Practice of General Insurance

BAGGAGE INSURANCE
COVERS ACCOMPANIED BAGGAGE DURING TRAVEL/JOURNEY ANDY WHERE IN INDIA PRECIOUS /FRAGILE ITEMS LIKE CAMERA,GLASS ITEMS, JEWELLERY ETC ARE TO BE DECLARED AGAINST LOSS BY FIRE, THEFT OR ACCIDENT DURING TRAVELBY LAND, SEA, AIR BEYOND INDIA COVERAGE CAN BE GRANTED ON EXTRA PRMIUM LOADING

BAGGAGE INSURANCE- EXCLUSION

a. b. c. d. e. f. g. h. LOSS OR DAMAGE ARISING FROMWAR, CIVIL WAR AND THE LIKE , CIVIL COMMOTION, DEPRECIATION, WEAR & TEAR, MOTH, MILDEW, VERIN, ANY PROCES OF CLEANING, RESTORING, REPAIRING, DAMAGE TO WATCHES AND CLOCKS BY OVERWINDING, MECHANICAL AND ELECTRICAL BREAKDOWN, THEFT FROM UNATTENDED VEHICLE, DETENTION AND CONFISCATION BY CUSTOMS OR OTHER AUTHORITY AND CONSEQUENTIAL LOSS.

BAGGAGE INSURANCE- EXCLUSINS

i.

MONEY, SECURITIES, MANUSCRIPT, DEEDS, BILL OFEXCHANGE, PROMISORY NOTES, STOCK OR SHARE CERTIFICATE, STAMPS, BUSINESS BOOKS/DOCUMENTS, PRECIOUS STONES ARTICLES OR CLOTHS WHILST BEING WORN, PROPERTY IN USE ON THE JOURNEY. ACT OR OMMISSION OF SERVANT OR AGENT

j.

Cash in transit and cash in safe-

Money whilst taken from office to bank and vice versa and money kept in safe after office hours

MONEY IN TRANSIT INSURANCE

COVERS MONEY INCLUDING CASH, CHEQUES, POSTAL ORDERS, ETC. AGAINST THE RISKS OF LOSS BY ROBBERY, OR THEFT DURING TRANSIT FOR PAYMENT OF WAGES OR FOR DAY TO DAY REQUIREMENT OF THE BUSINESS HOLD UP IN THE PREMISES DURING BUSINESS HOURS AND THEFT FROM LOCKED SAFE AFTER BUSINESS HOURS IS ALSO COVERED MONEY IN TRANSIT BY EMPLOYEES BETWEEN SPECIFIED PLACES, E.G. INSURED PREMISES TO BANK AND VICE VERSA TOTAL MONEY TRANSACTION IN A MONTH TO BE DECLARED TO INSURER NEXT MONTH. THE POLICY IS SUBJECT TO ADJUSTMENT AT THE END OF POLICY PERIOD

MONEY IN TRANSIT INSURANCE - exclusions

- FLOOD, CYCLONE, EARTHQUAKE AND OTHER CONVULSION OF NATURE, - WAR AND WAR LIKE OPERATION, CIVIL COMMOTION, RIOT & STRIKE AND TERRORIST RISKS, - SHORTAGE DUE TO ERROR OR OMMISSION, - BY USE OF DUPLICATE KEYS TO SAFE OR STRONG ROOM, - THEFT FROM UNATTENDED VEHICLE AND CONSEQUENTIAL LOSS - RIOT & STRIKE CAN BE COVERED ON PAYMENT OF EXTRA PREMIUM.

ALL RISKS INSURANCE

COVERS VALUABLE ITEMS LIKE JEWELERY, WATHES, CAMERAS ETC. AGAINST LOSS BY ALL RISKS EXCEPT EXCLUDED, LIKE FIRE, THEFT OR ACCIDENT FROM ANY FORTUITOUS CAUSE ANY WHERE IN INDIA COVER CAN BE GRANTED BEYOND INDIA TO SPECIFIC AREA BY LOADING PREMIUM

ALL RISKS INSURANCE

a. EXCLUSIONS:LOSS OR DAMAGE ARISING FROM WAR, CIVIL WAR AND THE LIKE , CIVIL COMMOTION, DEPRECIATION, WEAR & TEAR, MOTH, MILDEW, VERMIN, ANY PROCES OF CLEANING, DYEING, REPAIRING, OVERWINDING OF CLOCKS AND WATCHES, MECHANICAL AND ELECTRICAL BREAKDOWN, BREAKAGE OF GLASS, CHINA AND ARTICLES OF BRITTLE NATURE,THEFT FROM UNATTENDED VEHICLE, DETENTION AND CONFISCATION BY CUSTOMS OR OTHER AUTHORITY AND CONSEQUENTIAL LOSS. MONEY, SECURITIES, MANUSCRIPT, DEEDS, BILL OFEXCHANGE, PROMISORY NOTES, STOCK OR SHARE CERTIFICATE, STAMPS, BUSINESS BOOKS/DOCUMENTS, ARTICLES DESPATCHED CONTRACT OF AFFREIGHTMENT.

b.

c.

JEWELLERS BLOCK INSURANCE

SECTION 1 A. PROPERTY INSURED ON THE PREMISES 1-PROPERTY IN DISPLAY WINDOWS, 2-PROPERTY IN LOCKED SAFE ON THE PREMISES 3-ELSEWHERE IN THE PREMISES Stock in trade: jewellery , gold and silver ornaments or plates , pearls, precious stones B. CASH AND CURRENCY NOTES -BANK LOCKERS -PRIVATE LOCKERS

SCOPE OF COVER:

JEWELLERS BLOCK
SECTION- II
PROPERTY INSURED EXCLUDING CASH AND CURRENCY NOTES WHILST ENTRUSTED AND IN THE CUSTODY OF BROKERS OR AGENTS OR CUTTERS OR GOLDSMITHS OR SORTERS OF DIAMOND NOT IN REGULAR EMPLOYMEN OF INSURED, FOR BUSINESS PURPOSE SUBJECT TO DOCUMENTARY EVIDENCE.

JEWELLERS BLOCK
SECTION III PROPERTY WHILST IN TRANSIT WITHIN INDIA BY: A.REGISTERED INSURED POST PARCEL NOT EXCEEDING 10% OF THE S.I. UNDER SECTION I OR A LIMIT OF RS.5 LAKH WHICH EVER IS LESS B.AIRFREIGHT- 20% VALUE SHOULD DECLARED TO AIRLINES C. ANGADIA(COURIER)

JEWELLERS BLOCK
SECTION IV OFFICE FURNITURE, FITTINGS COVERS LOSS/DAMAGE CAUSED BY FIRE, EXPLOSION, LIGHTNING, BURGLARY, HOUSEBREAKING, THEFT, HOLD UP, ROBBERY AND RIOT & STRIKE DAMAGE COVER IS SUBJECT TO PAIR AND SET CLAUSE

JEWELLERS BLOCK- EXCLUSIONS

LOSS/DAMAGE WHILE PROPERTY IS BEING WORKED UPONCLEANING, REPAIRING OR RESTORING INVENTORY LOSSES- STOCK TAKING L/D WHILST PROPERTY BEING WORN AT PUBLIC EXHIBITION THEFT FROM VEHICL LEFT UNATTENDED DEPRECIATION, SEAR & TEAR, MOTH, VERMIN, MILDEW L/D TO ITEM OFGLASS, PORCELAIN OR BRITTLE NATURE UNLESS THE CARRIER ALSO MEET WITH ACCIDENT. INFIDELITYOR DISHONESTY OF MEMBER OF INSURED S FAMILY OR EMPLOYEE,MESSENGER IN EMPLOYMENT, CUSTOMER, BROKER, CUTTER, GOLDSMITH, ANGADIA

JEWELLERS BLOCK-EXCLUSIONS

..

L/D WHILST IN TRANSIT OTHER THAN SPECIFIED IN SEC.III OR FOR IMPORT/ EXPORT PURPOSE DETENTION,CONFISCATION, DESTRUCTION BY GOVT. AUTHORITY LOSS FOLLOWING THE USE OF DULICATE KEY TO SAFE PROPERTY INSURED IN DISPLAY WINDOW LEFT AT NIGHT OR BEYOND BUSINESS HOURS ANYCONSEQUENTIAL LOSS OR DAMAGE INCLUDING DELAY CONVULSIONS OF NATURE LIKE EARTHQUAKE, VOLCANIC ERUPTION, CYCLONE, FLOOD ,STORM, WAR AND WARLIKE OPERATIONS NUCLEAR WEAPONS AND RADIOACTIVE CONTAMINATION

ENGINEERING INSURANCE

Machinery Breakdown Insurance- loss/damage to

machineries due to breakdown

MACHINERY BREAKDOWN
Cover: Various types of machinery plant and equipment (mechanical/electrical) can be insured. Any type of installed machinery with an option to insure/to cover only selected equipments. Sum Insured : The sum insured should represent: Present day replacement value which includes -Present day replacement value which includes Incidental cost Policy covers the insured machinery plant and equipments while at work/idle, being dismantled or removed or re-erected if performed in the same premises damage to electrical machinery due to fire originating within itself. It covers loss or damage due to faulty operation adjustment , casting vibration, entry of foreign objects, loosening of parts, self heating centrifugal force short circuit.

MACHINERY BREAKDOWN- EXCLUSIONS

Partial Loss: Full cost of parts plus the labour charges to and fro freight customs duty and charges for dismantling and reerection. Excess applicable to the affected item is deducted from claim. Depreciation is applied for items with limited life. Total Loss: Actual value of items immediately before the occurrence less appropriate depreciation. If under insured claim is paid only on proportionate basis Policy will not pay for loss/damage due to Fire and allied perils War and War like operations Nuclear perils Willful act or gross negligence existing defects normal wear and tear and consequential loss Loss or damage falling under manufacturers' warranty Particulars of cover liability and exclusion given above are not complete or exhaustive

Electronic Equipment Insurance This is a specially

designed policy which covers accidental loss or damage to electronic equipment.

Electronic Equipment Insurance

Electronic equipments are high cost and warrant a comprehensive policy to cover the perils, un foreseen circumstances. Innovative and customized packages. All electronic equipments are covered under this. To name a few - Communication Facilities , Tele printers, telex,
Office Machinery, Word processors, printing, franking machine.

Scope of cover:
Section I : Equipments Section II : External Data Media Section III : Increased cost of working

Electronic Equipment Insurance

Risks covered: Sudden ,unforeseen and accidental loss or damage to equipment caused by- Fire, lightning and explosion - Electrical and Mechanical breakdown - Flood and water damages - Extraneous impact and collision - Burglary and theft - Cyclone, storm and other atmospheric disturbances - Failure of air-conditioning equipment - Negligence, faulty operation, carelessness - Riot, strike and malicious damages - Entry of foreign body, dirt Subject to exceptions as per the policy Sum Insured: The sum insured must represent the new replacement value of the equipment including Custom duties, transportation and installation charges. Period of insurance: On annual basis and to be renewed periodically

Electronic Equipment Insurance

..

Possible Extensions: - Third Party Liability - Owner's Surrounding Property - Additional Customs Duty - Express freight - Escalation - Airfreight Salient features: - Claims experience discount is available depending on the Sum Insured and claims ratio - Electronic equipment insurance policies are subject to a deductible/ Excess which is to be borne by the insured for each and every claims - Higher Excess can be opted for with a rebate in premium rate - Fire & allied perils could be excluded from the scope with a discount in premium rate

Electronic Equipment Insurance

Principal Exclusions:- Cessation of work - Damage covered under AMC - Derangement not accompanied by damage otherwise covered by this policy - Damage directly occasioned by pressure wave caused by aircraft/other aerial devices - Willful act/ Willful negligence - Loss/damage to exchangeable tools and operating media - Wear and Tear - Aesthetic defects - Loss or damage for which manufacturer/ supplier is responsible either by law or contract - Faults or defects existing at the time of commencement of insurance, which were/ ought to have been, known by the insured.

Contractors Plant and Machinery Insurance - y

covers all different types of machinery used for handing material or construction.

Contractors plant and machinery

Scope: The policy covers Sudden Accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning. The main exclusions of the policy are:loss or damage due to any internal electrical or mechanical break down, defective lubrication, lack of oil or coolant although any consequent external damage is payable. loss or damage to replaceable parts or attachments such as bits, drills, knives, dies, moulds etc. loss or damage whilst in transit from one location to another. loss due to wear and tear, corrosion, rust, deterioration, atmospheric conditions. loss or damage during testing operating or whilst being used for a purpose other than designed for. loss or damage to machinery working under ground. loss or damage for which the supplier or manufacturer is responsible either by law or under contract.

Contractors plant and machinery Add on Covers The policy can be extended to cover third party liability - personal injury and property damage. damage to owner's surrounding property. Who can take the policy The policy can be taken by any one of the following parties, either individually or jointly :The owner of the machine The contractor / user of the construction machinery The financial institutes who have an interest in the construction machinery. Sum insured The sum insured of each item of machinery should represent the current purchase cost of a similar new machine including all incidental expenses like freight, duty, taxes, cost of erection etc.

Contractors All Risks Insurance- specially

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

Contractor All Risks

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. 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.

Main exclusions
The main exclusions under Section I : loss or damage due to: faulty design rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect. loss or damage due to gradual deterioration, atmospheric condition, rusting etc. loss discovered only at the time of taking inventory. loss arising out of penalty for delay, non-fulfillment of terms of contract.

Storage cum erection insurance- Coverage against loss/damage whilst the plant and machinery is being erected or installed

Project insurance including transit of Plant and Machinery and other equipment or materials. Covers all physical risks which a project is exposed to during storage and erection.

Marine Cum Erection Insurance-

Marine cum Erection Policy

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. The policy covers all risk of physical loss or damage of insured property other than those specifically excluded , including : marine voyage for imports , offloading / storage at port inland transit to site storage, handling, erection at site testing and commissioning at site

Erection policy: exclusions

loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection. This exclusion is limited to the items immediately affected and does not apply to any consequential loss to correctly executed items. cost necessary for rectification or correction of any error during erection unless resulting in physical loss or damage. loss or damage due to gradual deterioration, atmospheric condition, rusting etc. loss discovered only at the time of taking inventory. loss arising out of penalty for delay, non-fulfillment of terms of contract.

Marine cum Erection Policy- add on covers

Add on covers The policy can be extended to cover the following on payment of additional premium. clearance and removal of debris damage to owner's surrounding property maintenance visit / extended maintenance cover additional customs duty civil works express freight air freight deletion of duration clause under marine

Marine cum Erection Policy- sum insured How to select the sum insured The sum insured selected under section I should not be less than the completely erected value of the property inclusive of estimated freights, customs duty, erection cost etc. In case of long term contracts, there is bound to be escalation in prices i.e.prime cost. The sum insured under section II should represent the per accident limit

Workman compensation Insurance- Employer s legal liability towards employees due to accident whilst on duty
The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by the workmen arising out of and in course of employment.

Workmen Compensation policy ..

Any employer whether as a Principal or contractor engaging "workmen" as defined in WC Act to cover his liability to them under statute and at common law. Employer can cover Employees who do not qualify as "Workmen" under separate table Scope: To pay all sums which the insured is legally liable to pay the employees in respect of personal injury by accident or diseases 'arising out of and in the course of the employment' Insured's liability arising either under common law or the laws set out in the schedule Workmen's Compensation Act 1923. Costs or expenses incurred by the insured with the consent of the company, to defend any claims are paid in addition. Exclusions Any injury by accident or disease directly attributable to war and nuclear risk Insured's liability to employees of contactors to the insured Any liability of the insured which attaches by virtue of an agreement. Any compensation for diseases mentioned in Part 'C' of Workmen's Compensation Act-1923

Workmen Compensation policy .. Premium rating is governed tariff. It depends on the nature of work carried on by the insured. Tariff prescribes 2 forms of insurance Table-A: Indemnity against legal liability for accident to employees under Workmen's Compensation Act 1993 Fatal Accident Act 1855 Common Law Table-B: Indemnity against legal liability Fatal Accident Act 1855 Common Law Table A policies may be extended to cover insured's liability for contractor's workmen.

Fidelity Insurance- to cover the losses to employer by dishonesty of the employees

Fidelity Guarantee Insurance ..

Scope: The Insurer agrees to indemnify the insured against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed On or after the date of commencement of this policy During uninterrupted service with the Insured person and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof In the case of death, dismissal or retirement of the Employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen. Conditions The liability of the Insurer shall not exceed (a) in respect of any employee the sum insured stated against his name or as declared herein. (b) in respect of all claims under this policy, the total sum insured.

Fidelity Guarantee Insurance ..

If this policy shall be continued in force for more than one period of indemnity or if any liability shall exist on the part of the Insurer this Policy and also under any other Policy in respect of fraud or dishonesty of the employee, the liability of the Insurer hereunder shall not be accumulated or increased thereby but the aggregate liability of the Insurer during any number of periods of indemnity and for any number of acts of fraud or dishonesty committed by the employee shall not exceed the sum insured hereunder or the sum insured under any other such policy as aforesaid whichever is greater. The Insurer shall not be liable to pay more than one claim in respect of the action of any one employee. Exceptions: The Insurer shall not be liable in respect of losses arising elsewhere than in India.

Professional Indemnity Insurance- This policy is

meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.

Professional Indemnity insurance ..

The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected. Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered. Who can take the policy The policy is meant for professionals. We issue 'Professional Indemnity' policies to the following group of professionals:Doctors and medical practitioners - which covers registered medical practitioners like physicians, surgeons, cardiologists, pathologists etc. Medical establishments - which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment. Engineers, architects and interior decorators. Lawyers, advocates, solicitors and counsels. Chartered accountants, financial accountants, management consultants.

Professional Indemnity insurance ..

How to select the sum insured In Professional Indemnity Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following: a. 1:1 b. 1:2 c. 1:3 d. 1:4 The AOA limit, which is the maximum amount payable for each accident, should be fixed taking into account the nature of activity of the insured and the maximum number of people who could be affected and maximum property damage that could occur, in the worst possible accident. In the case of Professional Indemnity policy issued to engineers, architects, interior decorators, lawyers, advocates, solicitors, counsels, chartered accountants, financial accountants and management consultants, the Any One Accident (AOA) limit is restricted to 25% of the Any One Year (AOY) limit.

Professional Indemnity insurance .. How to claim The term "liability" means responsibility and "legal liability" means responsibilities which can be enforced by law. Legal Liability may be classified into Criminal Liability and Civil Liability. Only Civil Liability claims are payable. Civil Liability claims will arise if there is prima facie evidence of negligence by the insured resulting in injury or death to any third party or resulting in damage to property belonging to a person other than insured. Negligence will be proved only when following conditions are satisfied: Existence of duty of care Breach of this duty Injury suffered by a person or property damaged as a result of that breach. In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case.

Professional Indemnity insurance ..

The event giving rise to the claim should have occured during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The Any One Year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit. The policy will not pay for claims arising out of contractual liability, intentional non-compliance of any statutory provision, loss of goodwill, slander , fines ,penalties , libel , false arrest , defamation , mental injury etc.

Liability insurance- public liability Policy covers the

amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party.

Liability Insurance
This policy covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions. One can insure more than one unit situated in different locations under a single policy. The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.

Public Liability Insurance ..

Scope We issue three types of Public Liability Policies. Public Liability Non Industrial Risk - For offices, hotels, cinema houses, hospitals, schools etc. Public Liability Industrial Risk - For godowns , warehouses and factories. Public Liability Insurance Act 1991 - This is a mandatory policy to be taken by owners ,users or transporters of hazardous substance as defined under Environment (Protection) Act 1986 in excess of the minimum quantity specified under the Public Liability Insurance Act 1991. Add on covers The Public Liability Policy can be extended to cover the following risks on payment of an additional premium. Natural calamities like flood, earthquake etc. Pollution Risk subject to NOC from Pollution Control Board Transportation Risk

Public Liability Insurance ..

How to select the sum insured In Public Liability Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following : a.1:1 b.1:2 c.1:3 d.1:4 The AOA limit which is the maximum amount payable for each accident should be fixed taking into account the nature of activity of the insured and the maximum number of people who could be affected and maximum property damage that could occur, in the worst possible accident in the insured's premises. In the case of Public Liability Insurance Act 1991, the AOA limit should represent the paid up capital of the company subject to maximum of Rs.5 crores. The AOY limit is fixed at 3 times the AOA limit (Max.Rs.15 Crores).

Public Liability Insurance .. How to claim Legal liability under the Law of Tort ,can arise under several circumstances in insured's premises such as Collapse of building structure Accidental falling of fixtures Bad maintenance or poor housekeeping resulting in accident to visitors on the premises Accidental leakage of toxic substance which pollutes the atmosphere and injures or kills people The term "liability" means responsibility and "legal liability" means responsibilities which can be enforced by law. Legal Liability may be classified into Criminal Liability and Civil Liability. Only Civil Liability claims are payable. Civil Liability claims will arise if there is prima facie evidence of negligence by the insured resulting in injury or death to any third party or resulting in damage to property belonging to a person other than insured, or in insured's custody. Negligence will be proved only when following conditions are satisfied: Existence of duty of care Breach of this duty Injury suffered by a person or property damaged as a result of that breach.

Public Liability Insurance ..

In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case. The event giving rise to the claim should have occured during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The any one year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit. In case of Public Liability Insurance Act 1991 Policy, any award which exceeds the AOA limit will be paid by the government through Environment Relief Fund to which the insured has to contribute an amount equivalent to the premium paid under the Public Liability Insurance Act Policy. The policy will not pay for claims arising out of contractual liability, intentional non-compliance of any statutory provision, loss of good-will, slander ,fines ,penalties , libel , false arrest , defamation , mental injury etc.

covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence

Product Liability Insurance-

Product Liability Insurance .

This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence of: accidental death/ bodily injury or disease to any third party. accidental damage to property belonging to a third party. arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured's premises. The policy offers the benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of policy, also become payable.

Product Liability Insurance .

Scope: The defect in the product may be a manufacturing defect or may even be due to faulty packaging, delivery specifications or instructions as to use of the product. The policy covers the sales turnover of the company- both domestic and/or exports. The policy is on a claims made basis i.e. the claims must arise and be made in writing on the insurance company during the policy period. The policy does not cover any liability for product recall, product guarantee, pure financial loss such as loss of goodwill or loss of market. The policy also does not pay for the cost incurred for repairing or reconditioning or modifying the defective part of the product.

Product Liability Insurance .

Add on covers The policy can be extended to cover liability arising out of judgments or settlements made in countries which operate under the laws of U.S.A or Canada (which is an exclusion under the policy) by opting for the North American Jurisdiction Clause. The policy can also be extended to cover Limited Vendors Liability for named or unnamed vendors. Limited vendors liability means liability arising out of the sale and distribution of named insured products by vendors with original warranties and instructions of use of the product specified by the manufacturers. Who can take the policy The policy can be taken by the manufacturer of any product whether it be the final product or part of the final product.

Product Liability Insurance .

Claim : In case of any event likely to give rise to a liability claim as described above, insurance company should be informed immediately. In case any legal notice or summons is received, it should be sent to the insurance company. The company has the option of arranging the defence of the case. The event giving rise to the claim should have occurred during the period of insurance or retroactive period and the claim first made in writing against the insured during the policy period. The maximum amount payable including defence cost will be the AOA limit selected. The Any One Year limit will get reduced by the amount of claim or indemnity paid for any one accident. Any number of such claims made during the policy period will be covered subject to the total indemnity not exceeding the Any One Year limit.

Directors and Officers Liability Insurance- This

cover is suitable for those Directors & key officers who are in a decision -making position. These directors and officers in pursuance of their duties may take some actions which may be in violation of certain statutes or Indian Laws.

Directors and officers Liability ..

Cover: Against any loss that the Organization may incur, on account of mistaken actions taken in their individual capacity as Directors & Officers in pursuance of their duties under Memorandum and Articles of Association. Against loss arising from claims made against them by reason of any wrongful Act in their Official capacity. Legal costs & expenses incurred with the written consent of the insurers arising out of prosecution (criminal or otherwise) of any Director / officer and attendance at any investigation, examination, inquiry or other proceedings by the authority empowered to do so. Expenses incurred by any shareholder of the Company in pursuance of a claim against any Director / Officer, which the Company is legally obliged to pay, pursuant to an order of a Court. Provide indemnity to the estate of, legal heirs or legal representatives of the Director / officer in the event of the Director / officer becoming insolvent.

Directors and officers Liability ..

Exclusion Any bodily injury ,sickness, disease or death of any person or any damage to tangible property Dishonest, fraudulent, criminal or malicious act. Personal guarantee. Libel and slander Personal injury and damage to property. Pollution damage Directly resulting from goods or products manufacture or sold by the company Fines, penalties, punitive or exemplary damages. Any circumstances existing prior to inception date of policy

Aviation Insurance-

The policy covers all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.

Plate Glass Insurance- covers all kinds of accidental

breakages of the plate glass fixed to display windows or show cases of commercial establishments.

For rural areas

Different Insurance Policies required
.

Cattle & LiveStock Policy Agricultural pumpset Policy Poultry Insurance Policy Aquaculture(Fishery) Insurance Sericulture(Silk Worm) Insurance Honey Bee Insurance Gramin Accident Policy Plantation Insurance Animal Driven cart / Tonga Policy

Cattle Insurance- Indemnity under the policy will

be the sum insured or market value prior to illness whichever is less. The indemnity is limited to 75% of Sum Insured in case of a PTD claim.

Precaution is better than cure- I have a

mediclaim insurance policy to get the best treatment

Is the claim payable ?

All the dos. & don'ts. Come into action

Is there any insurance ?

Role of Insurance