Zen Vichaar

  The escalation clause is a clause attached to the standard fire insurance policy to provide additional sum insured, which becomes necessary, while rebuilding or repairing a damaged property. Suppose a loss occurs to property or equipment due to fire perils, the next step is the reconstruction of building or property/machinery or repairing the same. In doing so the cost incurred would be more than the sum insured under the fire policy due to appreciation in various aspects like cost of new raw material, labour etc. The insured is faced with two aspects that cause financial strain: ·        The overall cost of reconstructing / repairing the property or machinery exceeds the sum insured under the policy ·        Claim amount is reduced due to application of under insurance. To counter this unexpected situation at the time of loss, the fire policy provides for escalation clause facility to have adequate coverage as well as to avoid being underinsured. Escalation clause and un

                                  There are two sections within a comprehensive motor policy -o wn damage section and third-party section (3 rd Part Section). Own Damage section is voluntary insurance based on the Insured Declared Value (IDV) opted by the insured while 3 rd Party section is compulsory under the provisions of the Motor Vehicles Act 1988 (MV Act).   While own damage section takes care of damage to the motor vehicle due to accidents, Act of God perils, etc., the third-party section covers third party property damages and bodily injuries.             Details of third-party cover in motor insurance : Third party cover : Third-party insurance, is called as ‘Act Only’ insurance as it is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. This policy covers accident, loss of life and damage to the third-party vehicle due to accident. Section 146  of the Motor Vehicles Act makes it compulsory for the owners of vehicles to get their vehic

  A new business venture needs attention in a lot of areas. Finance, infrastructure, permissions, regulations- the list is endless. It is also important to secure the venture from losses due to unexpected events that can result in a financial loss. Insurance is the safest method of protection from such unforeseen losses. The Bharat Sookshma Udyam Suraksha policy is designed to meet the specific needs of small businesses, MSMEs or Micro, Small and Medium-sized enterprises.   What can be covered under this policy?     The Bharat Sookshma Udyam Suraksha policy covers all the assets of a business such as:   ·                  Building with its basements, fittings and fixtures, garage, lifts, air conditioning systems, security systems, electric installations, fire sprinkler systems and other structures that are located in the business premises ·                  Plant and machinery, spares, accessories ·                  Stock of goods which includes finished goods, se