Policy Leader

Types of Other Insurance Policies

Marine Insurance

This policy provides coverage for risks associated with the shipping and transportation of goods by sea, air, or land. It covers losses or damages to the vessel, cargo, and third-party liabilities arising from the transportation of goods.

Fire Insurance

This policy provides coverage for loss or damage to property caused by fire, lightning, and other perils such as explosion or riot. It covers the cost of repair or replacement of the damaged property.

Workmen Compensation Insurance

This policy provides compensation for employees who suffer injuries or illness while performing work-related duties. It covers medical expenses, lost wages, and other related costs.

Benefits of Other Insurance Policies

Marine Insurance

Transit insurance covers loss or damage to goods during transportation.
With transit insurance, businesses can mitigate the risks of transporting goods, including theft, accidents, natural disasters, and other unforeseen events.
In the event of loss or damage to goods, transit insurance can help businesses quickly recover and resume operations.
Transit insurance can increase customer confidence and trust in a business, as it demonstrates a commitment to ensuring the safe delivery of goods.
Many industries and regulatory bodies require businesses to have transit insurance as a condition of doing business.
Finally, transit insurance provides peace to businesses, knowing they are protected against potential risks and losses during transportation.

Fire Insurance

Fire insurance is mandatory for many businesses in India, especially those dealing with hazardous materials.
This coverage helps businesses and homeowners avoid huge financial losses in the event of a fire.
Fire insurance policies may also cover losses caused by other perils, such as lightning, explosion, and other specified perils.
Knowing that one's property is insured against fire-related risks can provide peace of mind to business owners and homeowners, allowing them to focus on their daily operations without worrying about potential losses due to fire.
The premium paid for fire insurance is often a small fraction of the value of the property insured.

Workmen Compensation Insurance

Financial assistance for medical expenses incurred due to work-related injury or illness
Compensation for permanent or temporary disability caused by an occupational hazard
Death benefits to the dependents of the employee in case of fatal injury
Rehabilitation benefits to help the employee recover from the injury and get back to work
Legal liability coverage for employers against claims made by their employees
Protection against lawsuits filed by the employee or their family members in case of injury or deaths

Director and Officers Liability Insurance

Provides financial protection to directors and officers against legal claims arising from alleged wrongful acts.
Covers the cost of defending against claims.
Offers protection against damages and settlements awarded by courts.
Provides worldwide coverage for directors and officers of the company.

Contractor All Risk Policy

Coverage against loss or damage to the construction project, including materials, machinery, and equipment
Third-party liability coverage arising from the construction project
Protection against natural calamities such as earthquakes, floods, and storms
Coverage against accidental damage to property during the construction period
Protection against theft, burglary, and other criminal acts
Flexibility to customize coverage as per the project requirements

Personal Accident Insurance

In case of accidental death while driving the insured vehicle.
In case of permanent total disability due to an accident while driving the insured vehicle.
In case of permanent partial disability due to an accident while driving the insured vehicle.
Weekly or monthly payment for a limited period in case of temporary total disability due to an accident while driving the insured vehicle.
Reimbursement of hospitalization expenses incurred due to an accident while driving the insured vehicle.
Reimbursement of transportation expenses incurred due to an accident while driving the insured vehicle.

Group Personal Accident Insurance

Provides financial assistance to the insured's family in the event of the insured's accidental death.
Provides financial assistance to the insured in the event of a permanent or temporary disability due to an accident.
Provides financial assistance to the insured's children for education expenses in case of the insured's accidental death or permanent disability.
Provides coverage for medical expenses incurred due to an accident, including hospitalization and medication costs.
Covers various other expenses that may be incurred due to an accident, such as ambulance fees, transportation costs, and more.

Documents and Procedures Required to File a Claim Under Other Insurance Policies

Marine Insurance

The first step is to notify the insurer of the loss or damage as soon as possible. This can be done through a written notice or by calling the insurer's customer service.
The next step is to submit the necessary claim documents, which may include the original policy document, bill of lading, invoice, survey report, and any other relevant documents.
Provide evidence to support the claim, such as photographs of the damaged goods, cargo handling equipment, and any other relevant evidence.
The insurer may appoint a surveyor to assess the damage and determine the cause and extent of the loss. The insured should cooperate with the surveyor and provide access to the damaged goods.
Once the insurer approves the claim, they will settle the claim amount after deducting any applicable deductibles or excesses. The settlement may be made in the form of a cash payment or replacement of the damaged goods.

Fire Insurance

Claim form
FIR or police report
Fire brigade report
Survey report
Photographs or videos of the damaged property
Original bills and receipts for damaged items
Repair or replacement estimates
Policy documents
Identity proof of the policyholder
Any other relevant documents as required by the insurance company.

Workmen Compensation Insurance

Filled claim form.
Medical certificate stating the nature and extent of the injury or illness.
FIR or police report, if applicable.
Post-mortem report, if applicable.
Any other document as required by the insurance company.

Director and Officers Liability Insurance

Provides financial protection to directors and officers against legal claims arising from alleged wrongful acts.
Covers the cost of defending against claims.
Offers protection against damages and settlements awarded by courts.
Provides worldwide coverage for directors and officers of the company.

Contractor All Risk Policy

The contractor must inform the insurance company immediately in case of any loss or damage.
The contractor must provide all relevant documents, such as proof of loss, police report, and other supporting documents.
The insurance company will investigate to verify the claim and assess the damage.
The insurance company will settle the claim after completing the investigation and assessment process.

Personal Accident Insurance

Intimation to the insurance company immediately after the accident.
Filled and signed claim form.
Medical certificates from a qualified medical practitioner.
Death certificate (in case of death).
FIR copy (in case of accidental death or injury).
Driving license and vehicle registration certificate (RC).
Hospitalization and treatment-related bills and receipts.

Group Personal Accident Insurance

Claim Intimation

Inform about the accident and the insured person's details, including the policy number
Provide details of the accident, such as the date, time, and place of occurrence, and the nature of the injuries sustained.

Claim Processing

Submit all the required documents, such as medical certificates, hospital bills, and police reports, to the company.
The company will evaluate the claim and may conduct an investigation if necessary.
The insurance company may ask for additional information or documents if required.

Claim Settlement

The insurance company will either approve or reject the claim based on the evaluation.
If the claim is approved, the insurance company will disburse the amount to the insured person or the nominee, as per the policy terms.
If the claim is rejected, the insurance company will provide a reason for the rejection.

Documents for a Death Claim

Death certificate of the insured person.
Post-mortem report, if applicable.
FIR or police report, if the death was due to an accident.
Medical reports and treatment documents, if any.

Documents for a Disability Claim.

Medical certificate stating the nature and extent of disability.
Hospitalization bills and medical receipts, if applicable.
FIR or police report, if the disability was due to an accident.
Any other document as required by the insurance company.

Biggest Myths Surrounding Other Insurance Policies

Marine Insurance

Myth :Marine insurance only covers losses due to shipwrecks or piracy.

Reality :Marine insurance covers a wide range of risks associated with transportation of goods, including damage caused by weather, accidents, theft, and more.

Fire Insurance

Myth :Fire insurance covers all types of fire damage, including arson.

Reality :Fire insurance policies typically have exclusions for damage caused by intentional acts, such as arson. It also doesn't cover losses due to earthquakes or floods, which may require separate insurance policies.

Workmen Compensation Insurance

Myth :Workers' compensation insurance only covers injuries that occur on the job site.

Reality :Workers' compensation insurance typically covers injuries or illnesses that arise from work-related activities, whether they occur on or off the job site.

Director and Officers Liability Insurance

Myth :D&O insurance only covers intentional acts of wrongdoing by directors and officers.

Reality :D&O insurance also covers claims related to negligent acts, errors or omissions, breach of duty, and more.

Contractor All Risk Policy

Myth :CAR insurance only covers the contractor's liability.

Reality :CAR insurance also covers damage to the project site, materials, and equipment.

Personal Accident Insurance

Myth :Personal accident insurance is only necessary for high-risk individuals.

Reality :Accidents can happen to anyone, and personal accident insurance can provide financial protection in the event of an unexpected injury or death.

Group Personal Accident Insurance

Myth :Group personal accident insurance is unnecessary if employees already have individual accident insurance

Reality :Group personal accident insurance can provide additional coverage and may be more cost-effective than individual policies, making it a valuable addition to an employee benefits package.