Keyman insurance helps a business recover from the loss of its valuable assets viz the persons who run it and/or own it. Individual talents are becoming critical to the success of many companies and employees are also becoming an important factor in investors' valuation of the entities. Every business has at least a few very valuable employees who contribute significantly to the running and growth of the company. It makes sense to insure against the unfortunate event of their untimely demise.
The fire insurance contract is defined as “an agreement, whereby one party in return for a consideration undertakes to indemnify the other party against financial loss which the latter may sustain by reason of certainly defined subject-matter being damaged or destroyed by fire or other defined perils up to an agreed amount”.
- Fire, in order to make the insurer liable under the contract, must satisfy two conditions.
First, there should be actual fire or ignition, and second, the fire must be fortuities in its nature.
Fire insurance covers a policyholder against fire loss or damage from a number of sources. Sources include fires brought about by electricity, such as faulty wiring and explosion of gas, as well as those caused by lightning and natural disasters. Bursting and overflowing of a water tank or pipes may also be covered by the policy.
The primary objective of a marine insurance policy is to protect your finances and assets while they are being transported via sea. However, different insurance companies offer multiple types of marine insurance policies. Due to this reason, there is no standard list of risks against which every marine insurance will provide protection. Though most marine insurance policies do provide cover against damages or losses to expensive cargo, some policies may while some may not provide extended cover against cross border civil disturbances or against pirates. Following is a list of some of the common instances or losses which marine insurance provides cover against:
- Import or export shipments.
- Goods which are being transported via sea, rail, air, road or post.
- Goods being transported by coastal vessels which ply between different ports
- inside the country.
- Goods which are transported via vessels plying along rivers.
Property insurance is a broad term for a series of policies that provide either property protection coverage or liability coverage. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft, and to a person other than the owner or renter if that person is injured on the property.
Perils covered by property insurance typically include select weather-related afflictions, including damage caused by fire, smoke, wind, hail, the impact of snow and ice, lightning, and more. Property insurance also protects against vandalism and theft, covering the structure and its contents. Property insurance also provides liability coverage in case someone other than the property owner or renter is injured while on the property and decides to sue.
Property insurance policies normally exclude damage that results from a variety of events, including tsunamis, floods, drain and sewer backups, seeping groundwater, standing water, and a number of other sources of water. Mold is usually not covered, nor is the damage from an earthquake. In addition, most policies will not cover extreme circumstances, such as nuclear events, acts of war or terrorism.
Even if you’re an expert in your business, you may make a mistake And if the client or customer thinks the mistake impacted them financially, you may be sued. Professional liability insurance, also known as errors and omissions insurance, or E&O insurance, helps cover you and your company if you are found negligent in the professional services you provided.
Professional liability insurance helps protect you and your company against a claim that professional advice or services you provided caused a client or customer financial harm due to mistakes on your business’s part or because the business failed to perform some service.