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General Insurance

1. About insurance?

Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.

2. What are the advantages of insurance?
  • Financial compensation
  • Peace of mind
  • Security
  • Quick recovery from a loss
3. What does General Insurance do for me?

Accidents, illness, fire, financial securities are the things you’d like to worry about any time. General Insurance provides you the much-needed protection against such unforeseen events.

4. Why I should take Insurance cover ?

Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest

5. What can be insured?

The following classes of insurance may be arranged:

  • Commercial/Residential Property All Risk
  • Construction Risk (CAR,EAR,CPM)
  • Motor (Cars , Bus ,Truck)
  • Office Package (Fire, TPL, WC, PA, Money, Fidelity)
  • Goods in Transit
  • Liability
  • Personal Accident
  • Marine Insurance(Cargo/Hull)
  • Group Medical
  • Group life
6. What is deductable?

The amount, which the insured has to bear in all cases and this amount, is first, deducted from the total assessed payable claims amount before determining insurance company’s liability

7. Why should I fill up proposal form for buying insurance?

Insurance is a contract between the insured and the insurer and the proposal form acts like offer from insured side. Moreover, it contains all the required information for the preparation of the policy which is a contract document.

8. How much insurance do I need?

It is very important to have adequate amount of coverage for each insurance policy. For any asset or property insurance, the value of the asset based on market value or reinstatement value should be taken into consideration before deciding Sum Insured. If the Sum Insured is not adequate, the percentage representing the uncovered portion of the asset is to be borne by the insured

9. What factors impact insurance rates?
  • The rates and terms imposed by reinsurance companies
  • The Probability of claims experience in the region
  • The location in which the property is located
  • Whether or not the area is subject to social unrest, flood prone or other adverse exposures
  • The type of construction. eg. Roof and walls
  • The client’s previous claims experience
  • Occupation of the building(Whether its manufacturing ,selling)
10. Are personal accidental policies are available for long term?

Generally Personal Accident policies are maximum for one year only. However, depending upon the requirement of the proposer it can be offered for a period which could even be lesser than 12 month (depends on underwriter acceptance)

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