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 […]
Articles Tagged: Fire Insurance
How Can Fire Loss of Profits (FLOP) help a software consulting firm?
As a software consulting firm, clients are paying you for your expertise and your lifetime unique skills. So, if something happens to your business enterprise or machinery, you may have to suspend your normal business activities. This causes reduced turnover or additional expenses for maintaining normal consulting operations. Fire Loss of Profit (FLOP) Insurance tends […]
What is the importance of obtaining NOC from the fire department in processing an insurance claim?
A fire is not only physically and financially damaging, but can be traumatic for those involved. As fires are unexpected, it’s important to know how to deal with them if they occur. The aftermath is stressful. So, it’s of utmost importance to obtain the fire NOC document from the Fire department for quick settlement of […]
Key Differences between Life, Marine and Fire Insurance
Life insurance, fire insurance, and marine insurance are three different types of insurance policies that provide protection against different types of risks. Life insurance is a contract between an insurer and the insured party that provides financial support to the insured party’s beneficiaries in the event of their death. The policyholder pays a premium to […]
What is a Specific Fire Insurance Policy, and when is it required?
Specific Fire Insurance Policy have quickly risen to be one of the most necessary requirements of every individual. This is for both personal and business purposes. If you are looking to obtain a policy, it is very important you understand your needs and concerns first. Insurance policies can help in providing security as well as […]
Insurance Selections That Can Help Protect Retail Stores and Shopping Centres from Fire Damage
One of the most common questions in a business environment is how to find the best insurance options for your retail shop or shopping center. It is important to know what type of insurance coverage you need. There are a few different types of retail shops, including grocery stores, clothing stores, electronics stores, and more. […]
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 […]
How to increase fire insurance adoption of homes and small businesses?
SME and home insurance products have a large potential market. An easy-to-understand product that is attractively priced will help drive adoption Published in MoneyControl, Feb 24, 2021 || Written By – ABHISHEK BONDIA What is more risky to insure – 100 warehouses having inflammable chemicals in 100 drums each or one warehouse with 10,000 drums of […]
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 […]