General Insurance

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What You Get

We offer you comparisons across various parameters, to filter your requirements through our algorithms and find that perfect policy. This category of insurance virtually covers all forms of insurance except life. Other covers may include insurance against errors and omissions for professionals, credit insurance etc. Common forms of general insurance are motor, fire, home, marine, health, travel, accident and other miscellaneous forms of non-life insurance. We offer you comparisons across various parameters, to filter your requirements through our algorithms and find that perfect policy. This category of insurance virtually covers all forms of insurance except life. Other covers may include insurance against errors and omissions for professionals, credit insurance etc. Common forms of general insurance are motor, fire, home, marine, health, travel, accident and other miscellaneous forms of non-life insurance.

Need for Fire Insurance:

a) The existence of material property susceptible to damage or destruction by fire or other peril.

b) The fact that material property has intrinsic value measurable in terms of money recognized by the economic beliefs of society.

c) The fact that the occurrence of a fire will result not only in loss of or damage to material property but also other consequential losses such as loss of production causing loss of.

Insurable Property:

The fire insurance policy is meant to cover erected fixed assets and movable assets whilst lying at a particular location and declared accordingly for insurance. It includes: –

  • Buildings

  • Electrical Installation In Buildings

  • Contents Of Buildings Such As Machinery, Plant And Equipment, Accessories, Etc.

  • Goods (Raw Materials, In Process, Semi Finished, Finished, Packing Materials, Etc) In Factories,

  • Godowns, Tank Farms.

  • Goods In The Open

  • Contents In Dwellings, Shops, Hotels, Etc

  • Furniture, Fixtures And Fittings

  • Pipelines (Including Contents) Located Inside Or Outside The Compound.

Insured Perils

There are 12 insured perils.

  • Fire
  • Lightning
  • Explosion/ Implosion.
  • Aircraft Damage.
  • Riot, Strike, Malicious and Terrorism Damage.
  • Storm, Typhoon, Hurricane, Tornado, Flood and Inundation.
  • Impact damage.
  • Subsistence and landslide including Rock slide.
  • Bursting and overflowing of water tanks, apparatus and Pipes.
  • Missile testing operations.
  • Leakage from Automatic Sprinkler Installation
  • Bush Fire.
  • Earthquake(add on cover)

Exclusions

As provided in policy wordings.

Sum Insured

  • Property Other Than Stock – can be insured on depreciated cost (market value) or replacement cost basis.
  • In order to get better protection, insurance on reinstatement (replacement) basis is recommended.
  • Stock: Row Material, Stock In Progress, Finish Goods
  • The sum insured selected should be adequate to avoid under insurance.

Extensions on Additional Premium

  1. Architects, Surveyors and Consulting Engineers Fees ( in excess of 3% claim amount)
  2. Removal of debris in excess of 1% of claim amount.
  3. Deterioration of Stocks in Cold Storage premises due to accidental power failure consequent to damage at the premises of Power Station due to an insured peril.
  4. Deterioration of stocks in cold storage premises due to change in temperature arising out of loss or damage to the cold storage machinery (ies) in the Insured’s premises due to operation of insured peril.
  5. Forest Fire
  6. Impact Damage due to Insured‟s own Rail/Road Vehicles, Forklifts, Cranes, Stackers and the like and articles dropped therefrom
  7. Spontaneous Combustion- Sum insured of relative commodity
  8. Omission to Insure additions, alteration or extensions
  9. Spoilage Material Damage Cover
  10. Leakage & Contamination Cover
  11. Temporary Removal of Stocks Clause
  12. Loss of Rent clause
  13. Insurance Of Additional Expenses Of Rent For An Alternative Accommodation
  14. Start Up Expenses

Excess: 5% of claim amount subject to minimum of Rs.10, 000 to minimum of Rs. 50 lacs depending upon sum insured at one location.

Machinery breakdown policy is ideal cover for plant and machinery, to cover cost of repair or replacement of damaged parts as a result of accidental Electrical and Mechanical Breakdown.

SCOPE OF COVER:

  • Sudden and unforeseen accidental damage to machinery, the machinery can be at work or at rest.
  • Damage due to faulty material, human error / lack of skill in operation by workers/operators, faulty construction, carelessness, overheating of parts, entry of foreign body, short circuit, faults in erection failure of operation of safety device, wear & tear.

IMPORTANT EXCLUSIONS:

  • Fire and related perils
  • Damage due to any cause for which the manufacturer, supplier/repairer is responsible.
  • Willful act or gross negligence of insured
  • Normal wear & tear
  • Operating media & exchangeable tools
  • Excess to be born by insured for each & every claim.

SUM INSURED: 

  • The SI of each item of machinery must be its present day Replacement value of similar new machines including incidental expenses, taxes, excise, freight etc. If the SI is not adequate than under insurance shall apply at the time of claim.

EXTENSIONS:

  • Express freight ,holiday and overtime rates of wages
  • Air freight
  • Additional Custom duty
  • Escalation

EXCESS: 1% of the sum insured subject to minimum of Rs. 2,500/-

EEI Policy is a comprehensive policy designed for various types of electronic equipment such as computers, microprocessors, industrial electronics and audio/visual equipment including the value of system software etc.

SCOPE OF COVER:

 This Policy provides comprehensive coverage against unforeseen and sudden physical loss or damage to the electronic equipment and data media that occurs owing to perils other than those specifically excluded.

It covers sudden and unforeseen material damage to electronic equipment due to clauses like,

  • Loss due to fire and allied perils
  • Electrical and mechanical breakdown of the insured’s item
  • Short circuit and voltage fluctuations
  • Carelessness/human error
  • Theft and burglary etc

In case where damage to an insured item can be repaired the insurer will pay expenses necessarily incurred to restore the damaged machine to its former state

In case where an insured item is destroyed the Insurer will pay actual value of the item immediately before the occurrence of the loss

 

IMPORTANT EXCLUSIONS

  • Cost Incurred/time involved in the movement of machinery and/or    any other property and/or personnel outside the territorial limits of India other than the cost of delivery of replacements for machinery lost or damaged
  • Loss of or damage to the property covered under this policy   falling under the terms of the Maintenance Agreement
  • Loss destruction or damage directly occasioned by pressure wave caused by aircraft and other aerial devices traveling at Sonic   or Supersonic speeds

 

SUM INSURED: 

The SI of each Electronic item must be its present day Replacement value of similar new Electronic Equipment including all incidental expenses like cost of erection, duty, freight, taxes etc.

  

EXCESS: 

  1. For equipments with value up to Rs. 1 lakh –

i) Equipments (other than

Winchester Drive)

5 % of claim amount subject to a minimum of Rs.1, 000/-

ii) Winchester Drive

10 % of claim amount subject to a minimum of Rs. 2, 500/-

  1. For equipments with value more than Rs. 1 lakh –

i) Equipments (other than

Winchester Drive)

5 % of claim amount subject to a minimum of Rs.2, 500/-

ii) Winchester Drive

25 % of claim amount subject to a minimum of Rs. 10,000/-

Warranty

Annual maintenance contract should be in force during currency of the policy.

By its very nature, mobile machinery is prone for accidents. They are exposed to relatively frequent medium to large accidental losses of unpredictable cost.

Contractor’s plant & machinery insurance

It covers physical loss or damage, which the contractor’s plant & machinery could suffer.

Subject matter of insurance

Mobile construction machinery

This category consist of:
i) Earth moving machines, loader, scraper, bulldozers, graders, excavators, trenching machines, dumpers
ii) Mobile cranes
iii)  Mobile mixing plant, pavers for asphalt, road rollers

Stationary plant

This category consists of:

  1. Concrete batching plants
  2. Tower cranes, hoists
  3. Compressors, pumps, transformers, workshop machines
  4. Power generating plant
  5. Aggregate plant
  6. Stone crushers, screens
  7. Cement silos, surveying equipment
  8. Conveyor belts, chain blocks

Scope of cover

Perils covered

a) Fire, explosion, riot & strike, malicious damage.

b) Collision & derailment
c) Over turning & over toppling
d) Operator’s error
e) Crashing into ditches or downhill

f) Natural calamities like storm, cyclone, flood, inundation, land sliding, rock sliding & subsidence & earthquake
g) Theft and burglary
In short CPM policy covers accidental external damage excluding internal breakdown

Exclusions of the policy

Few important exclusions are as under.

  1.  Transit from one site to another site.
  2.  Internal mechanical & electrical breakdowns.

Extensions of the policy

The policy can be extended to cover

  1. Third party liability – personal injury and property damage.
  2. Damage to owner’s surrounding property.

Who can insure

The policy can be taken by any one of the following parties, either individually or jointly:-

1 The owner of the machine

2 The contractor / user of the construction machinery

3 The financial institutes who have an interest in the construction machinery

Basis of Sum Insured

The sum insured of each item of machinery should represent the current purchase cost of a similar kind & capacity  new machine including all incidental expenses like freight, duty, taxes, cost of erection etc.

Floater policy

Machines operating at different sites can be covered in single policy at additional loading of 10% in premium chargeable.

This policy will cover

  • Damage to steam generating boiler itself arising out of its explosion / implosion
  • Damage to surrounding property of insured caused by flying debris of exploded boiler.
  • Third party liability arising out of explosion- damage to property owned by third party or personal injury to third party.

 Major Exclusions

  • Loss damage and/or liability caused by or arising from or in consequences, directly or indirectly of fire
  • Accident loss damage and/or liability resulting from overload experiments or tests requiring the imposition of abnormal conditions
  • Gradually developing flows, defects, cracks or partial fractures in any part not necessitating immediate stoppage although at some future time repair or renewal of the parts affected may be necessary
  • Loss or damage for which the manufacturer or supplier or repairer of the property is responsible either by law or under contracts.

Sum insured

 It is the requirement of this policy that sum insured of each machine insured should be equal to its replacement value of similar capacity new machine. If machine is not insured for its replacement value, under insurance condition will apply & claim will get reduced.

Excess:  5% of claim amount subject to minimum of Rs. 10,000/

This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.

  • Coverage under CAR insurance:

CAR insurance is All Risk insurance in simple language the policy covers loss or damage to civil work during course of construction by every cause which are not excluded under the policy.

Policy covers damage due to

  1. Fire & allied perils
  2. Natural calamities like Storm, Flood, Earthquake, Rock sliding, land sliding
  3. Riot & strike
  4. Theft & burglary
  5. Resultant damage due to faulty workmanship, faulty material
  • The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
  • The policy comprises of 2 Sections.
  1. Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
  2.   Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of              bodily injury or property damage belonging to a third party.
  • Sum Insured:

Section I – Material Damage

  1. Total Contract Price including the estimated cost of labour charges and cost of materials
  2. Materials or items supplied by the Principal
  3. Any additional items not included in (a) and (b) above

Section II – Third Party Liability (Optional)

The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured’s site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.

  • Important Exclusions under Section I
  1. Excess – First amt. of each & every loss to be borne by insured.
  2. Faulty design
  3. The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship.
  4. Loss discovered only at the time of taking inventory.
  5. Loss arising out of penalty for delay, non-fulfillment of terms of contract.
  6. Consequential loss
  • Period of Insurance

Period of insurance should be equivalent to the period of contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal.

In case of delay in completion of work, policy can be extended by paying additional premium depends upon extension period.

  • Excess: 5% of claim amount subject to minimum ——–depends upon nature of work for normal and AOG/Major Perils/ Collapse claims.

Coverage available under Erection All Risk policy.

  • Storage Risk
  • Shifting   
  • During Erection
  • During Testing
  • The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
  • The policy comprises of 2 Sections
  • Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
  • Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.

  • Sum Insured:

Section I – Material Damage

  1. Total Contract Price including the estimated cost of labour charges and cost of materials
  2. Materials or items supplied by the Principal
  3. Any additional items not included in (a) and (b) above

Section II – Third Party Liability (Optional)

The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured’s site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur –

  • Period of Insurance

Period of insurance should be equivalent to the period of contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal.

In case of delay in completion of work, policy can be extended by paying additional premium depends upon extension period.

  • Excess: As per tariff depending upon type of project.

Directors & Officers Liability Insurance

Directors are now perceived as professional managers and professionals who should be accountable for their actions. The increase in litigation against directors reflects a change in the attitude of the general public towards greater management accountability and hence the position of a Director/Officer is becoming far more onerous.

A Director/Officer is open to actions from Shareholders, Employees, other Third Parties and indeed the Company itself . He is exposed to the extent of his personal fortune.

Moreover, the revised companies Act has defined and increased the responsibility of directors/ officers at large. Major changes like introduction of class action suits, increase in civil fines and penalties, speedy disposals of disputes etc have made it all the more important to manage the risks by a comprehensive risk transfer mechanism.

What is Covered?

The Policy covers the legal liability including costs to defend any civil and / or criminal action against the Directors and / or Officers holding a responsible position in an organisation made by any Shareholder/ Employee/ Customer/ Competitor/ Member of Public or any Regulatory Body for any wrongful act, error or omission committed by them.

When the Policy is Operative?

The coverage is available only on claims made basis i.e. only when the affected party has made a claim on the Director/Officer during the currency of the Policy, irrespective of when the wrongful act/error/omission has actually occurred.

How the Policy is designed?

The Policy coverage is split into two Sections as under:-

  1. Company Reimbursement is insurance of the organisation itself. It covers the obligation of the Company to indemnity its Directors/ Officers to defend against any civil/criminal action. The reimbursement is limited to only the legal costs expended.
  2. Directors and Officers: If the action against the Directors/Officer is successful, then he is on his own and is exposed to legal costs as well as damages awarded against him. Then the Employer Company will obviously not indemnify him and this section comes in to operation, provided the Director/Officer has not acted in deliberately dishonest manner.

Whether individuals names of Director/Officers to be specified:

No it is not necessary, but the designation/rank of Officers desired to be covered should be specified.

What are the Special Exclusions?

  1. Fines and Penalties and claims for seepage or pollution.
  2. Claims following deliberate dishonesty or fraud by any Director/ Officer.
  3. Criminal acts, libel, slander or other defamation and professional liabilities.

Premium Rating:

Certain factors that determine the premium are:

  •  Past financial/ claims history
  •  Asset size
  •  Organisational structure 
  •  Geographical spread
  •  Territories covered (USA Subsidiaries)
  •  Recent profile (mergers/ takeovers etc.) 
  •  Sum Insured/ Deductibles

This note includes the basic aspect of the Directors and officers Liability Insurance Policy

Product liability insurance covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures or supplies. Your business may be held legally responsible for any injuries to people or damage to property caused by a faulty product. You can be held liable for faulty products even if you did not manufacture them.

Product liability insurance protects you against the cost of compensation for:

  • Personal injuries caused by your faulty product
  • Loss of or damage to property caused by your faulty product
  • Defence cost

The policy can be extended to cover the following

I) Exports

  • USA & Canada
  • Organisation for Economic Cooperation & Development (OECD), countries
  • Other than above

II) Vendors Liability: The Policy covering exports may be extended to cover “Vendors Liability”.

  • Named Vendors
  • Unnamed Vendors

III) Products Manufactured by Sub-Contractors and/or loan and licensed manufacturers on their own brand name.

IV) Technical Collaborators Liability- The policy can be extended to cover legal liability off collaborator with respect to the technical collaboration agreement between the named insured and the collaborator.

The coverages can be modified according to the need and exposure of insured.

The Public Liability Act 1991 is

“An act to provide for public liability insurance for the purpose of providing immediate relief to persons affected by accident occurring while handling any hazardous substance and for matters connected therewith or incidental there to”

If Your Company is into handling of hazardous goods, it is compulsory to be insured under the Public Liability Act Insurance. A list of HAZARDOUS GOODS has been given in the act along with quantities over which if these goods are handled; then the Act states that PLI Act must be taken.

  • The Minimum compensation under the act is as follows
  • The limits of compensation payable are defined in the Act as Rs. 12,500

Maximum for Medical expenses per person

  • 25,000 Maximum for Fatal accident in addition to medical expenses
  • 25,500/- for permanent total or permanent partial or other injury or Sickness
  • 1000 per month upto maximum of 3 months for loss of wages due to temporary partial disability provided the victim has been hospitalized for a period exceeding 3 days and is above 16 yrs of age
  • Upto Rs. 6000 depending upon actual damage for damage to third party property.

With the growing awareness amongst the general public regarding their rights and remedies have lead towards an increasing trend to claim for any suffering caused to them.

Thus including this aspect in the risk management philosophy of the company has become a practice.

Moreover considering the manufacturing risks now days due to use of certain materials/equipments, high concentration of estimated liability at one place like the surrounding area of the industrial setup, if any mishap occurs then chances of damage to surrounding property is high both in terms of severity and quantum.

Visitors like clients, officials for regulatory bodies, other visitors etc also pose a risk as high profiled visitors may turn out to be high exposure to liability lest they suffer anything due to their visit to the premises.

Coverage

  • The insurer undertakes to indemnify the insured for bodily injury or property damage claims arising out of accidents, arising out of and in connection with business, and the defense costs incurred in connection thereto.
  • The policy also covers if any liability towards third party arises out of Canteen services, social services, welfare services etc within the premises
  • Instances where the claim is made towards any officer / representative purely for any property damage or bodily injury instead of the company, then also the claim is payable if it is within scope of coverage

Certain Add on Coverage which may be opted as per requirement of business

  • Pollution Coverage
  • Discharge of Treated Effluents
  • Act Of God Perils Extension
Pollution Legal Liability is a flexible, modular coverage form that enables property owners, operators and buyers/sellers to mitigate their risks related to the environmental liabilities that can result from site ownership or operation.

Policy Features

·         Pre-Existing and New Pollution Conditions

·         On-Site and Off-Site Pollution Conditions

·         Bodily Injury and Property Damage

·         Clean Up Costs

·         Restoration Costs

·         Emergency Response Costs

·         Transportation of Cargo

·         Non-Owned Disposal Sites

·         Business Interruption Expense

·         Natural Resource Damage

·         Worldwide coverage, where permissible by law

Optional Enhancements

·         Coverage for Underground Storage Tanks

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Most of all theft losses of significance involve employees, often long-term employees that have located a weakness in the business, a gap, perhaps, in its internal control and processes that can be exploited. The variety of schemes used by dishonest employees continues to grow as does the technology that touches nearly every aspect of businesses and grows your exposures in ways never before imagined.

Crime insurance is used to manage and address loss exposures resulting from a variety of criminal acts such as robbery, burglary and other types of theft including employee theft.

Commercial crime insurance can cover money, securities and other property against a variety of criminal acts, such as employee theft, robbery, forgery, extortion and computer fraud.

A common, standard, Commercial Crime policy can include a number of coverage sections, which are

  • Computer fraud
  • Employee Theft
  • Forgery or Alteration
  • Funds Transfer Fraud
  • Inside the Premises – theft of money and securities
  • Inside the Premises – robbery or Safe burglary of other property
  • Money Orders and Counterfeit money
  • Outside the Premises
  • Third Party Coverage

Commercial General Liability (CGL) Policy covers liability exposures arising out of your business operations. In practice, CGL operates as a combination of Public Liability and Product Liability policies and also offers you various supplementary covers in the standard Policy wording.

This product is addressed to:

  • Indian companies who have global operations or have contracts with international partners/associates
  • Foreign companies operating in India

CGL has broad based policy wording that provides you with comprehensive protection against:

  • Bodily Injury & Property Damage
  • Personal & Advertising Injury
  • Medical Payments

Commercial General Liability (CGL) Policy covers liability exposures arising out of your business operations. In practice, CGL operates as a combination of Public Liability and Product Liability policies and also offers you various supplementary covers in the standard Policy wording.

This product is addressed to:

  • Indian companies who have global operations or have contracts with international partners/associates
  • Foreign companies operating in India

CGL has broad based policy wording that provides you with comprehensive protection against:

  • Bodily Injury & Property Damage
  • Personal & Advertising Injury
  • Medical Payments

Our team is uniquely positioned to tailor the policy wording and negotiate the best terms for our clients, provide optimum placement of insurance in a way that best serves their needs. We know the importance of designing the right insurance product and placing it at the optimum cost.

We apply our expertise across a broad spectrum of high-risk industries, including Pharmaceutical, Automotive, Energy, Chemical, Construction and many more. We have access to international market through which we provide state-of-the-art casualty solutions.

INDIVIDUAL MEDICLAIM INSURANCE

With increased population, there is more and more pollution and as a result, people are exposed to a greater risk of suffering from Diseases. Increased population also results in to more vehicular traffic and more accidents. Treatment costs are increasing day by day. Therefore it has become essential to take a Mediclaim Insurance policy to cater such emergencies.

If the Insured Person sustains any Injury or contracts any Disease and if medically necessary, he/she has to incur Hospitalisation expenses, then Reasonable and Customary Charges of the following Hospitalisation expenses will be paid

  1. Room, Boarding and Nursing Expense.
  2. Medical Practitioner/ Anesthetist, Consultant fees, fees of surgeon
  3. Expenses on Anesthesia, Blood, Oxygen, Operation Theatre, Surgical Appliances, Medicines and Drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Artificial Limbs, Cost of Organ and similar expenses
  4. Expenses on Vitamins and Tonics only if forming part of treatment as certified by the attending Medical Practitioner.
  5. The relevant expenses incurred for Domiciliary Hospitalisation
  6. An additional Daily Allowance for the duration of Hospitalisation towards defraying of miscellaneous expenses.
  7. Ambulance charges in connection with any admissible claim limited
  8. Admissible day care treatment (less than 24 hrs hospitalization), pre and post hospitalization
  9. Cost of Health Check up – Reimbursement of cost of medical check up once at the end of a block of every four continuous claim free policy years, subject to maximum of 1% of the average sum insured during the period
  10. Other admissible expenses.
  11. This policy will trigger when there is minimum 24 hours hospitalisation.

The hospital where treatment is taken should have minimum 15 beds.

The policy holder can avail cashless facility for the treatment taken or he may go for reimbursement of expenses incurred.

Normally the policy does not cover :-

  1. Treatment of Pre-existing Diseases for a specified period.
  2. Any expense during the first 30 days from the inception of first policy except the treatment related to an accident.
  3. Expenses on Treatment of certain diseases are not payable up to a specified period.

This premium paid for this policy can be claimed for deduction under section 80-D of Income Tax Act up to Rs 25,000/-

PERSONAL ACCIDENT INSURANCE.

Each one of us in our day to day life is exposed to risks of accidents, though exposure to some is more than the others. Besides the man made risks, the natural hazards like lightning, flood, earthquake etc. are equally responsible for accidents.

Personal Accident Insurance has been designed for individual or members of various groups to provide compensation or financial assistance in case one suffers from Death or Disability due to some External, Accidental and Violent means.

SCOPE OF COVER

The Policy provides for payment of fixed amount (benefit) on happening of specified contingency caused by External, Accidental and Violent means. An accident may include events like:

  • Rail, road, air accident
  • Injury due to any collision / fall
  • Injury due to bursting of gas cylinder
  • Snake bite.
  • Burn injury, drowning, poisoning, etc.

This is only an illustrative list, not an exhaustive list.

SUMMARY OF BENEFITS

   Contingency                                                           Amount of Compensation

1). Death                                                                     100% of Capital Sum Insured

2). Loss of two limbs, two eyes,

or one limb & one eye                                            100%  of Capital Sum Insured

3). Loss of one limb or one eye                                  50%  of Capital Sum Insured

4). Permanent Total Disablement from

Injuries other than those name above                   100%  of Capital Sum Insured

(PTD)

5)  Permanent Partial Disablement (PPD)                 Specific % of Capital Sum Insured

6)  Temporary Total Disablement (TTD)                    1% of Capital Sum Insured per week.

The coverage is world-wide.

The capital sum insured to be opted depends on the annual income of the particular person.

The best part of this policy is that it compensates the amount of salary for that particular period when the insured person is temporarily confined due to some accident and is not able to attend his occupation / profession.

The essential part of an organization is human beings. As a part of HR policy, many organizations take a Group Personal Accident Insurance cover to seek protection to their employees.

Nowadays accidents are a matter of common occurrence and can cause Death or Disablement. An Insurance coverage would be essentially required to provide protection to the members of an organization. A Group Personal Accident Policy is an ideal solution for this.

COVERAGE

The policy has been designed to provide compensation in the event of the insured person sustaining injuries, solely and directly from an Accident Caused by Violent, Visible and External means, resulting into

  1.  Death,
  2.  Permanent Total Disablement (PTD),
  3.  Permanent Partial Disablement (PPD)
  4.  Temporary Total Disablement (TTD). 
  5.  Medical Expenses Cover ( OPD & IPD)

The coverage is Worldwide.

The policy provides for payment of specified amount (benefit) on happening of specified contingency due to the accident. An Accident may include events like:

  • Rail, Road, Air Accident
  • Injury due to any collision / fall
  • Injury due to bursting of gas cylinder
  • Snake bite, Frost bite
  • Burn injury, Drowning, Poisoning, etc.

This is only an illustrative list, not an exhaustive list.

The proposer can either opt for a basic cover for Death only for which the premium is minimum or one can take an upgraded cover to include Permanent Total Disablement / Permanent Partial Disablement / Temporary Total Disablement/ Medical Expenses Cover.

We can even customize the product by incorporating coverage for Loan Protection, Child Education Support, etc.

The essential part of an organization is human beings. As a part of HR policy, many organizations take a Group Health Insurance cover to seek protection to their employees.

The policy is meant to cover Hospitalization Expenses incurred by the members of an organization in case they happen to suffer from a disease or sustain an accidental injury, the following Hospitalization expenses will be paid under following heads:

  1. Room, Boarding and Nursing Expense.
  2. Medical Practitioner/ Anesthetist, Consultant fees, fees of surgeon
  3. Expenses on Anesthesia, Blood, Oxygen, Operation Theatre, Surgical Appliances, Medicines and Drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Artificial Limbs, Cost of Organ and similar expenses
  4. Expenses on Vitamins and Tonics only if forming part of treatment as certified by the attending Medical Practitioner.
  5. The relevant expenses incurred for Domiciliary Hospitalisation
  6.   An additional Daily Allowance for the duration of Hospitalisation towards defraying of miscellaneous expenses.
  7. Ambulance charges in connection with any admissible claim limited
  8. Admissible day care treatment (less than 24 hrs hospitalization), pre and post hospitalization
  9. Cost of Health Check up – Reimbursement of cost of medical check-up once at the end of a block of every four continuous claim free policy years, subject to maximum of 1% of the average sum insured during the period
  10. Other admissible expenses.

This policy will trigger when there is minimum 24 hours hospitalisation.

The hospital where treatment is taken should have minimum 15 beds.

The policy holder can avail cashless facility for the treatment taken or he may go for reimbursement of expenses incurred.

The basic cover can be enhanced by opting for Add-on covers by paying an extra premium and such Add-on covers are as below:

  1. Waiver for Pre-existing diseases.
  2. Waiver for first 30 days exclusion.
  3. Waiver for first year / first two years / first four years exclusion.
  4. Maternity Benefits and New Born Baby cover from day one.
  5. Corporate Buffer.

This policy is a very good tool to for an organization to ensure that their employees are fully covered to meet any sort of medical emergency.

Marine Cargo Insurance

This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail, road, sea and air.

Marine hull insurance policy taken by shipowners, charterers, Shipbuilders, bankers, financiers of Ships or vessels who have Insurable interest.

Perils/Risks covered:

 The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by:
  • Fire, explosion
  • Stranding, sinking etc.
  • Overturning, derailment ( of land conveyance )
  • Violent theft by persons outside the vessel.
  • Collision
  • General average sacrifice, sacrifice, salvage charges
  • Jettisons
  • Piracy
  • Breakdown of or accident to nuclear installations or reactors
  • Contact with aircraft or similar objects, or objects falling therefrom, land conveyance , dock or harbour equipment or installation.
  • Earthquake volcanic eruption or lightning.
  • Crew Negligence.

Exclusions

The policy does not cover loss/ damage due to :

  • Deliberate damage/destruction of the vessel by wrongful act of any person
  • Use of any weapon of war employing atomic / nuclear fission and or fusion.
  • Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.
  • Insolvency or financial default of the vessel owner /operators /charterers
  • War / civil war, Strike, Riot or Civil Commotion
  • Any terrorist or person acting with political motive

Claim Intimation:

In the event of casualty likely to give rise to a claim

  • Immediate notice to policy issuing office.
  • Giving brief details as to name of vessel, place of occurrence, date & time of casualty, circumstances leading to incident.
  • Seek appointment of surveyor to inspect and assess loss.
  • In case of theft please notify police.
  • In case of fire assistance of fire brigade to extinguish fire.
  • Appointment of adjuster in case of Oceangoing Vessels where necessary.
  • All steps to minimize loss as prudent uninsured.

Frequently Asked Questions

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