NON-LIFE Insurance (General Insurance) Insures Assets like HOUSE, SHOPS, MOTORS, COMMERCIAL ESTABLISHMENTS and LEGAL LIABILITIES etc., whose lost or damaged can be ascertained in terms of financial value.
Assets like RESIDENTIAL, BUSINESS ESTABLISHMENTS (COMPLEXES, HOTELS, HOSPITALS, OFFICES, SHOPS, MOTORS, ENGINEERING PROJECTS Etc.) remains the most significant sources of income. On the other hand, they are built over a long period with massive investment. Damage to such assets due to unexpected events like FIRE, EARTHQUAKE, etc., can cause a break in revenue generation. On the other hand, re-construction of same may substantial financial challenge.
Non-life insurance ensures such assets and assures to compensate financially to construct a new or reconstruct the damaged property.
Here are the complete looks of such schemes.
As per Motor Vehicles Act it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties.
A Certificate of Insurance must be carried in the vehicle as proof of such insurance.
FIRE INSURANCE: This branch covers the insurance of property the risks of fire, riot, flood, earthquake, etc., and also includes insurance for loss of profits due to such damage.
Covers Dwellings, Hotels, Shops, and Industrial, Manufacturing risks & utilities, located outside the Industrial Manufacturing risk.
A place where you weave your dreams and watch them come to life, your home needs to be secured as much as anything else in life.
Home insurance policy gives protection for only the building (structure), (belongings) of your home. The policy covers losses to the structure and/or content of your home, that might occur due to a number of natural and/or man-made calamities.
Depending on the commercial lines coverage, it can be specifically aimed at protecting the reputation, wellbeing, and financial situation of a business entity, as well as the employees working for the business. Unlike personal insurance, commercial insurance can cover multiple stakeholders and employees.
A shopkeeper insurance policy provides coverage to business owners, against any damage or loss caused to the shop due to unfortunate events like fire, flood, earthquake, riot, burglary, etc. It also takes care of liability claims. Thus, a shop insurance policy provides peace of mind and helps handle any untoward incident with ease.
This branch deals with insurance of goods in transit by road, rail, sea or air against various risks, BUYERS/SELLERS IMPORT/EXPORT MERCHANT/BANKS, In fact, anyone engaged in the movement of goods require Marine Cargo Insurance. Coverage includes variation from simple road/rail risks to All risks depending upon the cover taken.
Breakdown of machinery can be a drain on the profits and can cause losses. Why not seek insurance protection against such breakdowns. Machinery breakdown insurance offers financial protection in case machinery suffers accidental, electrical, and mechanical breakdown requiring repairs and/or replacement as the case may be.
Covers Building, Contents, and various other properties that are generally found in offices against various perils. The policy consists of various sections covering different properties of the insured
This insurance is available to schools, colleges, or other educational institutions. The policy is issued in the name of the institution. The claim amount is payable to the parent/guardian as recorded in the school register. All students are to be covered.
Auto insurance protects you from damage to the often considerable investment in a car and/or from liability for damage or injury caused by you or someone driving your vehicle. ... Collision, fire, and theft coverage are also advisable for a vehicle having more than minimal value.
This policy covers all types of vehicles viz., two-wheelers, three-wheelers, Four wheelers and commercial vehicles against third party Liability, as well as Damage to Vehicles depending upon the needs of the customers and type of policy purchased. Third-Party (Liability) insurance is compulsory.
Any Vehicle Owner whose vehicle is registered in his/her name with the Regional Transport Authority in India
No-claim Bonus (NCB) can be earned only on OWN DAMAGE PORTION of all class of vehicles except Motor Trade policies. An insured becomes entitled to NCB only at the renewal of the policy after the expiry of the full duration of the 12 months subject to no claim reported.
Zero depreciation cover or 'zero dep' policy, offers complete coverage for your car against damages caused due to an accident without factoring in depreciation. It means if your car gets damaged following a collision, no depreciation is deducted from the coverage of any body parts of car excluding tyres and batteries.
With this cover, you can be assured of a complete peace of mind. Also, with all major insurers offering this cover, you can save yourself a lot of hassle by purchasing a nil-depreciation cover by paying a little extra premium.
Fire accidents are unexpected and cause enormous destruction not only in terms of finance, but it becomes difficult to deal with aftermath. Owing a business, one is always prone to risk and a fire eruption can easily bring a flourishing business to a standstill.
All movable/immovable properties of the proposer on land (excluding in transit)
· Plant &machinery
· Other contents (furniture, cables, spares tools, household goods)
In the case of fire insurance, insurable interest should exist at both times, i.e., while taking policy and also at the time of suffering the loss. The following persons have an insurable interest in the fire insurance
Loss affect only a few and the chance of occurrence can be predicted, reasonably though not accurately, based on experience- has enabled mankind to create a noble institution called Insurance. We shall get you introduced. Studying the market both domestic and international, we will have an insight into what it is
Marine Cargo Insurance covers Loss or Damage to Cargo while being transported by Rail, Road, Sea, and Air. The duration of cover under All Risk and Transit Risk is from the time the goods leave the warehouse till the time they reach the final warehouse but not exceeding 7 days after the arrival of the railway wagon or lorry at the destination town.
BUYERS/SELLERS IMPORT/EXPORT MERCHANT/BANKS, Anyone engaged in the movement of goods.
ALL RISK- Risks of physical loss or damage.
TRANSIT RISK- A basic cover of physical loss or damage of cargo (fire, lightning, breakage of bridges and accident).
BASIC RISK- Physical or damage to the cargo by fire and lightning.
PREMIUM RATES- Depends upon the factors like nature of cargo, type of packing, Mode of transport, distance, type of cover required and claims experience, etc, the profitability of the portfolio of the client also plays a vital role in determining the rates.
OPEN POLICY- Insured having substantial turnover and frequently large numbers of dispatched and/or incoming materials dispatches, it becomes inconvenient to go for individual policies for every dispatch. For such Marine open policy is very convenient document annual.
TURNOVER POLICY- By express agreement covers imports exports domestic transit in a single policy. The sum insured represents the insured annual sales turnover and the same is required to be enhanced by paying an appropriate additional premium before getting exhausted.
Office Insurance offers comprehensive coverage for the risks associated with threats that can impact office operations.
It covers not only the office property but also the loss of money or any cheating done by employees. The insurance is usually offered as an office package policy to cover the risks arising from various untoward incidents.
Student Safety Insurance policies are offered to students and can be availed by educational institutions such as schools, colleges, etc. for the benefit of their students. This policy is issued under the name of the educational institution and the claim is paid out to the guardian or parent of an affected student.
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