Business Insurance

Act of God refers to an event or occurrence that is beyond human control and is typically unforeseen and unavoidable. In legal and insurance contexts, it is often used to describe natural disasters or catastrophic events that cause damage or disruption to property, businesses, or individuals. Understanding the concept of an act of God is […]

An all-risks policy in insurance is a comprehensive type of coverage that protects against a wide range of risks, except those specifically excluded by the insurance contract. This policy is designed to provide extensive coverage, offering protection for various assets and scenarios beyond what standard insurance policies typically cover. Key Features of All-Risks Policy 1.

Assignment of Insurable Interest refers to the transfer of the financial interest in an insurance policy from one party to another. This legal concept allows the owner of the policy to transfer their rights and benefits under the policy to another individual or entity. Key Aspects of Assignment of Insurable Interest Overview and Functionality How

Assignment of Life Policies refers to the legal transfer of rights and benefits of a life insurance policy from the policyholder (assignor) to another person or entity (assignee). This transfer allows the assignee to receive the policy’s benefits upon the death of the insured individual. Key Aspects of Assignment of Life Policies Overview and Functionality

An Average Adjuster is a specialized professional primarily involved in marine insurance claims. Their role is crucial in determining the extent of losses incurred by a vessel or cargo and calculating the proportionate liabilities of various stakeholders involved in maritime incidents. Responsibilities of an Average Adjuster Average Adjusters perform several key responsibilities: How Does an

Average Clause is a provision commonly found in insurance policies, specifically in marine insurance, designed to mitigate losses in cases where the insured property is undervalued at the time of insurance purchase. Purpose of Average Clause The primary purpose of an Average Clause is to ensure that policyholders adequately insure their property. It prevents underinsurance

A business-interruption policy is a type of insurance that helps businesses recover from financial losses caused by unexpected disruptions to their operations. These disruptions could stem from various events such as natural disasters, fires, or other unforeseen incidents that render a business temporarily unable to operate at full capacity or at all. Importance of Business-Interruption

A captive insurance company is an insurance entity established by a parent company or group to provide coverage for specific risks related to the parent’s operations or subsidiaries. Unlike traditional insurance companies that offer policies to the public, captives are created primarily to insure the risks of their own group or related entities. This alternative

Cargo insurance is a type of insurance policy designed to protect goods while they are in transit. Whether goods are being transported by sea, air, or land, cargo insurance provides coverage against risks such as loss, damage, or theft. This insurance ensures that the owner of the goods can recover the financial value of the

Catastrophe Risk refers to the potential financial loss and disruption that can arise from severe and rare events, typically natural disasters such as earthquakes, hurricanes, floods, or man-made catastrophes like terrorist attacks. In the realm of accounting and finance, understanding and managing Catastrophe Risk are crucial for businesses, insurers, and investors alike. 1. Nature of