A Project On

PROPERTY INSURANCE
Submitted To
University of Mumbai
In the partial fulfillment of the B.B.I. Degree

By
Nayak Praveen Dilip

Roll No. 40 Seat No -

Under The Guidance of

Prof.

Studying at
Rizvi Education Society’s
Rizvi College of Arts, Science & Commerce
Rizvi Educational Complex, Bandra (West), Mumbai

Academic Year 2016-2017

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 Declaration

I NAYAK PRAVEEN DILIP a student of the TYBBI class, Roll No. 40 Seat
No of the academic year 2016-17 studying at Rizvi College of Arts,
Science & Commerce , hereby declare that the work done on the project entitled
MICROFINANCE IN INDIA is true and original to the best of my knowledge
and any reference used in the project is duly acknowledged.

Date: _______________

Signature of Student _____________________

(Name of student )

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 Certificate

This is to certify that a student of TYBBI

class, Roll No Seat No. of the academic year 2016-17 studying
at Rizvi College of Arts, Science & Commerce; has successfully completed the
project entitled MICROFINANCE IN INDIA .

____________________________
(Project Guide) (BBI Coordinator)

____________________________ ___________________________
External Examiner Dr. M. Z. Farooqui
(Principal)

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Table of contents:
Sr.no Topics Page no
1 OVERVIEW 05
2 INTRODUCTION OF PROPERTY 6
INSURANCE
3 HISTORY 10
4 BENIFIT OF INSURANCE 13
5 PURPOSE OF INSURANCE 15
6 PRODUCTS OF PROPERTY INSURANCE 16
7 CHALLENGES FACED BY PROPERTRY 29
INSURANCECOMPANY.
8 CHALLENGES FACED BY INSURANCE 32

COMPANY WHENT IT COME IN MARKET

9 STRATEGY PROPERTY MANAGEMENT 35

10 PROPERTY INSURANCE CLAIMS 38

11 PROPERTY INSURANCE PREMIUM TAX 40

RATES

12 QUESTIONER 43

13 CONCLUSION 57
14 BIBLIOGRAPHY 59

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1. OVERVIEW

The insurance industry safeguards the assets of its policyholders by transferring

risk from an individual or business to an insurance company. Insurance companies
act as financial intermediaries in that they invest the premiums they collect for
providing this service. Insurance company size is usually measured by net
premiums written, that is, premium revenues less amounts paid for reinsurance.
There are three main insurance sectors: property/casualty, life/health and health
insurance. Property/casualty (P/C) consists mainly of auto, home and commercial
insurance. Life/health (L/H) consists mainly of life insurance and annuity products.
Health insurance is offered by private health insurance companies and some L/H
and P/C insurers, as well as by government programs such as Medicare.

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 2. INTRODUCTION OF PROPERTY INSURANCE

This book is designed by the Insurance Regulatory and Development Authority

(IRDA) as a guide on
Property Insurance and gives general information only. No information given
herein replaces or overrides the terms and conditions of an insurance policy. Please
approach a duly licensed agent or a broker or an insurance company registered
with IRDA for specific information regarding a policy or for any other additional
information.

Property insurance provides protection against most risks to property, such as fire,
theft and some weather damage. This includes specialized forms of insurance such
as fire insurance, flood insurance, earthquake insurance, home insurance, or
boiler insurance.

Insurance of property means insurance of buildings, machinery, stocks etc against

Fire and Allied Perils, Burglary Risks and so on. Goods in transit via Sea, Air,
Railways, Roads and Courier can be insured under Marine Cargo Insurance. Hulls
of ship and boats can be insured under Marine Hull Insurance. Further, there are
specialized policies available such as Aviation Insurance Policy for insurance of
planes and helicopters. Thus Property Insurance is a very vast category of General
Insurance and the type of cover that you need depends upon the type of property
you are seeking to cover.

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Perils typically covered by property insurance include damage caused by fire,
smoke, wind, hail, weight of ice and snow, lightning, theft and more. Property
insurance also provides liability coverage in case someone other than the property
owner or renter is injured while on the property, and decides to sue.

Property insurance policies normally do not cover water damage caused by floods,
tsunamis, drain backups, sewer backups, groundwater seepage, standing water and
many other water sources. They also may not cover mold, earthquakes, nuclear
events or acts of war, such as terrorism and insurrections.

The Insurance Services Office, or ISO for short, was created in 1971. It was
initially a non-profit association of insurance companies. Its purpose was to
provide services, such as rating and statistical reporting, on behalf of its member
companies. ISO is no longer controlled by insurers. It operates as an independent
for-profit company. ISO is a subsidiary of Verisk Analytics, a public company that
provides risk assessment services and decision analytics.

ISO sells a variety of products and services to buyers in the insurance industry.
ISO's customers include insurers, agents and brokers, and actuaries. ISO also sells
products to government entities, such as fire departments and building code
agencies. Yet, ISO's primary customers are insurers.

Property insurance provides protection against most risks to property, such as fire,
theft and some weather damage. This includes specialized forms of insurance such
as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler
insurance. Property is insured in two main ways—opens perils and named perils.

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Open perils cover all the causes of loss not specifically excluded in the policy.
Common exclusions on open peril policies include damage resulting
from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named
perils require the actual cause of loss to be listed in the policy for insurance to be
provided. The more common named perils include such damage-causing events as
fire, lightning, explosion, and theft.

American International Group, – also known as AIG – is an American

multinational insurance corporation with more than 88 million customers in 130
countries. AIG companies employ over 64,000 people in 90 countries. The
company operates through three businesses: AIG Property Casualty, AIG Life and
Retirement and United Guaranty Corporation (UGC). AIG Property Casualty
provides insurance products for commercial, institutional and individual
customers. AIG Life and Retirement provides life insurance and retirement
services in the United States. UGC focuses on mortgage guaranty insurance and
mortgage insurance. AIG also focuses on global capital markets operations, direct
investment and retained interests.

AIG was a central player in the financial crisis of 2008. It was bailed out by the
federal government for $180 billion, and the government took control. The
Financial Crisis Inquiry Commission (FCIC) of the US government concluded
AIG failed primarily because it sold massive amounts of insurance without
hedging its investment

AIG’s offshore centre in India was set up in 2013 to support their global business
by providing financial services, analytical and data solution capabilities. AIG in
India has more than 1400 employees across Bangalore and Gorgon.
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The Finance Centre is a one stop shop for a wide spectrum of financial services,
extending support to several AIG businesses. Dedicated excellence teams drive
cost, quality and process efficiencies.

The Analytics & Services team supports Commercial Insurance by providing the
business with insights and analysis through accurate and comprehensive data
capture, catastrophe modelling, risk engineering, advanced portfolio analytics and
actuarial services.

Data Services is the youngest to be set up with the vision to leverage AIG’s
volume of data to gain bigger insights into our business strategy.

DEFINITION OF 'PROPERTY INSURANCE'

A policy that provides financial reimbursement to the owner or renter of a structure

and its contents, in the event of damage or theft. Property insurance can
include homeowners insurance, renters insurance, flood insurance and earthquake
insurance. Personal property is generally covered by a homeowners or renters
policy, unless it is of particularly high value, in which case it can usually be
covered by purchasing an addition to the policy called a "rider". If a claim is filed,
the property insurance policy will either reimburse the policyholder for the actual
value of the damage, or the replacement cost to remedy the damage.

Insurance that covers the owner or another person with an interest in a property.
The insurance covers the loss of income produced through or because of the
property.

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 3. HISTORY

The history of insurance consisted of the development of the modern business of

insurance against risks, especially regarding cargo, property, death, automobile
accidents, and medical treatment.

The industry helps to eliminate risks (as when fire insurance companies demand
the implementation of safe practices and the installation of hydrants), spreads risks
from the individual to the larger community, and provides an important source of
long-term finance for both the public and private sectors. The insurance industry is
generally profitable and provides attractive employment opportunities for white
collar workers.

In India, insurance has a deep-rooted history. Insurance in various forms has been
mentioned in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra)
and Kautilya (Arthashastra). The fundamental basis of the historical reference to
insurance in these ancient Indian texts is the same i.e. pooling of resources that
could be re-distributed in times of calamities such as fire, floods, epidemics and
famine. The early references to Insurance in these texts have reference to marine
trade loans and carriers' contracts.

Insurance in its current form has its history dating back until 1818, when Oriental
Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the
needs of European community. The pre-independence era in India saw
discrimination between the lives of foreigners (English) and Indians with higher
premiums being charged for the latter. In 1870, Bombay Mutual Life Assurance
Society became the first Indian insurer.

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At the dawn of the twentieth century, many insurance companies were founded. In
the year 1912, the Life Insurance Companies Act and the Provident Fund Act were
passed to regulate the insurance business. The Life Insurance Companies Act, 1912
made it necessary that the premium-rate tables and periodical valuations of
companies should be certified by an actuary. However, the disparity still existed as
discrimination between Indian and foreign companies. The oldest existing
insurance company in India is the National Insurance Company , which was
founded in 1906, and is still in business.

The LIC had monopoly till the late 90s when the Insurance sector was reopened to
the private sector. Before that, the industry consisted of only two state insurers:
Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers
(General Insurance Corporation of India, GIC). GIC had four subsidiary
companies. With effect from December 2000, these subsidiaries have been de-
linked from the parent company and were set up as independent insurance
companies: Oriental Insurance Company Limited, New India Assurance Company
Limited, National Insurance Company Limited and United India Insurance
Company Limited.

Early methods

Methods for transferring or distributing risk were practiced by Chinese and

Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively.
Chinese merchants travelling treacherous river rapids would redistribute their
wares across many vessels to limit the loss due to any single vessel's capsizing.
The Babylonians developed a system which was recorded in the famous Code of
Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants.
If a merchant received a loan to fund his shipment, he would pay the lender an

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additional sum in exchange for the lender's guarantee to cancel the loan should the
shipment be stolen or lost at sea.

At some point in the 1st millennium BC, the inhabitants of Rhodes created the
'general average'. This allowed groups of merchants to pay to insure their goods
being shipped together. The collected premiums would be used to reimburse any
merchant whose goods were jettisoned during transport, whether to storm or
sinkage.

Separate insurance contracts (i.e., insurance policies not bundled with loans or
other kinds of contracts) were invented in Genoa in the 14th century, as were
insurance pools backed by pledges of landed estates. The first known insurance
contract dates from Genoa in 1347, and in the next century maritime insurance
developed widely and premiums were intuitively varied with risks. These new
insurance contracts allowed insurance to be separated from investment, a
separation of roles that first proved useful in marine insurance.

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4. BENEFITS OF INSURANCE

Interior Damage

One of the things that your homeowner's insurance policy covers is accidental
damage to the interior of your house. No one ever stops to think of what all this
could cover. Water damage, theft, fire, paint spill, and even glass breakage can be
covered by your home owner policy. If you don't think that these claims can add
up, consider the following numbers:

 The average water claim over the last few years involving frozen pipes is
around $5500.
 The average theft claim is $2500.
 Claims for other interior damage average around $3500.
 Therefore, the average interior claim is above $4000 per claim.

The likelihood of something happening at some point to the interior of your house
is high. Therefore, this section alone is worth over $4000 per incident.

Exterior Damage

Anyone who has ever been through a bad hail storm, knows the value of
homeowner's insurance. Exterior insurance claims make up a good portion of the
insurance claims that are filed. Storms cause their fair share of damage to houses.
Some common causes of exterior claims include:

 wind damage,
 hail damage,

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  lightning damage,
 fire,
 and falling debris.

If you live in a wooded area, you are at risk for all of these claims. Lighting could
strike a tree near your house and fall through the roof during a storm. You could
have water damage and fire as a result. The average fire or lightning claim on a
house is around $25,000. For wind and hail damage, the figure is over $7000. This
means the average exterior claim is around $16,000.

Total Destruction

The most common insurance is to cover the event of total destruction of the house.
At this point, you will receive much more than you ever paid into your policy
premiums. The total replacement cost of homes can be a lot of money. The average
home price in the country is over $250,000. Therefore, if you lose an average size
house, you will receive $250,000 worth of benefits from your insurance company.

Total Benefits

While a total loss might be rare, most people will experience some sort of loss in
their lifetime. Whether it is an interior or exterior claim, you will probably have to
deal with one at some point. The average dollar amount for all claims is about
$7500. Therefore, even if you only filed one claim over the life of your policy, it is
worth $7500 to you. This makes homeowner's insurance well worth the price that
you have to pay for it.

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 5. PURPOSE OF INSURANCE

What is insurance and why is it important?

 The major function of P&C insurance... is simply to restore your property
and possessions or business to the point it was before the insurable incident
occurred, to re-establish normalcy in your life. The economic structure of
the insurance industry is built around a system in which the cost of the losses
of the few is shared among the many. Insurance can be viewed as a large pot
into which all premiums are placed. The pot has to provide for payment of
the losses of those who have claims, the cost of running the business, plus a
reasonable profit for the provider.
 Insurance is all about managing risk and providing financial compensation
in the event of a loss. Generally, the risks people face fall into the following
categories:
 Personal risk
People are their own greatest asset. Financial loss will almost always
accompany the loss of one’s health or life.
 Property risk
People will incur a financial loss when owned property is destroyed or
damaged.
 Liability risk
When people’s action result in injury or damage to others, the law generally
provides that they be held financially responsible.
 In Canada, an insurance policy can be purchased directly from a company,
from an insurance agent of a company, or from an insurance broker who
advises you on your appropriate coverage and shops on your behalf among a
choice of recommended providers.

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6. PRODUCTS OF PROPERTY INSURANCE

Cross product

The cross product method is a way to compare two fractions. In this lesson you
will learn how to perform the cross product method accurately and understand
what the results mean in order to identify which fraction is bigger, smaller, or if the
fractions are equivalent.

Global Property

The Global Property division of AIG is a leading provider of insurance, risk

management and loss prevention engineering services for commercial property,
energy and highly engineered risks around the world.

Commercial Property

The Commercial Property unit is a long time leader in the property insurance
marketplace, with up to $1.5 billion in per risk and significant catastrophe
capacity available for a wide range of occupancies worldwide.

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Energy and Engineered Risk

Energy and Engineered Risk has one of the insurance industry’s largest and most
experienced global teams dedicated to assessing offshore, onshore, construction,
property and boiler and machinery related risks.

Claims
Our Global Property claims team has handled some of the biggest and most
complex property insurance claims in history. We draw on local, first-hand
knowledge of forms, business practices, legal and regulatory issues all over the
world.

Loss Prevention Engineering

Global Property clients are supported by world class loss prevention engineering
capabilities delivered by dedicated, multinational teams highly specialized in
many disciplines.

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Large Limits Playbook

Designed to help brokers and clients navigate our Large Limits product,
understand its benefits, and build a successful partnership with AIG.

Property Performance Series

A sophisticated package of commercial property products and risk management

services to meet the growing needs of the middle market.

Excess Property

Advantages:

 Robust and innovative product portfolio

 Optimal distribution network with 6 branch offices across the US
 Experienced and responsive underwriters who are consistent, creative and
flexible
 Professional claims handling team
 Strong financials to protect your client's property exposures

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Coverage:

 All Risk, Named Perils, Single Property Damage and Business Interruption
coverage

7. Commercial Property Insurance

Commercial Property Owners Insurance provides cover for the risks associated
with owning a premises used for business purposes. This could be a shop, salon,
restaurant, factory or even a warehouse. Buildings used for Leisure, education or
charity events may come under the umbrella of Commercial Property too. Those
needing Commercial Buildings Insurance can usually be split into 2 groups.

1. Owners that have bought the property themselves from where they will run
their own business.

If you own the premises from which your business is run then you may wish to
take out Commercial Contents Insurance which will protect the contents in your
building such as computers, desks or tools as opposed to the physical building
itself. You may wish to take out a Commercial Combined Policy which can
provide cover for stock, business fixtures and fittings, money kept on site, business
interruption, goods in transit, liabilities and the building. This type of cover is often
the most cost effective option rather than having a separate Commercial Buildings
Insurance, Commercial Contents Insurance and a Liability Policy.

2. Landlords that own the buildings and let them to commercial tenants for
rental income.

If you are the landlord of a commercial building you must make it clear who is
responsible for insuring what as typically your tenants contents will not be covered

19
under your policy. Some landlords arrange Commercial Premises Insurance for
their building and charge the tenant the premium, however they will still be
responsible for insuring their own contents and equipment

Cover can also be arranged to include:

 Liability Insurance – This can include both Public Liability Insurance and
Employers Liability Insurance which will protect you against a claim if
a member of the public or an employee were to have an accident at your
premises. EL Insurance is a requirement by UK law if you have any
employees working for you, even if they are part time volunteers. Liability
claims can be costly as well as time consuming with a lot of legal protocol to
follow. If an employee were to have an accident as a direct result of working
for you, you could have to pay legal fees and compensation as well as maybe
having to take time off work to attend court dates or get legal advice. Many
SME’s struggle to reopen after an incident like this if they don’t have
adequate insurance. This can be due to the financial losses incurred or even
the damage done to your businesses reputation.

 Unoccupied Property Insurance – if your Commercial Property is left empty

for more than 30 days at a time, your standard policy may not be enough and
you may require a specialist policy. Unoccupied Property Insurance often
provides the most basic of cover against perils such as flooding, fire
lightning, earthquake and explosion. Therefore you may need additional
security around your building and make it clear that it is not to be entered.

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Types of Commercial Property Policies

There are three types of commercial property policies in Texas. The policies
protect against different causes of damage, or "perils."

 Basic form policies cover common perils like fires and storms.

 Broad form policies cover common perils, as well as things like water
damage; structural collapse; sprinkler leakage; and damage caused by ice,
sleet, or weight of snow.

 Special form policies cover all types of perils except those the policy
specifically excludes. Typical exclusions include damages from flood, earth
movement, war, terrorism, nuclear disaster, wear and tear, and insects and
vermin.

Read your policy carefully. You may need to buy additional coverages or separate
policies -- such as flood, windstorm, or crime coverage policies -- to fully protect
your business.

You can buy a single policy to cover a business with more than one location,
unless the locations have different functions and risk profiles. For instance, you
might have an administrative office at one location and a factory at another. If your
business has operations at multiple locations, ask your agent if you need separate
policies.

Note: Most commercial property policies cover damage from windstorms except in
counties on the Texas coast. Companies may exclude windstorm and hail coverage
from policies they sell in the 14 coastal counties and parts of Harris County on
Galveston Bay. If your business is in one of these counties, you'll need a separate
windstorm policy.

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If you rent or lease a building, the property you own inside the building usually
won’t be covered by the property owner’s policy. You’ll need to buy tenant
coverage to insure your machinery, furniture, and merchandise. Tenant coverage
usually costs less than building coverage because the policy covers only the
contents of the building, and not the building itself.

Replacement cost and actual cash value coverage

Most commercial property policies provide either replacement cost coverage,

actual cash value coverage, or a combination of both.

 Replacement cost coverage will pay to rebuild or repair your property, based
on current construction costs. Replacement cost is different from market
value and doesn't include the value of your land.

 Actual cash value coverage will pay to rebuild or replace your property
minus depreciation. Depreciation is a decrease in value because of wear and
tear or age. If your business is destroyed and you only have actual cash value
coverage, you might not be able to completely rebuild.

Commercial Property Coverage

There are the three types of insurance coverage. Replacement cost coverage pays
the cost of repairing or replacing your property with like kind & quality regardless
of depreciation or appreciation. Premiums for this type of coverage are based on
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replacement cost values, and not based on actual cash value. Actual cash value
coverage provides for replacement cost minus depreciation. Extended replacement
cost will pay over the coverage limit if the costs for construction have increased.
This generally will not exceed 25% of the limit. When you obtain an insurance
policy, the coverage limit established is the maximum amount the insurance
company will pay out in case of loss of property.

This amount will need to fluctuate if the cost to replace homes in your
neighborhood is rising; the amount needs to be in step with the actual
reconstruction value of your home. In case of a fire, household content
replacement is tabulated as a percentage of the value of the home. In case of high-
value items, the insurance company may ask to specifically cover these items
separate from the other household contents. One last coverage option is to have
alternative living arrangements included in a policy.If a fire leaves your home
uninhabitable, the policy can help pay for a hotel or other living arrangements.

Commercial property policies aren't standardized in Texas. This means coverages

and policy terms will vary by insurance company and by policy. If a policy doesn’t
provide all the coverage you need, you can usually buy endorsements to add or
increase coverage. Endorsements usually raise your premium.

The following are some typical commercial property coverage:

 Building occupied by the insured coverage insures a building that you

regularly use but don't own. This coverage can be important if you lease or
borrow a building.

 Newly acquired or constructed buildings coverage insures a new building if

you add it to your policy within a certain amount of time. If you don't tell
your insurance company within the time period -- usually 30 days -- your
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 policy won't cover the new building. Commercial property policies usually
only cover buildings named in the policy.

 Employees' personal property coverage insures your employees' personal

property if the property is on your premises. Generally, you must buy this
coverage as an endorsement if you need more than a limited amount.

 Off-premises property coverage covers your property located off site. If a

policy doesn’t cover off-premises property, or provides only limited
coverage, you might need an endorsement or a separate policy to cover it.

 Business interruption coverage pays for the income you'd lose if your
business is damaged and you can't perform your normal business operations.

 Extra expense coverage pays any additional costs to return your business to
normal after it's damaged.

 Valuable papers coverage provides limited coverage for your business

records and other valuable papers. You might be able to increase the
coverage amount with an endorsement.

 Ordinance or law coverage pays additional costs to repair or rebuild a

facility to current building codes after it's damaged. Many policies provide
limited ordinance coverage, but you can increase the coverage with an
endorsement.

 Boiler and machinery coverage covers boilers, air conditioning units,

compressors, steam cookers, electric water heaters, and similar machinery.
Coverage is usually only for machinery listed in the policy and to losses
caused by malfunctions of boilers or machinery, such as when a boiler

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 explosion or water heater leak causes damage to other property. You can buy
this coverage as an endorsement or a separate policy.

 Inland marine coverage insures goods in transit by land, air, or inland

waterways. It also covers projects under construction and transportation and
communications structures, such as bridges, tunnels, and communications
towers.

Commercial multi peril (CMP) policies combine several coverage – such as

commercial property, liability, inland marine, and commercial auto – into a single
policy. It’s usually cheaper to buy a CMP policy than to buy the coverage
individually. Business over program (BOP) policies combine property and liability
coverage in one policy. BOP policies are primarily for small businesses.

Understanding Commercial Property Rates

Insurance companies use a process called underwriting to determine how likely
your business is to file a claim. The greater the likelihood of a claim, the higher the
premium will be. If an insurance company determines that your business is at a
high risk for a loss, it may decline to issue you a policy.

Fire risk is usually the primary factor that determines a business's commercial
property rates. Insurance companies do inspections as part of the underwriting
process. Fire inspectors use a standard rating system and weigh five factors to
determine a structure's fire rating. The five factors are:

 Construction materials. Buildings made of potentially combustible materials

will have higher premiums, while those made of fire-resistant materials
could earn a discount. Additions to an existing structure might affect a fire
rating, so it's a good idea to talk to your agent or insurance company before

25
 remodelling. Internal structural elements can also affect a rating. Using
wood partitions, floors, and stairways in an otherwise fire-resistant building
will likely nullify any rate reduction. Fire-resistant interior walls, floors, and
doors can help maintain a good fire rating.
 Location. Buildings in cities or towns with good fire protection -- as
assessed by the Texas Commission on Fire Protection -- typically cost less to
insure than buildings outside a city or in areas with limited fire protection.
 Occupancy. A building's use also affects its fire rating. An office building
will likely rate better than a restaurant or auto repair shop. In a building with
multiple tenants, one hazardous occupant will negatively affect the fire
rating of the entire building. If your business is in a building with a more
hazardous tenant, your premiums will be higher.
 Fire protection measures. Automatic sprinklers can reduce a building's fire
rating by as much as 50 percent. Buildings with fire extinguishers and
automatic alarms and those within 500 feet of a fire hydrant will usually
have lower ratings.
 Exposure. Nearby hazards increase a building's fire risk. Proximity to
external fire hazards, such as a lumberyard or oil storage tank, will affect a
fire rating even more. Other things that could affect your fire risk include
cluttered buildings and grounds, heavy mechanical or electrical equipment,
or volatile materials stored on site.

Shopping for Commercial Property Insurance

The following tips can help you find the best deal for your money:

26
  Remove all possible hazards before applying for coverage. Look at your
business's premises and operations carefully to get rid of anything that could
increase the likelihood of an insurance claim. Improving employee safety,
security, and inventory management might reduce the amount you pay for
commercial property insurance and other types of coverage. Most insurance
companies also offer loss-control or risk-reduction services. Talk to your
agent or insurance company about ways to find and eliminate hazards.
 Get quotes from several companies. When comparing prices, make sure
you're comparing policies with similar coverage. A cheaper policy might
provide less coverage.
 Keep shopping if an insurance company says it won't cover your
business. Insurance companies have different underwriting criteria. If one
company turns you down or is too expensive, try other companies.
 Consider higher deductibles. Almost all commercial property policies have a
deductible, which is the amount you must pay toward the cost of a claim
before the insurance company will start to pay. The higher your policy's
deductible, the lower your premium. Keep in mind that you'll have to pay
more out of pocket if you have a claim. Your policy will also have a policy
limit, which is the maximum amount the insurance company will pay for any
covered loss.
 Check your agent's and insurance company's licenses. Agents and insurance
companies must be licensed to sell commercial property insurance in Texas.
An unlicensed insurance company might not meet the state's minimum
financial and regulatory requirements, meaning the company may not be
able to pay your claim.

Unoccupied Commercial Property Insurance

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Due to the high potential risks that Unoccupied Commercial Property can face, it is
important to work with a broker that has experience and knowledge of working
with these risks. Being a Property Insurance Specialists we can tailor a policy to
suit your exact needs so that you have the peace of mind that your building is
protected.

As a specialist insurance broker, we strive to give our clients the best service with:

 Easy to contact staff both online and over the phone

 Access to a wide panel of insurers to source the right insurance cover for
your business.
 Nearly 40 years experience working with the best insurers in the UK.
 A wide choice of policies and levels of cover – so that you are never over or
under insured, neither are you spending money on covers you don’t need.
 The ability, as professional insurance brokers, to get this type of ‘hard to
place risks’ on cover with reputable insurers.
 Excellent communication so that you understand what risks you are insured
against.

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 8. CHALLENGES FACED BY PROPERTY INSURANCE COMPANY

The private insurance industry feels that it cannot continue to provide

coverage against hurricanes and earthquakes as it has done in the past
without opening itself up to the possibility of insolvency or a significant loss
of surplus. This concern stems from a series of natural disasters in the
United States since 1989 that have resulted in unprecedented insured losses.
depicts the magnitude of the catastrophic losses experienced by the
insurance industry in the United States from 1961 to 1995. The graphic
change from 1989 is obvious. Prior to the occurrence of Hurricane Hugo in
1989 (insured losses in that year were over $4 billion), the insurance
industry had never suffered any losses from a single disaster of over $1
billion. Since that time, it has had ten disasters that have exceeded this
amount (“Catastrophes” 1996).
 Hurricane Andrew was the most severe disaster that the insurance industry
has experienced to date. It swept ashore along the Florida coastline in
August 1992, causing insured losses from wind damage that topped $15
billion.’ Had Paul R. Kleindorfer is the Universal Furniture Professor of
Decision Sciences and Economics and professor of public policy and
management at the Wharton School, University of Pennsylvania. Howard C.
Kunreuther is the Cecilia Yen Koo Professor of Decision Sciences and
Public
 Policy at the Wharton School, University of Pennsylvania. Special thanks go
to Risk Management Solutions of Menlo Park, California, for providing the
authors with the data to construct the model city and analyze the effect of
earthquakes on property damage. Weimin Dong, Pierre Lemaire, and
Christopher Warren were extremely helpful in constructing the different

29
 modules that characterize the earthquake-simulation model. They and Rick
Anderson also provided valuable assistance in data analysis. Jacqueline
Meszaros, Gilbert White, and Peter Zweifel provided helpful comments on
an earlier draft of the paper. The authors are especially grateful to our
discussants, James Garven and Dwight Jaffee, and to the conference
participants for their comments on the paper. The authors acknowledge
partial financial support for this paper from National Science Foundation
grant 524603. They acknowledge partial financial support for this paper
from the NBER Project on the Financing of Property/Casualty Risks.
 1. Water damage to insured property is covered by the government-based
National Flood Insurance
 Program. the storm taken a more northerly track and hit downtown Miami
and Miami Beach, total insured damage could have approached $50 billion.
The storm forced the insurance industry to recognize that it might be subject
to losses in the future way beyond any figures previously imagined.* On the
West Coast of the United States, insured damage from the Northridge
Earthquake of January 1994 exceeded $12 billion. Had a similar quake hit
central Los Angeles, the insured bill could have been over $50 billion. The
Kobe Earthquake in Japan, which occurred exactly one year after
Northridge, caused substantially more damage, with estimates of the costs of
repair at well over $100 billion. Since very few structures were insured, the
cost to the insurance industry was relatively small ($1 billion) (Scawthorn,
Lashkari, and Naseer $1997). A repeat of the earthquake that destroyed
Tokyo in 1923 could cost between
 900 billion and $1.4 trillion today (Valery 1995). The change in the
character of these disasters in recent years and the spectre of mega
catastrophes in the future raise two fundamental questions:
30
 (1) What steps can be taken to reduce the losses from future disasters?
 (2) Who can and should pay for the costs of these events when they occur?
 This paper suggests an approach to evaluating the role of insurance and
other policy instruments for managing the catastrophic risk problem. The
next section provides an overview of why traditional reinsurance
mechanisms are limited in their ability to cover recent losses. It also
indicates how pooling
 arrangements at the state and federal levels have attempted to fill this void as
well as the need for new sources of funds from the capital markets. Section
4.2 stresses the importance of understanding the decision processes of the
key interested parties concerned with catastrophic losses and their
interaction
 with each other. On the basis of this descriptive characterization of the
problem, section 4.3 proposes a conceptual framework for examining a set
of alternative strategies by taking advantage of information technology,
expanded databases, and modeling approaches now being used to analyze
catastrophic
 risks. Section 4.4 utilizes this framework to examine the role that two policy
instruments, reinsurance and mitigation, can play in dealing with
catastrophic losses for a “model city” in California. The concluding section
suggests ways to expand these analyses to include alternative decision rules
and policy instruments in structuring and evaluating new approaches to
managing catastrophic risks.

31
9. CHALLENGES FACED BY INSURANCE COMPANY WHENT IT
COME IN MARKET

Regulatory challenges and continued low interest rates are the primary challenges
facing insurance companies across the world, a new industry outlook survey from
Towers Watson revealed last week.

The 2015 Insurance Industry Outlook survey asked 365 global insurance
executives to rate their near-term concerns, including new and emerging risks as
well as environmental challenges.

The majority of insurers (60%) expect business conditions to remain flat over the
next three years, while nearly 20% anticipate the industry may enter a period of
negative growth. Asia Pacific insurers were much more likely to express optimism
on this score than their North American and European counterparts, with 52% of
insurers in that region bullish on growth prospects, compared to just 20% of North
American insurers and 18% of European companies.

By practice area, life insurers showed more optimism than property/casualty

insurers, with 27% expecting growth versus 18%, respectively. Two-thirds of
companies (63%) say the most likely means of growth is organic.

Technology and talent-related issues also surfaced as prime concerns for survey
respondents, 88% of whom expressed concerns over adequate technology and 78%
worried over finding appropriate talent.

North American insurers were the most concerned over interest rate risks, with

32
85% identifying low rates as a primary concern, while regulatory changes were
more of a concern to European (82%) and Asia Pacific (80%) insurers.
Comparatively, 65% of North American insurers consider it a top concern.

Towers Watson had a warning for insurers overly concerned with the regulatory
environment, however.

“With Solvency II implementation a year away, it’s not terribly surprising that
regulation ranks top of mind for global insurers,” said Graham Fulcher, lead for
Towers Watson’s EMEA P&C practice. “However, disproportionate short-term
focus on regulation is a long-term cause for concern at a time when insurers have
many emerging challenges to think about, such as the opportunities of big data and
social media, and the poor underwriting environment.

“That is part of the danger with an excessive focus on regulation: It distracts

insurers from spending adequate time on things that ultimately matter more.”

Advantageous purchase = good price + good service + good product

Good price

 The client creates his/her own property insurance product, paying only for
those risks that are deemed most important for him/her, without overpaying
for other risks.
 If you have chosen to insure only specific risks, the policy price offered by
us can be up to 50 % lower than those offered by other insurers.
 10 % discount if you pay for the policy with a single payment.
33
  10 % discount for a purchase through the Internet

Good service

 Advice and Assistance Help Desk Service 24 hours a day.

 Fair and prompt payment of indemnity.
 Convenient purchase of the policy over the phone or the Internet without
leaving your home.

Good product – a broad coverage

 Property can be insured against about 20 different types of risks.

 Personal effects and active equipment can be insured according to a list and
without any list.
 Active equipment insurance covers, for example, prams, skis, bicycles,
video and audio equipment. In the event of active equipment theft, burglary,
vehicle impact and fire damage, compensation is calculated and paid, even if
the insured property is located in the territory of the Republic of Latvia but
outside the address indicated in the policy.
 Third party liability insurance covers loss and damage caused to neighbor
and third parties. For example, if due to technical reasons the washing
machine water discharge pipe has been broken and the water has flooded
your neighbor apartment, causing damage to the ceiling, the neighbor may
present a claim and request compensation for the damage suffered by him. If
a liability insurance contract has been concluded, the insurer shall examine
the neighbor claim and pay the cost of repairs of his apartment, taking into
account the deductible specified in the contract.

34
10. STRATEGY PROPERTY MANAGEMENT

Strategy Property Management is a Detroit and Southeast Michigan property

management company that specializes in all sectors of property management. From
neighborhood assessments to writing a scope of work for construction, placing
tenants and performing tenant turn repairs, Strategy Property Management offers
owners a worry free experience while our expertise and well-rounded team handles
the details of maximizing the potential performance of your rental investment
property. Whether your property is a single-family, duplex or apartment building,
Strategy Property Management ensures that your property is well managed to
attract and retain tenants so you get consistent cash flow.

Strategy Property Management manages a large portfolio of homes in the Detroit

and Southeast Michigan area. Whether you are looking for a property manager or
to sell your performing home, Strategy Property Management has the expertise to
meet your needs and is known for being reliable, fair and honest regarding your
rental property.

Tenants

We know that selecting your next home isn't a one-size-fits-all solution. All of our
homes are newly renovated to meet and exceed city & state standards.
Additionally, we offer homes in various areas in the Detroit metropolitan area with
a multitude of amenities, home features, and choice of locations. Located right here
in the Metro Detroit area, we ensure peace of mind with 24 hour maintenance for
emergencies, and are always just one phone call away.

Investors

35
The Detroit metropolitan real estate market has demonstrated to be a lucrative
decision for investors worldwide. To manage and mitigate the risks of investing in
the Metro Detroit real estate market, Strategy Properties has formulated a blend of
crucial focal points that have proven to be successful.

Our strategy isn't top-secret. We simply start by hand-picking properties in prime,

performing, and desirable neighborhoods. We renovate these properties to ensure
highest quality, above and beyond the city and state standards, increase the
marketability to tenants, and reduce the cost of future maintenance. Our beautiful
renovated properties have the potential of substantial monthly cash flow and high
capital appreciation, making our investments highly rewarding.

We understand that the importance of post-sale customer service. Our team goes
above and beyond in ensuring we provide world-class customer service to all of
our clients, regardless of whether you own a single property or tens of homes.

Real Estate Investing has become a common investment vehicle for savvy
investors looking for high return with managed risks. Check out our available
Metro Detroit turkey investment properties and enhance your portfolio with
investments of high potential.

Why Choose Us

 Experience: Qualified team of real estate experts with years of industry

experience.
 Tools: Latest software and technology in the industry to provide the best
possible experience.

36
  Services: We offer a diverse range of services to meet your needs from
purchasing to construction to property management to selling your home.
We do it all!

Our Promise

 Priority: You are our top priority. We work effortlessly to ensure that your
satisfied.
 We care: Our business is a caring family that understands your desires and
needs.
 No shortcuts: We do not take any shortcuts in renovation, compliance or
process. We have a team of professionals to handle each area of the process.

37
11. Property insurance premium

Property premium is the key concept in the system of property-based economics

developed by Gunnar Heinsohn, Otto Steiger, and Hans-Joachim Stadermann. It is
an insight derived from the legal distinction between property and possession
which is made by jurists, but not by economists.

The distinction between property and possession is used by Heinsohn and Steiger
to classify forms of society. "Three distinctive systems of material reproduction are
known to man:

(i) custom or tribal societies, (ii) command or feudal societies and (iii) ownership-
or property-based societies." The first two are based on possession, which is a
physical, material concept. Property, on the other hand, is an abstract, intangible
concept, and thus can only exist as a creation of law and within the realm
established by the rule of law. Where such a regime of law is established, property
arises; and it is accompanied by the phenomenon of property premium. "As soon
as property is created it carries an unearned and immaterial premium, the property
premium. This premium exists in addition to the physical use of goods or resources
in their possessional state and consists of two powers: (i) its capacity of backing
the issue of money which can be created only in a credit contract and (ii) its
eligibility to serve as collateral for obtaining credit."

It is this property premium which explains the phenomenon of interest. The owner
gives up his property premium by using his property to back the issue of that
money; what he gains in exchange is interest. The borrower likewise forgoes
property premium in engaging a loan, because he must back his promise of
repayment with collateral, pledging his property as security for repayment of the

38
loan. What he receives in return is liquidity premium, which is the capacity to
cancel indebtedness. "Keynes's idea that interest is the payment for forgoing
liquidity premium, therefore, falls short. The debtor's payment of interest
materializes the creditor's property premium, while the debtor's property premium
gives rise to liquidity premium."

This ingenious explanation for the existence of interest also demonstrates that
interest is simply an aspect of property within the regime of private law. Within
that regime it is inescapable; outside of it, in possession-oriented regimes whether
tribal or communist, it is unobtainable.

39
13. PROPERTY INSURANCE PREMIUM TAX RATES

Premium tax is a tax on insurance premiums in respect of people living in Ontario

and property situated in Ontario. The tax is administered by the Ontario Ministry
of Finance.

Who pays Ontario insurance premium tax?

Along with insurance companies, premium tax is collected and paid to the province
by:

 administrators of funded and unfunded benefit plans, also referred to as

Ontario uninsured benefit arrangements
 anyone buying insurance placed with an insurer not licensed in Ontario
 Reciprocal or inter-insurance exchanges.

Generally, insurance corporations operating a business through a permanent

establishment in Ontario pay premium tax on all premiums.

What are the insurance premium tax rates?

Type of Insurance Rate

Life 2%

Accident 2%

Sickness 2%

Property 3.5%

40
How do I register for an insurance premium tax account?

Before you can register for an insurance premium tax account, you need an Ontario
corporation number.

Then, you can request an insurance premium tax account from the Ministry of
Finance.

How do I file my insurance premium tax return and make payments?

You can file your return and make payments:

 using ONT-TAXS online

 by mail to: Ministry of Finance, 33 King Street West, PO Box 620,
Oshawa ON L1H 8E9
 in person at certain Service Ontario locations.

Note: Online filing is only available for tax years 2009 or later.

You can also make payments in person at your Ontario financial institution.
Payments should be in Canadian funds and made payable to the Minister of
Finance. Your identification number should be printed on the back of the cheque or
money order.

If you use ONT-TAXS online, you can elect to stop receiving paper returns by
clicking the Change in Issuing Returns link.

Due dates

A completed tax return and any supporting documents must be filed within six
months after the end of your tax year.

41
Interest and/or penalty

If you have done the following on time: made your instalment payments, paid the
balance of premium tax in full, and filed your tax return, you will not be assessed
interest or penalty if there is a delay in processing your tax return.

Refunds

If you are entitled to a refund, it will be paid after your assessment is issued.

When will I receive my assessment?

An assessment will be mailed to you after your tax return is processed. If you have
an outstanding balance on your account you will receive a monthly statement.

Estimated amount owing

If you do not file your tax return on time you may receive an assessment that has
automatically estimated an amount of premium tax owing. Estimated amounts will
be calculated based on the average of total premium tax assessed on up to the past
six (6) filed tax returns excluding nil and credit tax returns

42
 12-Questioner

1. Do you have property insurance?

Yes No any other than property insurance

2. Which Insurance Company do you prefer?

AIG INSURANCE ORIENTAL INSURANCE COMPANY

OTHER

3. What is the Reason that you have taken the insurance for?
Protection from Loss Personal Liability Protection

Required by Lender Coverage for special

Circumstances

4. Do you Realized the need of property Insurance?

Yes No

5. Does Company provide Knowledge on Entire Product Range in its

portfolio?
Yes No

43
6. How have you/other purchased a property Insurance?
Online Visited the Insurance Company

Through Agent Other

7. How satisfied are you with the service provided by the property
insurance you owned?

Excellent Very good

Good/ Satisfactory Poor

8. What kinds of property Insurance are you aware of?

Building insurance home Insurance

Tenants insurance Building & content insurance

9. Which Company do you prefer having and insurance?

Private Public

44
 10. If given an opportunities in future to purchase a property insurance which
Company would prefer from the following?

ORIENTAL INSURANCE COMPANY

AIG insurance

DATA ANALYSIS AND INTERPRETATION

1. Do you have property insurance?

YES NO

7 4

No of Persons

4
no.of person
3

0
yes no

45
INTERPRETATION

As you can see 70% of customers prefer yes, 30% of customer prefer no than
property insurance. It means that property insurance is much more preferable
because in cities like Mumbai customer more prefer to go life, health insurance and
other insurance but they also see that they have taken the property insurance.

2. What Insurance Company do you prefer?

Name of company ORIENTAL AIG OTHER

INSURANCE
INSURANCE
COMPANY
COMPANY

No of customer 8 5 6

46
 9
8
7
6
5
4
2 no. of customer
3
2
1
0
oriental AIG insurance other
insurance
company

INTERPRETATION

Many customers prefer oriental insurance company and in comparison with AIG
insurance company and other company, the oriental insurance company is
preferable by more customers because of its advertisement criteria. In case of AIG
insurance they do not advertise much as compared to oriental.

3. What is the Reason that You have taken the property insurance for?

Protection Personal Required by Coverage for

from loss Liability lender special
Protection circumstances

No. of
9 2 4 5
customer
prefer

47
 10
9
8
7
6
5
4 3 no. cus prefer
3
2
1
0
protection personal required by coverage by
from loss liability lender special
protection circumstances

INTERPRETATION

It can be seen that many people used property insurance for protection from loss
which higher the chart, and the coverage for special circumstances is second in
chart, very few people chose property insurance for personal liability protection ,
required by lender. Protection from loss is main source which customer prefer in
property Insurance.

4. Do you realize the need of property insurance?

Yes No

No. customer say 10 2

48
 12

10

6
4 no. cus say

0
yes no

INTERPRETATION

Most of customer feels that they realized the need of property insurance because it
helps to protect the loss, protect personal liability and it covered special
circumstances of property.

5. Does company provide Knowledge on Entire Product Range in its portfolio?

Yes No

No. Customer say 9 7

49
 10

5
5 no. cus say
4

0
yes no

INTERPRETATION

As we can see above, 9 customers are saying yes and remaining customer say no.
Approximately 55% of customer is saying yes, and 45% is saying no.

6. How have you/other purchased a property Insurance?

Online Visited Through Other

insurance Agent
company

50
 1 3 8 9

No. customer
prefer

10
9
8
7
6
5
4 6 no. cus prefer
3
2
1
0
online visited through agent other
insurance
company

INTERPRETATION

Customer purchases property Insurance through other, which higher in chart

(55%), than they prefer through agent (35%).This two ways they prefer more while
buying home Insurance because agent & other also guide them to purchase
insurance and tell them certain benefits & premium criteria.

7. How satisfied are you with the service provided by the property
insurance you owned?

51
 Excellent Very Good Good/ Poor
Satisfactory

1 4 9 5
No.
Customer
Say

10

9
8

6
5
7 no. cus say
4
3
2

0
excellent very good good/ poor
satisfactory

INTERPRETATION

It can be seen the customer Rated service of insurance company as excellent 15%
good/Satisfactory 50%, Very good is 25%, Poor is 15%.

52
 8. What kinds of property Insurance are you aware of?

Types of Building Home Tenants Building &

Home Insurance Insurance Insurance content
Insurance Insurance

No. 9 10 5 7
customer
aware of

12

10

6
8 no. cos aware off
4

0
building home tenent building &
insurance insurnce insurance content
insurance

INTERPRETATION

Most customers are aware of building & home insurance which is very popular and
name itself define them. Tenants insurance is not very popular so Agent

53
themselves need to explain certain kind of insurance to make aware of different
kind of insurance before buying them.

9. Which Company do you prefer having and insurance?

Private Public

No. customer prefer 5 9

10

5
9 no. cus prefer
4

0
private public

INTERPRETATION

As we can see many of the customer prefer Public company to take insurance
rather than private company. It is because of the services provided by the other

54
Public company & they fell safe and secure. It is also because of its handle by
government and its trust worthy.

10. If given an opportunities in future to purchase a property insurance which

Company would prefer from the following?

AIG GENERAL ORIENTAL

INSURANCE INSURANCE
COMPANY

6 9
No. of customer
prefer

55
 10
9
8
7
6
5
10 no. cus prefer
4
3
2
1
0
AIG INSURANCE ORIENTAL
INSURANCE

INTERPRETATION

55% of customer voted against oriental Insurance Company & 45% of customer
voted against AIG l insurance. As we can see what advertisement can do to your
business? Most people also know the name of oriental Insurance cause they do not
usually hear or seen any advertise. Most of advertise can be seen from Private bank
assurance company.

56
13. CONCLUSION

In this prevailing scenario, a number of Insurance companies have adopted a new

deployment strategy of property Insurance, to lower the cost of service channels.
As a result, other companies too will need to align their new policies with their
reinvented business models. The required changes at both the business and
technology levels are enormous. In a highly competitive market, early adopters are
profiting from increased efficiencies.

Even though there are certain limitations, it is heartening to see that many public
limited and private limited insurance companies have taken the initiative and are
able to offer the home insurance policies to customers at affordable budgets.

As I move inexorably into the future, the banking sector is poised to scale new
heights, adopt more advanced technologies and rise to new levels. The banker of
the future will look to technology as a tool to provide better quality and service to
customers, while banking technology will be increasingly sourced from trusted
technology service providers to the Banking sector.

What has been achieved so far is only a modest beginning and many more industry
wide projects are in the offering. In addition, insurance companies are yet to
introduce new policies. They are yet to see the real benefits of this sector.
However, the implications of large-scale revolution usage are paramount for a
robust and proven disaster capability.

When companies depend on customers for their day-to-day business, the

complexity and risks of after sales have to be understood and sufficient backup
plan put in place to ensure continued customer service.

Expert tips should be given on your home insurance on how to reduce the cost.

57
In addition, as more customer oriented policies are provided, the demand from
customers will keep increasing and companies would thereby end up in a policy
war.

In order to win this war, new policies are going to increase and proper utilization
of these investments is essential for companies to ensure that the policy introduced
are fully integrated with their operations.

58
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http://www.aiadc.org/File%20Library/Member%20Center/Search%20Content/File
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https://www.mountainceclass.com/MCE/utNI/documents/p&c_insurance.pdf

http://www.jrfco.com/Portals/4/docs/Property%20Terms%20and%20Establishing
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59
https://en.wikipedia.org/wiki/TATA_AIG

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60