Introduction Machinery rarely fails at a convenient time. A short circuit in a factory motor, a burst hydraulic cylinder, or a breakdown in a hospital’s only MRI machine can halt operations in minutes and cost lakhs in repairs – before any lost revenue is even counted. Ordinary fire or property insurance protects against external threats […]
Factory & Warehouse Insurance – Complete Guide
What Is Factory & Warehouse Insurance? Factory & Warehouse Insurance is a property cover for premises used to manufacture, process, or store goods. Depending on the policy chosen, it can protect the building, plant and machinery, raw materials, work-in-progress, and finished stock against perils such as fire, explosion, storm, flood, and other insured events. However, […]
Benefits of Leased Equipment Insurance
A specific type of insurance known as “leased equipment insurance” shields companies from monetary losses from renting machinery or other equipment. It ensures that organizations may carry on uninterrupted operations by protecting leased assets from harm, theft, or loss. Leasing equipment insurance is essential since it can help reduce risks, fulfill the lease terms, and […]
Impact of underinsurance on fire insurance claim settlement in Bharat Laghu Udyam Suraksha Policy
Many people opt for insurance policies because they want all or most of their risks to be covered. India’s Bharat Laghu Udyam Suraksha policy ensures such protection of your business – but there are some things a person must know before getting insurance. Let us know the relevance and impact of underinsurance on fire insurance […]
How does an insurer decide premium for high-risk businesses on Floater basis, under Bharat Sookshma Udyam Suraksha?
As India moves towards creating a more secure economy, various new schemes have been launched for the protection of business owners and their business-related properties. One such policy was launched by the Insurance Regulatory and Development Authority of India (IRDAI) is in 2021. It is known as Bharat Sookshma Udyam Suraksha Yojna. Under this policy, […]
How Earthquake extension clause impacts the premium of fire insurance?
A fire insurance policy provides coverage against any property loss or damage in the event of a fire. Policy documents specify perils like fire, lightning, aircraft damage, storm, typhoon, and hurricane, offering insured protection. This article will explore the addition of an earthquake extension clause to a fire insurance policy. Key Takeaways The Coverage Gap: […]
What are goods held in the trust clause in fire insurance?
The “Goods Held in Trust” clause in fire insurance ensures that property or goods stored by an insured party—but owned by someone else—are also protected under the fire insurance policy. This clause is especially relevant for businesses such as warehouses, distributors, and logistics companies that handle third-party goods. Key Takeaways Declaration is Mandatory: You cannot […]
Select the right insurer for Hospital Property & Medical lab Equipment
In a country like India, with 50+ insurance companies when it comes to buying a property insurance, it is about trusting an insurer with your hard-earned money. Choosing a right policy for your hospital can be a challenging task, given the multiplicity of products available in the market. Buying an hospital property insurance policy is […]