General insurance in Massachussets
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Fire insurance.
Clearly, this is insurance against fire. That’s about what we say is primarily concerned with commercial insurance, as it were, when the fire is not insured by private households, but when the fear of, say, factory insures office building. This type of insurance in Russia, as elsewhere, is extremely common. What risks are covered by this insurance?
The main risk - the damage from fire. A standard policy usually contains a reservation.
First of all, this clause relating to spontaneous combustion, thus it is excluded. But remember, if you have a house, and in it the subject of spontaneous combustion (TV), then you certainly pay compensation, but does not reimburse you the cost of the TV. That is how is the exception.
Exclude damage caused by the explosion. Damage from the explosion - it is not the damage from the fire. An explosion can cause a fire. If the fire was not, then nothing will compensate. But for a fee you can protect yourself from the blast. Why share the risks of fire and the explosion? Since are different probability of both risks. Therefore, they fare convenient to assign different. Example: there are two identical stone buildings, but one of them produce children’s toys, but on the other - explosives. And fire characteristics they would like the same. But understand that the insurance industry of the building - is a process: identify all the characteristics. Specialist surveyor conducts its evaluation from the point of view of fire damage. Therefore, 2 of the building seems to be the same, use the same guidelines for evaluation, and then look what they produce. And from the standpoint of explosion is important to any production is there.
Excluded unrest and riots. At the same time they can be insured, but for some money. Example: If you insure the room where the pub near the stadium. Same pub, which is, for example, in the heart of the city has no such risk, as the first.
Excluded terrorism.
Excluded military action.
2, 3, 4 - risks are generally not insured.
1,5 - we rule for the convenience of the appointment of tariffs.
As assigned tariff?
Typically, the building is assessed, there is the insurance amount. Next assigned tariff as% of sum insured. A special conversation when we do not insure at full value. Rates are usually from 0,1% -1,2%. The normal term of the contract in general insurance - 1 year.
The amount of damage.
The basis of insurance is the concept of reparation and the main reference is the concept of such, as if full compensation is when the policyholder is given to the financial condition, which preceded the onset of this risk.
The cost of the insured object - to guide us. In addition, the benchmark for us is the cost of repairs (or reconstruction, replacement), but here we must deduct the cost of improvements. But really this whole thing and not everyone agrees with the assessment of adjusters. In some cases it is possible that the damage is determined by the market price. For example, when the company had a building that she was going to sell and she proved it, provided the contract for the sale, but the building burned down. Thus money damages - is the market price of the building.
Equipment in the insured building specifically provided and evaluated, has a different rate and often special conditions for payment. A particular area - electronic equipment. Example: burned computer. The damage consists of two parts: the first - “flew” the computer itself, and the second - “flew” the database and often damage the second more than the first. Thus, the equipment - a separate issue.
What is adjacent to the firing insurance?
We mainly consider the industry. Therefore, a particular type of distinguished insurance business interruption.