Do's and Dont's - Miscellaneous Insurance - Important conditions for Insurance

Submitted by terminator on Thu, 06/21/2012 - 12:25

You must have insurable interest i.e. you own the property or have financial interest in the property or person or interest covered to receive a claim if a loss covered in the policy takes place.
In case your interest ceases kindly inform us so that we can refund your premium on a short period basis as stated in the policy so that you are not insuring unnecessarily.
Each policy may have unique exclusions. You may study the policy to identify the same. Some such exclusions can be covered on payment of additional premium if you indicate the same in the proposal or give a request in writing. Please examine such additional covers for more comprehensive coverage.
The valuation or Sum Insured of the property to be covered is a very important aspect. Property may be covered on Market Value Basis or in some cases on Reinstatement Value Basis or any other specified basis. Please try to ascertain the basis of sum insured to be indicated by you so that you are properly insured. Please note that in case you are over insured you may be paying premium unnecessarily and if you are under insured the claim amount due to you will be reduced to that extent by which you have â€œunder insuredâ€ in the policy.

Important Conditions for Insurance