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 […]
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 […]
Minimizing the premium on building insurance
Building insurance is a product that offers insurance coverage 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 out how to minimize the premium of building insurance. Tips to lower initial premium on building insurance The […]
What is Escalation Clause in Fire Insurance?
Overview Escalation Clause in Fire Insurance is a policy provision designed to counteract inflation and rising reconstruction costs by automatically increasing the sum insured over time. Typically structured as a fixed percentage added annually (e.g. 5–10%), this clause ensures that policy coverage remains inflation‑aligned and prevents underinsurance at the time of claim.. Key Elements Definition […]
What is Excess Policy in Fire Insurance?
The purpose of a fire insurance policy is to offer you financial coverage in case of loss or damage due to fire and related perils. At the time of taking a fire insurance policy, you would have to compute the price of the items which you want to cover. However, the prices of these items […]
How Much It Cost of Construction All Risk Insurance?
As the contractor, you are responsible for the safety of your construction site. However, even if you would take all the safety measures; accidents can arise at your construction site and disrupt your business. As a contractor, you would be held responsible for the loss or damage caused at the construction site and even to […]
What will be the cost of a fire insurance policy?
Cost of a Fire Insurance Policy Fire Insurance is the perfect protection plan for your offices, home, and any other workplace. It protects your building, assets, furniture, and fixtures against a series of perils. Claims can settle under this policy either on a market value basis or on a reinstatement value basis. So, what will […]
What is Excess in Engineering All Risk Insurance and how does it affect the premium?
The engineering all-risk insurance policy covers the insured against any unforeseen and physical loss of or damage to the insured items. Such damage to plants or machinery may necessitate its repair or replacement. In engineering all-risk insurance policies, an excess clause is present. The excess clause states that the asset owner must bear the minimum […]