Overview Difference Between Insurance Policy and Consequential Loss Policy An insurance policy typically covers direct losses or damages to physical assets such as buildings, machinery, or inventory. In contrast, a consequential loss policy, also known as a business interruption policy, protects against financial losses arising indirectly due to an insured event — such as loss […]
Articles Tagged: Fire Insurance Policy
The Best Way to Utilise Fire Insurance Policy
Fire insurance is a type of property protection that covers destruction and losses due to fire and related perils. Most policies come with some sort of fire coverage. But homeowners can buy extra defence in case their belongings are lost or ruined from a blaze. This blog will let you know the best way to […]
Fire Insurance Policy for Non-Hazardous Goods Storage
Non-Hazardous Goods Storage Fire Insurance policy is a specific type of insurance that offers tailored financial protection for non-hazardous goods stored in facilities in the unfortunate event of fire damage. This insurance not only covers the goods themselves, but it also provides additional safeguards for any other property that may be lost or damaged as […]
Fire Insurance & Engineering Insurance Policy in India
A fire insurance policy safeguards your finances and provides you with financial relief in case of any damage due to fire. It also helps protect the interests of co-owners in cases where multiple people own the same property. Fire insurance plans are an important part of risk management practices for businesses as it helps them […]
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 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, […]
What is reinstatement clause in Fire Insurance?
Fire insurance policies often come with a reinstatement value clause in them which determines the methodology of claim settlement. The insurance company replaces the damaged property with a new property of the same type under the reinstatement value clause. The ‘New for old’ clause requires the insurance company to reinstate the damaged asset with a […]