Principle of Uberrimae Fidei, a Latin Phrase meaning Principle of Utmost Good Faith is one of the fundamental principles of Insurance which states that both parties to an Insurance Contract, that is, the Insured and Insurance Company, should act in Good Faith towards one another.
Principle of Insurable Interest forms the legal basis on whether Insurance can be taken or not. The Insured must have an Insurable Interest in the subject matter for which they want an Insurance Policy. Insurable Interest is when a Person stands to gain or benefit from the continued existence or well-being of a Person or an Insured Property and the Person would suffer a financial loss from the absence of the Person or the Property
A Burglary and Theft Insurance Policy provides coverage for loss of insured assets due to theft and burglary at the insured premises. The Policy can be purchased for factories, warehouses, homes and offices.
Principle of Subrogation in Insurance means transfer of legal rights of the Insured to pursue recovery against a Third Party who is responsible for causing loss to the Insurance Company. The Principle of Subrogation is one of the fundamental principles of Insurance.
An Extended Reporting Period is a provision in a Claims Made Liability Insurance Policy which allows the Insured to make claims even after the Policy Expiry.
An Insurance Deductible is defined as the amount of loss that the Insured must bear from his own pocket before the Insurance Company starts paying out the claim.
An Occurrence Based Insurance Policy is a form of liability insurance policy which provides coverage as long as the claim incident happened when the policy was active.
Even if the Occurrence Based Policy expires, the Insurance Policy will continue to provide coverage for claims which occur during the Policy Period.
A Claims Made Liability Insurance Policy which provides Insurance Coverage only when the liability insurance policy is active. For a Claims Made Policy to pay out a claim, the claim event should take place within the Policy Period.
Bharat Laghu Udyam Suraksha Insurance Policy provides protection to insured assets with a Sum Insured between Rs5 Crores and Rs50 Crores. All types of assets like plant and machinery, warehouse stocks, buildings etc can be covered under the Policy.
Bharat Sookshma Udyam Suraksha Insurance Policy provides protection to insured assets with a Sum Insured of less than Rs5 Crores. All types of assets like plant and machinery, warehouse stocks, buildings etc can be covered under the Policy.