The purpose of insurance throughout history has been to protect people from loss and uncertainty. Basically, it is a social device that reduces or eliminates the risk of loss of life or property.
The importance of Insurance
- Protecting oneself and one’s family
- Reducing stress during difficult times
- Having a secure financial future
- Having peace of mind
- Legacy we leave behind
It is very critical to understand the risks associated with choosing an insurance policy.
A basic understanding of each policy is provided here through the details of risks covered.
Risks covered by policies
| Fire Insurance Policy | Fire, including due to its own fermentation, or natural heating or spontaneous combustion, Explosion or Implosion, Lightning, Earthquake, volcanic eruption, or other convulsions of nature, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and inundation, Subsidence of the land on which the insured Premises stand, Landslide, Rockslide, Bush fire, Forest fire, Jungle fire, Impact damage of any kind, i.e., damage caused by impact of, or collision caused by any external physical object (e.g. Vehicle, falling trees, aircraft, wall etc.), Missile testing operations, Riot, strike, Malicious damage, Acts of Terrorism, Bursting or overflowing of water tanks, apparatus and pipes, Leakage from Automatic sprinkler installations etc. |
| Burglary Policy | Compensation in case of theft of goods and property. |
| Cash insurance | Risks incurred during transit of cash from and to the bank and cash losses from cash counter or locker. |
| Fidelity Guarantee | Compensation for mismanagement of cheques and cash by employees. |
| Machinery Breakdown Insurance | Damage caused by mechanical or electrical breakdown |
| Electronic equipment | It is an All Risk cover to Electronic equipments protecting the Equipments against unforeseen and sudden physical loss or damage from any cause other than specifically excluded |
| Public Liability | Bodily Injury / Property Damage to third party arising out of the premises and operations of the Insured. |
| Workmen’s Compensation | Legal compensation to Employees or their dependents in case of injury and accident of the employees at workplace arising out of and in the course of employment and resulting in disablement or death. |
| Product Liability | Cover against any legal liability to third party injury or damage to property which is caused by the consumption or use of the product sold or supplied. |
| Director’s and Officers’ Liability | Liability coverage for company Directors and Officers to protect them from claims which may arise from decisions and actions taken as part of their duties. |
| Mediclaim Insurance | Hospitalization expenses due to accident or illness |
| Term Insurance | Compensation in case of loss of life due to illness or accident. |
| Vehicle Insurance | Covers wide range of risks to vehicles such as accidents, Theft, natural calamities etc. (This includes policy with NIL depreciation) |
| Marine Insurance | Coverage for the transportation of goods from Factory/Godown by land, sea or Air. |
| Group Gratuity | Cover the amount which employer pays to an employee as legal obligation at the time of retirement. |
| Loan Protector | Compensation for repayment of loan amount in case of unfortunate death of the borrower or loss/damage to the property. |
| Climate-based crop insurance | Crop loss resulting from adverse weather conditions relating to rainfall, temperature, wind, humidity. |
| Carrier’s Legal Liability | compensation for physical loss or destruction of or damage to goods or merchandise, while in transit, including during loading or unloading and while temporarily housed on or off vehicles in the ordinary course of transit |
| Professional Legal Liability | Compensation for legal liabilities arising out of negligence, omissions, or errors of any professional whilst rendering service that causes damage to the property of third-party or injury to the third-party itself. |