72-hour Clause in Construction All-risk Policy: There is an immense significance of 72-hour clause in construction all-risk policy. 72-hour clause signifies any losses or damages which occur during any period of 72 consecutive hours and which arises due to= Earthquake, subterranean fire, volcanic eruption, Earth movement or collapse Bushfire Wind, storm, hurricane, cyclone, typhoon, hail, rainwater, […]
Articles Tagged: Property Insurance
What are the Moral Hazards in Fire Insurance?
The purpose of fire insurance is to offer you financial coverage in case of loss or damage due to fire. Further, a fire insurance policy comprises hazard, which is a condition that increases the chances of risk in an insured peril. There is a physical hazard and moral hazard; here we are talking about moral […]
How is Proximate Cause Determined in a Fire Insurance Policy?
Proximate Cause is an important principle of insurance, which helps in deciding how the loss or damage happens and whether it is the result of an insured peril or not. The important point to consider here is that the proximate cause is the only nearest cause and not the remote cause. It mainly revolves around […]
What are Some Items Typically Excluded From Property Insurance Policy?
Property insurance is an umbrella term that comprises various insurance policies like an office insurance policy, construction all-risk policy, engineering all-risk policy, factory & warehouse insurance, motor fleet insurance, art insurance, etc. So, What are some items excluded from Property Insurance Policy? Though, the purpose of property insurance is to offer complete coverage against various […]
Workshop on Risk Management for manufacturing companies
Published in Unison Times SecureNow Insurance Broker in association with FICCI-CMSME, organized a workshop on Risk Management on the February 22, 2017 at FICCI House, New Delhi. FICCI is a highly regarded industry body in India and its CMSME chapter focuses on small and medium enterprises. The purpose of organizing the workshop was to provide […]
Different Principles Applicable to Different Types of Fire Insurance Policies
A fire insurance policy compensates the policyholder for the loss or damage that arises due to fire. It gives financial security to the insured by shielding him/her from losses or damages caused by fire. There are some principles or fundamental doctrines of Fire insurance guiding different types of fire policies under its purview. Various principles […]
How are assets valued under a property insurance policy?
The purpose of a property insurance policy is to help a policyholder gets a replacement for lost or damaged goods. However, to make extensive use of the policy, it is inevitable to know how are assets valued under a property insurance policy. Let’s look at different ways on the basis of which assets are […]
Which Expenses Are Covered by The Fire Policy?
A fire policy provides cover for any losses occurred due to fire to property, stock, or assets. A fire insurance policy is a comprehensive policy that works as a contract between the insurer and the insurance company (see “What is Fire Insurance Policy?” here). It offers compensation for the losses that take place due to […]
Which Perils Are Not Covered By Fire Insurance Policies?
The Perils not covered by fire insurance policies are mentioned below: Spontaneous combustion Burning of property by order of any Public Authority Property undergoing any heating or drying process The explosion of boilers (other than domestic boilers) Total or partial cessation of work Permanent or temporary dispossession by order of the Government Normal cracking or […]
How Do the Insurance Principles Apply to Fire Insurance Contracts?
A fire insurance policy offers protection against losses or damages that may arise due to a fire accident. Like in the case of other insurance contracts, insurance principles are applicable to fire insurance contracts. Here are some ways through which insurance principles apply to fire insurance contracts – 1. The complete disclosure of information – […]