Published in Mint on May 11 2016, Written by Kapil Mehta General insurance in India is a poor second cousin to life insurance. That is because life insurance impacts people directly whereas general insurance, consisting of products like fire, liability, engineering and marine insurance, is usually purchased by companies. It typically gets relegated to an […]
Articles Tagged: Fire Insurance
How to File a Fire Insurance Claim
Published in Economic times on Apr 29 2016, Written by Kapil Mehta A fire entails not just tremendous physical and financial damage, but also a fair amount of emotional and mental trauma. Nobody expects a fire, so it’s important to be prepared for how to deal with one, if it ever does occur. The aftermath […]
Nature of commercial activity decides risk value
Published in Mint on 16th Sept 2014, Written by Abhishek Bondia I have read that with regards to home insurance, the claim can get rejected if there are commercial activities happening in the premise. Does this mean that if I offer tuition in my house, my claim can get rejected? —Sanjay The type of activity […]
Duration of travel insurance policy can be extended
Published in Mint on 20th Jan 2015, Written by Abhishek Bondia Why should my place of residence affect the premium amount of my motor vehicle insurance? —Karthika Several insurers now charge different rates for various cities as road quality and driving behaviour vary by city. If you see underwriting practices in developed countries, the pricing […]
Risks Involved in Chemical Industry
The chemical industry in India is the third largest producer in Asia and is expected to double its share in the global chemical market by 2021. While chemical manufacturers are expanding due to growth in automotive, textile and construction industry, the risk associated with chemical industry is also growing. Use of new chemicals has increased […]
What is earthquake extension clause in fire insurance?
A fire insurance policy covers the loss or damage caused to the property due to fire. A standard policy provides the insured, the coverage against the perils as mentioned in his policy documents. Some of the perils are fire, lightning, aircraft damage, storm, typhoon, hurricane, etc. So let’s know what is earthquake extension clause is […]
What is Escalation Clause in Fire Insurance?
An escalation clause in fire insurance contract allows for an increase in the sum insured to cover any unexpected costs. The unexpected costs can be a resultant to fluctuations in the market, like inflation increase the price of items, for instance. While it is necessary to have comprehensive fire insurance to get coverage against losses […]
Are losses arising out of theft and burglary covered under the Standard Fire and Special Perils policy?
If a loss arises out of theft and burglary, the standard fire and special insurance policy usually exclude it, unless stated otherwise. Usually, most fire insurance companies think that burglary, theft, or housebreaking are not linked with fire accidents. And therefore, the insurer prefers to deny any claim which arises out of theft and burglary […]
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 […]
What is the average clause in fire insurance?
A fire insurance policy has an average clause mentioned in it which takes care of the cases of under-insurance. If insured the assets in the fire insurance policy, for less than their full value, the insured requires to bear a proportion of the loss according to the average clause mentioned in the policy document. Since […]