{"id":314,"date":"2020-04-11T09:19:32","date_gmt":"2020-04-11T09:19:32","guid":{"rendered":"https:\/\/sudhirkumarjain.com\/shop\/?p=314"},"modified":"2020-04-13T09:19:57","modified_gmt":"2020-04-13T09:19:57","slug":"insurance-issue-of-the-week-23-fire","status":"publish","type":"post","link":"https:\/\/sudhirkumarjain.com\/shop\/insurance-issue-of-the-week\/insurance-issue-of-the-week-23-fire\/","title":{"rendered":"Insurance Issue of the week -23 (Fire)"},"content":{"rendered":"<p><strong>Importance of Add on Cover \u201dOmission to insure addition. Alterations or Extensions\u201d under Fire Insurance Policy <\/strong><\/p>\n<p>It is observed that the most of Business Houses\u201d\u00a0 are not opting this \u201cAdd on cover\u201d under Fire policy.\u00a0 It may result either denial of claim or the under insurance will be applicable. There is always possibility that after insuring the assets at particular date, the new machines\/buildings are added in most of the business houses.<\/p>\n<ol>\n<li>If the said \u201cAdd on cover\u201d is not opted and the loss has taken place in new assets added after the date of commencement of the policy, the claim will be repudiated.<\/li>\n<li>If the said \u201c Add on Cover\u201d is not opted and the loss has taken place in the existing assets insured as on date of commencement of the policy, the under insurance will be applicable depending on the value of new assets as the \u201cvalue of risk\u201d will be calculated after considering the value of the new assets.<\/li>\n<li>The said \u2018Add on Cover\u201d is available only up to 5% value of the existing Plant and Machinery \/building and the value new assets exceeds the said 5% , again the under insurance may be applicable.<\/li>\n<\/ol>\n<p>So kindly advise your customers accordingly as the new assets are not insured automatically unless this cover is either opted or additional premium is paid on receipt of these assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Importance of Add on Cover \u201dOmission to insure addition. Alterations or Extensions\u201d under Fire Insurance Policy It is observed that<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-314","post","type-post","status-publish","format-standard","hentry","category-insurance-issue-of-the-week"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/comments?post=314"}],"version-history":[{"count":1,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/314\/revisions"}],"predecessor-version":[{"id":315,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/314\/revisions\/315"}],"wp:attachment":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/media?parent=314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/categories?post=314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/tags?post=314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}