In considering the cash carrying limits in a money policy, the following need to be appreciated: The definition of money in the policy. (All components as used in the definition, need to be considered). Some Insurers may offer cover for foreign exchange too.) The money in transit cover is available...
Read More1. Indemnity principle & its variationsInsurance policies in general follow the basic principle of Indemnity. The insurance contract is a promise by the Insurer to put back the Insured in same financial position as before the loss. In practice, this means that in event of a total loss of say...
Read More1. Material damage (MD) & Consequential Damage/loss (CD/CL)Before we proceed to understand the scope of spoilage material damage cover, it is necessary to understand the relationship of the terms material damage & consequential damage/ loss. There is a general exclusion in property policies for any consequential damage arising from/resulting from an...
Read More1. What is Spontaneous combustion? The well known Fire triangle talks of the three components of fuel, oxygen and heat combining together to produce a fire/ combustion. Generally a heat source like lighted matchstick when brought in contact with combustible material (fuel) In an environment that has oxygen in it,...
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