of property clause—ensures that the insurer accepts the way insured property is listed in the insured’s books for claim purposes. In other words, whatever property head (e.g. Building, Plant & Machinery, Electrical Installations, Wiring, Furniture) under which an asset is recorded in the insured’s […]
What options are available for a property owner to arrive at sum insured?
Whenever you opt-in for property insurance coverage, the first information you will have to provide to the insurance company is the value of the property to be covered, referred to as the sum insured in insurance terms. Many times we have observed that clients are not able to provide accurate value of the sum insured […]
Which add-on covers are recommended for property insurance?
We suggest policyholders consider subscribing to add-ons available under the property insurance cover. Below we cover an exhaustive list of add-ons for you to evaluate the relevant ones for your property insurance – 1. LONG-TERM AGREEMENT- Insurers offer premium discounts for longer coverage agreements i.e. for 3-5 year coverage terms. 2. TEMPORARY REPAIR COST- Cover […]