GENERAL INSURANCE
Fire Insurance Policy
A house hold can cover his movable and immovable properties against fire and
allied perils.This policy can also be taken by people staying in a rented or leased house if
they are responsible for its safety by any covenant.
The Standard Fire and Special Perils Policy can be taken to cover any property within
the country.It offers cover against loss or damage due to accidental fires , lightning ,
explosion and implosion due to pressure vessels,rioting mobs, striking workers and
malicious act by third parties.It also covers impact/damage by rail or road vehicle , carts
and animals or aircraft.apart from thses it also covers landslides , rockslides, storms ,
cyclones , flood etc.The main benefit of this policy are that claims are payable at market
value of the property damaged at the time of loss upon an overall limit of sum insured
opted.
Burglary Insurance Policy
This policy is suitable for people who have movable household property (clothes ,
appliances, other personal effects, etc)which are prone to burglary, theft or larceny. The
policy pays for any loss of property due to burglary occurring during the policy
period.The amount of claim payable would be limited to sum insured or market value at
the time of loss which ever is lower.
All Risk Policy
He policy is suitable for people owning jewelry or valuables which are prone to
accidental loss or damage. The policy covers jewelry, ornaments , paintings , work of art,
and similar artifacts.The scope of cover is limited to loss or damage due to fire , riot and
strike, terrorist acts, burglary housebreaking , larceny or theft and accidental losses and
damage.
Plate Glass Insurance Policy
Any person who installs plate glass of substantial value can avail of this policy.It
is an annual policy covering all kinds of accidental breakage of fixed palte glass like
window glasses, showroom glasses etc.
Domestic Appliance Policy
This policy is suitable to householders owning domestic appliances. For example
refrigerators, washing machines,ovens and gadgets of similar nature.
It covers damage due to electrical or mechanical breakdown.The cover can be taken on
individual policy or as apart of the Householders package Policy.The loss is paid to the
extend of sum insured.The premiums are charged on the replacement value of the
appliance.
Householder’s Package Policy
The policy addresses all the insurance needs and covers of a householder with a
single package policy offered at economical rate s of premium.It is a package policy
divided into ten sections covering all the areas discussed above in addition to few more.
The package includes following sections:
Fire insurance
Burglary insurance
All risk insurance plate glass insurance
Plate glass insurance
Television insurance including VCR, VCP and
music system.
Pedal Cycle insurance
Personal baggage insurance
Personal accident insurance with a family package
discount of 10%.
Third party liability which covers injury to third
party or damages to third party property.
The policy will pay for the actual extend of loss/damage to property under the respective
section chosen.
Health Insurance
The cost of health care is rising at a fast pace.India is subscribing to the
international treaty on pharmaceutical patents , which is pushing up the cost of drugs.In
India a large section of people have been used to subsidized healthcare facilities through
state hospitals.But now municipal hospitals are taken up by corporate groups which is
increasing the cost of health care.This expense can be met though Mediclaim.
Mediclaim insurance is provided by state owned companies: National insurance ,United
India Insurance and Oriental.In addition there are new private companies:Bajaj Allinace
General insurance,Royal Sundaram General insurance,HDFC Chubb General
insurance,ICICI Lombard General insurance and Iffco Tokio Marine .
Most insurance companies are providing cashless service for mediclaim
policyholder.The nis companies outsource the job of maintaining a track record of policy
holders to a third administrator who is an exoert in healthcare.The main job of TPA is
networking with hospitals and providing them assurance that if anybody holding a
Mediclaim policy serviced by the TPA is admitted , the TPA would foot the bills on
account of the insurance company.
Film insurance
The nis companies are eyeing the entertainment industry asa whole new area of
opportunity.New private companies are getting into film nis.Bajaj Alliance General nis
has provided a policy for Vishesh Production’s movie Nastik.
In addition to package cover that other companies have been providing until now , Bajaj
Alliance is willing to provide cover due to increase in interest expenses due to delay
arising out of insured events. Indian Film Industry was granted an industry status under
the IDBI Act in October 2000, this paved the way for the insurance companies to enter
the Film industry.
The first cover to be provided far a movie was Cine Mukta Policy a package cover
developed by United India Assurance for Subhash Ghai’s Taal.A package policy for
movie production typically covers the star cast for death and sickness as well as the
negatives , raw stock props and waredrobe.The policy also covers damages to third party
property , unforeseen extra expenses incurred in the project and Film unit’s personnel
from accident as well as cash in transit.
