How Facultative Reinsurance Works:- Facultative reinsurance is a type of reinsurance that is purchased by primary insurers to cover a single risk or a block of risks held in the primary insurer’s book of business. Reinsurance is a way for insurance companies to manage risk by transferring some of the risk to another company. This … Read more
Self Insurance:- Self-insurance is a strategy where individuals or organizations take on the responsibility of covering their own losses instead of paying premiums to insurance companies. This approach allows them to have more control over their coverage, flexibility, and save money in the long run. Self-insurance is a viable alternative to traditional insurance for those … Read more
Documents Required for Marine Insurance:- Marine insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and other transport-related property. It provides protection to the owners and operators of vessels and their cargo against losses resulting from physical damage or theft. However, to avail of the benefits of marine … Read more
Types of Insurance Organizations:- Insurance is a way of managing risk, and it has become an essential part of modern life. There are many different types of insurance, and each type has its own unique characteristics and requirements. Understanding the different types of insurance organizations is an important step in choosing the right insurance coverage … Read more
Types of Insurance Organizations:- Insurance organizations are a crucial component of the modern economy. They provide individuals and businesses with financial protection against various risks, such as property damage, liability claims, and medical expenses. Insurance organizations come in different forms, each with its unique characteristics and ownership structures. Understanding the different types of insurance organizations … Read more
Notice of Abandonment in Marine:- Notice of Abandonment is a crucial concept in the marine and trade insurance industry. It refers to the formal communication from the insured to the insurer, indicating the intention to relinquish all rights to the insured property, usually a vessel or cargo, due to an insured peril or event. In … Read more
Risk and Insurance:-Â Risk and insurance are two concepts that are closely related. Risk refers to the potential negative impact that may arise from a future event or present process. Insurance, on the other hand, is a financial product that offers protection against these risks. In this article, we will explore the definitions and types … Read more
Insurance Representations & Warranties:- Insurance representations and warranties are an integral part of mergers and acquisitions (M&A) transactions. They are used to protect the interests of both buyers and sellers by ensuring that all parties are aware of any potential risks or issues that may arise during the course of the transaction. Insurance representations and … Read more
Pure Risk – Understanding the 3 Types of Pure Risks:- Pure risk is a type of risk that involves only the possibility of loss or no loss, with no opportunity for gain. This is the opposite of speculative risk, which involves the possibility of gain as well as loss. Pure risk is often insurable, and … Read more
Fire Insurance: Everything You Need to Know:- Fire insurance is a type of insurance policy that provides protection against losses resulting from fire damage. It is designed to cover the cost of repairing or rebuilding property that has been damaged or destroyed by fire. Fire insurance policies typically cover losses resulting from fires caused by … Read more