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 […]
Articles Tagged: Property Insurance
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 […]
What is a declaration fire insurance policy. What are its advantages?
The declaration policy is designed to give better protection in cases where the stock fluctuates from time to time. Under the declaration of fire insurance policy, the insured takes out insurance for the maximum amount. And, which he considers would be at risk during the period of the policy. On a fixed date of every […]
Who should buy Property and Casualty Insurance?
Business owners having staff working in their factories, industrial premises, and even offices should have adequate Property and Casualty Insurance. This will protect them against heavy losses in case of property damage. And in addition, if this causes injuries to their own employees or another party. So, let’s see who should buy property and casualty […]
What is covered under art insurance?
Today, works of art are considered a profitable investments. Indeed, they are expensive and constitute a long-term investment. However, their allure also means they can be stolen. Or they might be inadvertently destroyed. Thus, it is important to insure your art. Your art collection may also be of much greater value than you think. That […]