Indemnifier Insurance Broker (Pvt.) Ltd.

THE IMPORTANCE OF INSURANCE IN LIFE! Insurance acts as a crucial safety net, providing financial protection against unforeseen events. It's not just a financial product; it's a tool for peace of mind. Without insurance, a sudden illness, an accident, or a natural disaster could lead to financial ruin. It allows individuals and families to recover from a crisis without depleting their savings or going into debt. Insurance is a contract where you pay a fee (called "premium") to insurance company. In return, the company promises to cover a significant portion of the financial losses if a specific event occurs. This could be anything from a car accident to a house fire, collapse of newly built high-rise, fire erupted in factory or a major medical emergency. Why Insurance is a Necessity, Not a Luxury Risk Management: Insurance helps you manage risk by transferring it from yourself to an insurance company. Instead of shouldering the entire financial burden of a total loss ...

In motor insurance, under-insurance occurs when the sum insured (often referred to as the Insured Declared Value or IDV) is less than the actual market value or replacement cost of the vehicle at the time of loss.  The IDV is the maximum amount an insurer will pay in case of a total loss or theft of the vehicle. In motor insurance, under-insurance typically affects claims for Total Loss (where the vehicle is fully destroyed or stolen) or Constructive Total Loss (where repair costs exceed a certain percentage of the IDV, usually 50%). If the IDV is set lower than the vehicle’s actual value, the claim payout will be insufficient to replace the vehicle or cover the full loss that lead to Under-Insurance. Example:  A car owner insures their vehicle, valued at $20,000 in the market, with an IDV of $15,000 to reduce the premium. The car is stolen, resulting in a total loss. Calculation: The insurer will pay the IDV, which is $15,000. The actual market value of the car is $20,000. Ou...

Sum Insured Is The Maximum Amount Insurance Company Will Pay Out For A Covered Event Or Claim Under A Policy. But Policyholders Might Get Dismayed When They Find Out They're Underinsured. !. Under-Insurance refers to a situation where the sum insured (the amount covered by an insurance policy) is less than the actual value of the insured property or asset at the time of loss. This results in the policyholder receiving a reduced claim payout due to the application of the Average clause in insurance policies. Under-insurance is a common issue in both fire insurance and motor insurance, leading to significant financial consequences for the policyholder.  Under-insurance in the context of fire with example to illustrate its impact. Under-Insurance in Fire Insurance: Definition*: In fire insurance, under-insurance occurs when the sum insured for a property (e.g., building, machinery, stock, or contents) is lower than its actual replacement value or market value at the time of loss. Fir...

 Crop Insurance Loan scheme (CLIS) By  State Bank of Pakistan Crop Loan Insurance Scheme (CLIS) a product designed by State Bank of Pakistan (SBP) to protect small farmers. This product is offered by all Commercial and Microfinance Banks in Pakistan and according to SBP directive following perils are covered under this program. Crops Covered:  Major field crops for-example Wheat, Rice, Sugarcane, Maize and Cotton. Perils/ Risks Covered: The insurance covers natural calamities like excessive rain, hail-storm, frost, cyclone, flood, drought, and crop diseases, infestation, etc. Crop diseases like viral and bacterial attacks, or any other damage caused to the produce by infestation like locust attack, etc. Maximum Indemnity is three times of premium paid to a particular insurance company during the period. Borrowers having landholding up to twenty five acres (thirty two acres in case of Balochistan) are eligible under the scheme. Indemnification:   A valid claim (...

 CROP LOAN INSURANCE SCHEME (CLIS) - STATE BANK OF PAKISTAN (URDU TRANSLATION) :فصل بیمہ قرض اسکیم فصل قرض بیمہ اسکیم (سی ایل آئی ایس) ایک پروڈکٹ ہے جسے اسٹیٹ بینک آف پاکستان (ایس بی پی) نے چھوٹے کسانوں کے تحفظ کے لیے ڈیزائن کیا ہے ۔ یہ پروڈکٹ پاکستان میں تمام کمرشل اور مائیکرو فنانس بینکوں کے ذریعہ پیش کیا جاتا ہے اور اسٹیٹ بینک کی ہدایت کے مطابق اس پروگرام کے تحت درج ذیل خطرات کا احاطہ کیا جاتا ہے ۔ احاطہ کی گئی فصلیں: گندم ، چاول ، گنے ، مکئی اور کپاس جیسی اہم زرعی فصلیں ۔ خطرات/خطرات کا احاطہ کیا گیا : ایک  بیمہ قدرتی آفات جیسے ضرورت سے زیادہ بارش ، اولے طوفان ، ٹھنڈ ، طوفان ، سیلاب ، خشک سالی ، اور فصلوں کی  بیماریوں ، انفیکشن وغیرہ کا احاطہ کرتا ہے ۔ :دو  فصلوں کی بیماریاں جیسے وائرل اور بیکٹیریل حملے ، یا انفیکشن سے پیدا ہونے والا کوئی دوسرا نقصان جیسے ٹڈی دل کا حملہ وغیرہ ۔ :تین  زیادہ سے زیادہ معاوضہ اس مدت کے دوران کسی خاص بیمہ کمپنی کو ادا کیے گئے پریمیم کا تین گنا ہے ۔ پچیس ایکڑ (بلوچستان کے معاملے میں بتیس ایکڑ) تک کی زمین رکھنے والے قرض لینے والے...

Business interruption (BI) insurance is a vital form of coverage that protects a company's financial stability when its operations are disrupted by a covered event like a natural disaster, fire, or equipment failure. This policy acts as a safety net, compensating the business for lost income, ongoing fixed expenses (such as rent and payroll), and any extra costs incurred to get back up and running. KEY COMPONENTS: ​BI insurance typically covers three main areas: Lost Profits: It replaces the profit the business would have earned had the interruption not occurred. This calculation is based on the company’s financial history and future projections. Continuing Expenses: It covers the fixed costs that a business must continue to pay even when it's not operational, including rent, loan payments, and employee salaries. ​ Extra Expenses: This includes any costs beyond normal operating expenses that are necessary to minimize the interruption and get the business back to its normal ...