The reinstatement Value Clause (RVC) defines the terms and conditions of payment of reinstatement claims under property insurance policies. It defines the reinstatement value that will be payable after the loss. And the conditions under which this value may be altered even after the claim has been accepted by the insurer. So, what is the […]
What is Contract Price Insurance Clause in Property Insurance?
Property insurance covers the owners or the rental of the property against any damage or theft to the structure or its contents. It covers for perils like fire, smoke, wind, hail, lightning, theft, and burglary. Property insurance policy has various clauses and fire insurance is one of them. The fire insurance policy includes a clause […]