Understand Reinstatement Value Policy (RVP) in insurance, how it differs from Market Value, benefits, claim conditions, and key points business owners must know. What is Reinstatement Value Policy? A Reinstatement Value Policy (RVP) is an insurance policy condition where damaged property is insured at the cost of reinstating or replacing it with a new item…
Building — Sum Insured Estimator Area × Construction Cost per sq.ft + GST (18%). Not sale value or depreciated value. Land excluded. Built-up Area (sq.ft) Current Construction Cost per sq.ft (₹) Calculate Building SI Plant & Machinery — Sum Insured Estimator (Without GST) Based on current new replacement cost incl. logistics & installation. GST normally…
Underinsurance (Average Clause) Claim Impact Calculator Estimate underinsurance percentage, deduction and final claim payable. For awareness purposes only — actual claims depend on policy terms. Sum Insured (₹) Replacement / Reinstatement Value – Full Asset Value (₹) Repair / Replacement Cost of Damage (₹) Approx. Salvage Value (₹) Calculate You may also be required to…
Insurance is a financial tool designed to protect you from unexpected losses. By paying a premium, the insurer agrees to cover specific risks outlined in your policy, helping individuals, families, and businesses remain financially secure. Wikipedia Definition:Insurance is a means of protection from financial loss. It is a form of risk management primarily used to…
What Is Insurance Excess? Insurance excess is the amount you must pay out of pocket before your insurer covers the remaining claim. It helps discourage small claims and keeps premiums economical. Definition Term Meaning Insurance Excess / Deductible The portion of every claim paid by the policyholder before the insurer contributes. Types of Excess Type…