Fire insurance is a kind of contract between the insurance company and the insured, where the insurer assures to cover the damages and losses caused by fire eruption. The policy helps the insured to cover the risk of loss of property by accidental fire cases, in exchange for an annual premium.
Based on the type of fire insurance policy, these 6 principles of fire insurance apply:
Be aware of these reasons it could reduce or repudiate your fire claim.
Marine Insurance is a type of insurance policy that provides coverage against any damage/loss caused to cargo vessels, ships, terminals, etc. in which the goods are transported from one point of origin to another.
Principles of Marine Insurance
Types of Marine Cargo Insurance
The important exclusions under marine cargo policies are:
i)Loss caused by willful misconduct of the insured.
ii)Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear. These are normal ‘trade’ losses which are inevitable and not accidental in nature
iii. Loss caused by ‘inherent vice’ or nature of the subject matter. For example, perishable commodities like fruits, vegetables, etc. may deteriorate without any ‘accidental cause’. This is known as ‘inherent vice’.
iv)Loss caused by delay, even though the delay be caused by an insured risk.
v). Loss or damage due to inadequate packing.
vi)Loss arising from insolvency or financial default of owners, operators, etc. of the vessel
vii) War and kindred perils. These can be covered on payment of extra premium.
viii)Strikes, riots, lock-out, civil commotions and terrorism (SRCC) can be covered on payment of extra premium.
All Risk Policy is a product designed to cover your valuable movable equipment like laptops, mobile phones, handy-cams, jewellers, and articles of intrinsic value like paintings and the like which do not remain confined to your own home and are exposed not only to natural perils but also to perils such as theft, snatching, etc. Barring a few perils like Earthquake, War etc., the Policy offers very comprehensive protection against many perils including any accident or misfortune not expressly excluded.
This is issued on All Risk Cover basis to protect Desktop Computers, Bio-medical equipment, X-ray equipment, Audio/Video equipment, micro-processor equipment, etc. External Data Media, Increased cost of working in the event of damage.This policy is location specific therefore location of the risk is very important factor.
Machinery Insurance provides insurance protection to both rotating as well as static equipment while at work or at rest against mechanical and electrical breakdown and also human error and negligence. Policy covers sudden and unforeseen loss or physical damage, necessitating its repair or replacement and resulting from Fortuitous working accidents, Tearing apart due to centrifugal forces, Shortage of water in steam boilers or pressure vessels, Overpressure or implosion, Short circuit, Defects or faults in design, materials or manufacturing, faulty erection etc.
This policy provides cover for all different types of machinery used for handing material or construction. The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.
This policy provides financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction. In case the policy period exceeds 12 months, the premium can be paid in quarterly instalments with the first instalment being more by 5% and the last instalment being paid 6 months before expiry of the policy.
