1. GROUP HEALTH INSURANCE– GHI: -

SCOPE OF COVER:-

A group health insurance policy covers a group of employees under a single plan.

The policy covers the employees of the organization for their costs of medical treatments in hospital, and hence provides much needed financial assistance.

Process for cashless claim:

• Go to network hospital
• Share health card & Govt. ID proof
• Insurer will share the authorization letter for claim settlement.

Process for Reimbursement claims:

• Intimate the claim to the insurer immediately.
• Submit the documents to the TPA (Third Party Administrator)

2. GROUP PERSONAL ACCIDENT– GPA:-

SCOPE OF COVER:-

Group Personal Accident Insurance provides a comprehensive coverage for all expenses associated with accidents. In case of the accidental death of the insured, 100% of sum insured is paid to the nominee.

This policy provides protection against insured's burns arising due to an accident.

Permanent disability -

If the employee suffers a permanent loss of limbs, the insurance company offers to fund education of the employee’s child.

Ambulance cost -

If the employee needs hospitalization, the group accident policy pays for the ambulance cost.

Transport of mortal remains -

Insurance companies offers to cover cost incurred for transport of dead body from accident site to the residence of the employee .

PREMIUM: –

The Premium chargeable for the policy depends on occupation of the Insured person and the Table of benefits availed.

Personal Accident Insurance Claim Process: -

• After the accident, immediately inform the customer care of the insurance company through the website or the customer care number or the insurance provider.
• Provide the policy documents.
• Provide the duly filled in claim form.
• Submit other required documents as per the case – death, partial disability, total disability, etc.
• In the next step, the insurance company conducts a scrutiny to understand the authenticity of the claim.
• If approved, the company will transfer the payment in your account.
• If rejected, the company might seek other documents, and if it is still not satisfied, it might reject the claim.

3.WORKMEN’S COMPENSATION– WC: -

SCOPE OF COVER:-

A Workmen Compensation insurance policy is a commercial insurance policy that covers the legal liability of an employer to provide compensation to its workmen in case of their death or accident.

PREMIUM: – The Premium rate depends on the occupation of the workmen and his/her annual “ Earnings”.

CLAIM PROCESS:-

• The insured must notify the insurance company immediately after the incident occurs.
• If the accident takes place at the manufacturing unit then the factory inspector must be intimated immediately about the incident.
• The claim then needs to be submitted in writing with all the required documents.
• The claim is verified by a representative from the insurance company.
• The insurer may either approve or deny the claim depending on the verification result.

4.Fire and burglary insurance

SCOPE OF COVER:-

Fire insurance policy is basically a contract between the buyer and the insurer, where the insurer guarantees to pay for the damage or loss caused to the property of the insurer for a particular time period. ... Fire insurance coverage includes mishaps caused due to accidental fire, lightning, implosion or explosion, etc.

POLICY COVERAGE’S:-

This policy provide coverage against financial loss or property damage caused by a fire or other covered peril.

Premium: -The premium is calculated Section wise. The policies covering buildings and/or contents should take into accounts block wise separate amounts on the following:

• Buildings
• Machinery and accessories
• Stock & Stock-in-Process
• Furniture & other contents

Claim Requirements Procedure:-

• Immediate intimation to the Company about the loss in writing providing the nature and extent of loss and the estimate of the loss.
• Take all steps to reduce and minimize the extent of loss or damage. Extend co-operation to the Insurer and the surveyor.
• Safe custody of the damaged property.
• Inform the Fire Brigade and obtain their reports.
• Obtain the Fire Brigade Bill.
• Meteorological report in case of natural calamities.

5.FIRE LOSS OF PROFIT INSURANCE (FLOP)

The Consequential Loss (fire) policy covers Loss of Gross Profit and /or increase in cost of working due to reduction in turnover / output due to operation of peril covered in the Standard Fire & Special Perils Policy.

BENEFITS :-

• Protection from loss of net trading profit.
• Standing charges.
• Protection from loss of wages.
• Auditor fees are covered by the insurance policy.
• Increased cost of working.

The policy also offers EXTENSIONS that can cover the following –

• Accidental failure of public electricity / gas / water supply
• Damage to customer's premises due to perils covered under Fire Policy
• Damage to Supplier's premises due to perils covered under Fire Policy

What is covered under a loss of profits insurance?

The Loss of Profits Policy is formulated to cover the likely monetary loss occurring from break in business activity that may arise due to physical loss of property by an event covered for insurance.

6.BURGLARY INSURANCE:-

7.MARINE INSURANCE:-

Marine Cargo Insurance Policy:-

Marine cargo insurance is a class of property insurance that insures property while in transit against perils consequent or incidental to the navigation of the sea or air or rail/road/inland waterways.

Risks Cover Under this policy:

The policy provides coverage from the risks arising during transit via sea and other modes of transport. The insurer compensates for the following: Marine insurance coverage is provided from dire situations like fire or explosion, sinking, stranding during a cargo journey.

8.LIABILITY INSURANCE

The term liability insurance refers to an insurance product that provides an insured party with protection against claims resulting from injuries and damage to other people or property.

Directors & Officer Liability:-

Director and officer liability coverage covers a company's board of directors or officers against liability if the company should be sued. Some companies provide additional protection to their executive team even though corporations generally provide some degree of personal protection to their employees.

A D&O Policy Covers:-

Liability insurance covers legal costs and payouts for which the insured party would be found liable. Provisions not covered include Intentional damage, contractual liabilities, and criminal prosecution. Liability insurance is often required for automotive insurance policies, product manufacturers, and anyone who practices medicine or law. Personal liability, Product and Public Liability, workers' compensation, and commercial liability are types of liability insurance.

TYPES OF LIABILITY INSURANCE:

Indemnity insurance provides coverage to protect a business against negligence claims due to financial harm resulting from mistakes or failure to perform.

Employer’s liability and workers' compensation is mandatory coverage for employers, which protect the business against liabilities arising from injuries or the death of an employee.

Product liability insurance is for businesses that manufacture products for sale on the general market. Product liability insurance protects against lawsuits arising from injury or death caused by their products. Umbrella liability policies are personal liability policies designed to protect against catastrophic losses. Coverage generally kicks in when the liability limits of other insurance are reached.

Commercial liability insurance is a standard commercial general liability policy also known as comprehensive general liability insurance. It provides insurance coverage for lawsuits arising from injury to employees and the public, and property damage caused by an employee, as well as injuries suffered by the negligent action of employees. The policy may also cover infringement on intellectual property, slander, libel, contractual liability, tenant liability, and employment practices liability.

Comprehensive general liability policies are tailor-made for any small or large business, partnership or joint venture businesses, a corporation or association, an organization, or even a newly acquired business. Insurance coverage includes bodily injury, property damage, personal and advertising injury, medical payments, and premises and operations liability. Insurers provide coverage for compensatory and general damages for lawsuits but not punitive damages.

8.Marine insurance
9.Logistics insurance
10.Public liability insurance
11.Product liability insurance
12.Professional indemnity insurance
13.Cyber security insurance
14.Stock market IPO insurance
15.Engineering projects insurance
16.Electrical break down insurance
17.Mechanical break down insurance
18.Errection and commissioning insurance
19.CEO liability insurance
20.Errors and omissions insurance
21.Real estate Title insurance
22.Motor insurance
23.Overseas travel insurance
24.Flats and Apartment - housing society insurance
25.Home insurance