Liability Insurance
Liability insurance is a cover to protect from loss arising out claims on account of injuries to people / damage to property made by your customers, visitors or place you visit. While we all generally take care to avoid any negligence, but it may happen in normal course of functioning and can put financial burden on you.
Professional Indemnity Insurance
As the name suggests, this is indemnity insurance cover for professionals such as Doctors, Chartered Accountants, lawyers, Architects, Engineers and other professional consultants from potential loss arising out of compensation payable to their clients on account of following:
Professional Negligence
Loss of data / information
Defamation costs
Loss of goods / property
Unintentional breach of copyrights
Other related costs etc.
Shop Owners Insurance
This is a comprehensive policy cover for all probable risks and perils faced by small / medium size shops. This cover is typically bought to protect loss arising out of Fire and allied perils, Money Insurance, Machinery Break-downs, infidelity of employees, Burglary etc.
Fire & Special Peril Insurance
Fire & Special Peril insurance covers loss or damage to building and other property lying from fire / lightening / explosion etc. Generally, while buying this policy, add-on covers such as STFI, Earthquake, Cyclone, Riot, Aircraft Damage etc are also bought.
Burglary Insurance
Burglary Insurance is a financial cover for loss to goods and property out of burglary / breaking and entering the property. The policy can cover the valuables items lying in the house such as jewellery / cash etc. as well.
There are certain exclusions to this policy such as war and civil riots etc,.theft by employees or household members, depreciation, wear & tear, burglary due to fire and related perils, shop lifting etc.
Marine Insurance
Marine Insurance Policy is meant to manage the loss or damage to goods in transit. The mode of transit can be road, rail, air or sea. The risk quotient here is quite high as goods in transit are prone to multi-farious risk such as collision of vehicle / container, fire, storm, accident, washed out, theft etc. Following are the commonly used variants of Marine Insurance:
Sales Turnover Policy
This policy covers transit of Raw Material, Finished / Semi-finished Goods pertaining to trade of the insured and covers all transit, inland, import, export, inter depot / branch movement etc.
Specific Voyage Policy
Under this policy, the risk is covered for a specific voyage / journey and the policy terminates once the goods reach defined destination.
Open Policy
This is typically an open contract for a pre-defined period an all voyages / transit undertaken during this period is covered under this policy.
Which of these marine policies is to be selected will depend upon frequency of transit / journeys for goods, departure and arrival destinations etc.
Contractor’s All Risk Cover
Contractor’s All Risk Cover or CAR as it is generally referred to in insurance industry is a comprehensive insurance cover for civil engineering projects which are under construction. Unlike Fire & Special Peril Policy, where cover is for risk mentioned in the policy, here it covers all risks except for those which are specifically excluded from the policy.
This insurance cover is opted for where construction cost is relatively higher with respect to total project value. And these are typically suited for real estate developers and builders wherein constriction of projects is part of normal business operations.
There are two segments in the policy, which are:
Material Damage Cover: It provides coverage for material lost / damaged / destroyed by any cause other than those which are specifically excluded from the policy.
Third Party Liability: It provides coverage for legal liability for loss caused to other’s property and for fatal or non-fatal injury to any person other than employers own employee or workmen.
Perils covered under CAR include:
Fire and Allied Perils
Earthquake
Flood, Storm, Cyclone etc
Collapse of building
Water risks
Human errors / negligence etc
Add-on Covers
Workmen Compensation
The workmen compensation insurance policy is virtually a mandatory requirement under the Workmen Compensation Act, 1923. This is to protect the financial burden on the employer against compensation payable to workmen arising out of injury / death caused to employees due to accidents arising out of or during the course of employment.
Any employer whether acting as principal or as contractor who engages workmen as defined in the Workmen compensation Act should take this insurance cover. For projects of bigger size and repute, this is made part of the qualitative RFQ as well.