General insurance-
General insurance also referred to as NON-LIFE Insurance, which compensates for the monetary shortfalls of the individual resulting from damage to the Property or other assets owned by it, a decline of Wellbeing, Casualty and Liability of the individual incurred by definite risks or causes. General insurance may be widely categorized as PERSONAL LINE PRODUCTS & COMMERCIAL LINE PRODUCTS.
Personal Line Products
Personal Line General Insurance Products is primarily made up of Health Insurance – Mediclaim, Motor Insurance, Personal Accident Insurance, Household Package Policy & Travel Insurance Policy.
Motor Insurance
Motor insurance provides insurance for two-wheelers, personal vehicles, passenger bearing automobiles, goods transporting vehicles and miscellaneous – a special type of automobiles. There are two kinds of Automobile Insurance schemes:
Package Policy –Detailed policy that compensates insured individuals for damages to Personal Car, Unexpected demise & body injury, Unintentional demise & physical harm to third parties and damages to assets of third parties incurred by insured risks.
ONLY TP – Liability Only policy compensates policyholders for unintentional loss of life & passenger injuries, unexpected death & physical harm to third parties and damages to third party properties incurred by insured risks. It does not compensate damages to the insured's car.
According to the Motor Vehicle Act, it is mandatory for the owner of an automobile to insure an automobile by any kind of motor insurance policy. These days, insurance companies have introduced some additions to private car insurance as stated below. These insurances are not usually included in the Standard Package Motor Policy.
- Nil or Zero Depreciation
- Engine & GearBox Protection against consequential damages or damage to Engine & Gearbox due to hydrostatic lock.
- Consumable Expense Cover.
- Key Replacement.
- Loss of personal belongings.
- NCB Protection.
- Emergency Road Assistance.
- Tyre Cover.
- Return to Invoice cover.
- Towing charge etc.
At SR ASSOCIATES, we recommend and enlighten our clients and POSP about the various coverage options to be obtained in different kinds of vehicles so that the risks are appropriately covered at an optimum price. Now, a long-term policy for two-wheelers is normally accessible for an allowable period of 3 years.
Dwelling Policy or Household Insurance Policy
House bought by a person's hard money if it gets destroyed due to fire or earthquake or similar dangers, then that unlucky family will become shelter-less. The premium for the policy of protecting homes for its manufacturing significance against such risks is very marginal and appealing discounts are also given by Insurance Companies for Long-term Dwelling Policy. Household Package Policy applies to building & content, as well as many other segments such as Machinery BreakDown, Electrical Goods, etc. This sort of policy is only provided for 12 months.
Travel Insurance
It is recognized as the Overseas Mediclaim Policy –the OMP. Although many standard health insurance policies compensate for hospital admission costs charged only within the country, not abroad, it should be considered while going overseas. Many travellers do not fill in the proposition sheet or give information, when obtaining travel insurance, about their pre-existing illnesses. In settling claims, this data is very important and Pre Existing Illnesses are covered by extremely few travel policies. The same matter could be said about limiting medical costs in the case of a traveller over 50 years of age. Prior to purchasing it, people should implement thorough research in sharing data or checking coverage. Other policies cover loss of checked in bags, postponement in flight, loss of travel documents, public liability unforeseen hospitalization, the transit of the remains of a dead person, funeral costs, and so on. We ensure that the travel insurance policy is delivered promptly as a last-minute requirement has been observed.
Commercial Line of Products
Commercial Line of Products shall indemnify a Corporate entity, whether a Shop or a Small & Medium Business or a Company for their losses, Liabilities & Losses to their Properties & Assets. Commercial Line Products include Insurance Policies like:
- Contractor’s All Risk – CAR
- Erection All Risk – EAR
- Industrial All Risk – IAR
- Boiler Insurance
- Standard Fire including Earthquake, Storm and allied perils & Terrorism.
- Loss of Profit due to Fire
- Burglary
- Machinery BreakDown – MBD
- Loss of Profit due to LOP
- Electronic Equipment
- Portable Electronic Equipment
- Money Insurance
- Fidelity Guarantee Insurance
- Plate Glass Insurance
- Neon Sign Board & its liability
- Employer’s Liability for workers – popularly known as Workmen Compensation –WC policy
- Credit Insurance
- Public Liability
- Combined General Liability or Comprehensive General Liability – CGL
- Directors’ & Officers’ Liability – D & O, Professional Indemnity or Error & Omission Liability
- Cyber Liability etc
- Marine Insurance like Open or Specific for indemnifying losses to cargo during transit
- Sales Turnover Policy indemnifying losses to cargo during Purchase, Job work & Sales
- Policies for Employee Benefits like Group Personal Accident – GPA & Group Health or Mediclaim Insurance popularly known as GMC or GHI
- All Risk Policy
- Shopkeepers Package Policy
- SME, Trade, Office, Business Package Policy
- Package Policy for School – Educational Institute, Hospital, Hotel – Restaurant etc
- Special Contingency Policy or Package Policy for events
The above-mentioned set of the Commercial Line of Insurance Products is reflective. Several other components can be incorporated here, but they are for an individual customer such as LPG Dealer's Package Policy, and others therefore such products are not mentioned here.