Property Insurance
Property Insurance
Property Insurance
MANAGEMENT
PROPERTY
INSURANCE
SEMESTER V || PRESENTED BY TYBMS FINANCE (A&B)
INDEX
INTRODUCTION PAGE | 01
TABLE OF CONTENTS
2 Introduction to Property Insurance
11 Premium Calculator
20 Team Members
INTRODUCTION
INTRODUCTION PAGE | 02
There are two main broad categories of Property Insurance that are provided by
leading insurance companies
I. HOME-OWNER'S INSURANCE
Homeowners insurance is a form of property insurance that
covers losses and damages to an individual's house and to
assets in the home. It also provides liability coverage against
accidents in the home or on the property.
KEY TAKEAWAYS
The above details regarding the Commercial property insurance's coverage will be
discussed in detail further in the report.
INCLUSIONS
POLICY COVERAGE PAGE | 05
& EXLUSIONS
Declined Locations:
Andaman & Nicobar Island, Lakshadweep, NE States,
Jammu & Kashmir, Specified districts in Himachal
Pradesh.
The next few pages will introduce you to the various types of commercial
property insurance, what is covered and by whom are such polcies generally
used by.
TYPES OF
COMMERCIAL PROPERTY PAGE | 07
PROPERTY INSURANCE
5. CRIME INSURANCE
Businesses can purchase crime insurance to protect
themselves against thefts committed by employees. They
also include loss or damage to money or securities by any
cause.
But, the primary requirement for availing the policy is regular payment of
premium to keep the property protected against potential losses.
MAJOR COMPANIES
COMPANIES PAGE | 14
2. Travelers Group
Travelers Group is a major commercial lines insurance carrier
that often receives the highest ratings from insurance credit
companies. Business owners who purchase insurance from
Travelers Group gain a business partner seeking to help
mitigate losses through safety and security programs offered
for long-term savings.
3. Hiscox
Although Hiscox is a younger company, they remain financially
strong through smart underwriting risk selection of company
sizes and industries.
4. Insurance321
Insurance321 is a broker that helps small business owners shop
the rates and policy inclusions among the top insurance
carriers. This not only saves time for the business
owner, but also helps to make sure that the right carrier is
paired to the right risk.
IN INDIA
CitiBank
CitiBank offers comprehensive insurance solutions for Indian
families and businesses. These economical Insurance plans
include Life Insurance, Health and Accident Insurance, Travel
Insurance, Property Insurance, and Insurance for Loans taken by
businesses.
Debra Morris dashed back into the flaming house, trying to rescue her cat. But the
second-floor tenant never made it back out. Morris perished in the voracious smoke
and flames that devoured the structure.
The building’s owner Jeffrey Alnutt had set the place afire, hoping to steal a
$277,000 insurance payday to bail himself out of crushing debt and failed
business ventures in the Johnstown, N.Y. area.
"Someone set the fire as revenge because he was a drug informant for local police",
Alnutt contended.But the court didn’t buy his story. The case against Alnutt was
largely circumstantial, but was convincingly pieced together by investigators and
prosecutors.
EVIDENCE PILED UP
A trained arson dog found gasoline in the rubble where Alnutt had poured and
ignited gasoline. The blaze started in the enclosed porch, where the searing flames
burned a large hole in the center of the porch floor. A gasoline can also was found
melted to the floor.
ARSONIST STOKES
FLAMES OF GREED
PAGE | 17 C A S E STUDY
CASE STUDY
A witness saw Alnutt carrying what looked like the offending gas can onto the porch
before the fire broke out. Another witness saw Alnutt carrying personal belongings
from the building before the blaze. An old dryer connected to a natural gas line on
the porch could’ve started the blaze, Alnutt argued at his trial.
But investigators found nothing that could’ve started a natural or accidental fire.
Alnutt had plenty of motives to score insurance money. His varied businesses were
failing because he spent too much time with his girlfriend, testified his ex-wife, who
also was his business partner and accountant. At one point, they owned seven
buildings but couldn’t cover the mortgages. The annual income of his vocational
rehab business also had fallen from nearly $720,000 to under $300,000 in just one
year.
SHOWED NO REMORSE
The New York frauds bureau played a lead role in the investigation, calling the
conviction one of the most significant in the unit’s history
.But Alnutt showed no remorse. Instead, he arguing with the judge why the
sentence should be overturned.
The judge recounted a conversation Alnutt had had with Morris’ boyfriend Gary
Romaine after the tragic fire. Romaine was grieving her loss. “‘You said, ‘Well,
you know I lost some furniture and antiques too’” the judge reminded Alnutt.
“That said a lot about the insight into your mindset and your character...”
ARSONIST STOKES
FLAMES OF GREED
PAGE | 18 CASE
C A S E STUDY
STUDY
Two workers, who had helped the suspects start the fire, had lost their lives in the
incident and the body of one of the deceased is yet to be recovered. The arrested
persons have been identified as Sayed Mujahir Askari, a resident of Sector 44, and
Singhraj, a resident of Delta-1, Greater Noida.
According to the police, the two were directors of SRS Meditech, Greater Noida, and
had taken the factory on rent from SK Gupta, a resident of Delhi, since 2010. The
accused had insured their factory for Rs 70 crore.
The suspects had stopped paying the rent to Gupta over the last few years. Police
said the suspects have rental dues of around Rs 1 crore and pending electricity
bills of around Rs 1.45 crore.
EVIDENCE PILED UP
Gupta got suspicious of the incident and lodged a complaint with the Greater
Noida police
During the investigation, police came to know that the machinery was not present on
the premises when the factory went up in flames.
The police also found out that the suspects had tried to set the factory on fire twice
before the incident on October 28.
In the previous attempts, the suspects managed to claim Rs 9 crore as insurance. The
second claim of Rs 22 crore was denied by the company.“The accused burnt the
factory multiple times to claim huge sums of insurance money. On the third instance,
when the factory was gutted, Gupta got suspicious and lodged a complaint.
He also took the help of the Mumbai-based insurance firm to investigate the matter,”
Munish Chauhan, station house officer, Surajpur, said.
During the investigation, police and Gupta’s investigation firm found out that the
cause of the fire on October 28 was chemicals and not a short-circuit.
“The accused had claimed that the fire started because of a short-circuit but during
the investigation, it was found that chemicals were used to burn the factory. We are
now trying to find out the exact dates of the previous fire incidents at SRS Meditech,”
Chauhan said.
The body of one worker, Noor Hasan alias Noorie, is yet to be found. The body of
second worker, Mahsar Ali alias Kausar, was taken to his native place near Bareilly
by the suspects and buried. Both the victims belonged to the same village.
The accused have been booked under sections 420 (cheating), 341 (wrongful
restraint), 436 (mischief by fire ), 504 (intentional insult), 506 (criminal
intimidation), 365 (abduction), 304a (death by negligence) and 120b (criminal
conspiracy) of the Indian Penal Code.
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LAKHANI MANGTANI
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