1.GROUP MEDICLAIM COVER

• Cost-effective: Group Mediclaim insurance is usually cheaper than individual health insurance policies. The premium is usually paid by the group or employer, which makes it more affordable for individuals.
• Comprehensive coverage: Group Mediclaim insurance offers coverage for medical expenses, including hospitalisation, surgeries, and critical illnesses. This coverage can help individuals deal with unexpected medical expenses without causing a financial burden.
• No waiting period: Group Mediclaim insurance usually has no waiting period for pre-existing illnesses, which means individuals can start using their coverage as soon as they become part of the group.
• Coverage for pre-existing conditions: Unlike individual health insurance policies, group mediclaim insurance may provide coverage for pre-existing medical conditions without requiring any waiting period. This can be beneficial for employees or members who have pre-existing conditions and may not be able to get coverage through individual policies.
• No medical check-up: In many cases, Group Mediclaim insurance does not require any medical check-up for the members to be covered. This can save time and hassle for both the individuals and the group or employer offering the policy.
• Enhanced benefits: Group Mediclaim insurance policies often offer enhanced benefits such as maternity coverage, daycare procedures, and critical illness coverage. These additional benefits can provide more comprehensive coverage for the members.
• Easy to obtain: Obtaining group Mediclaim insurance is relatively easy as the group or employer handles the paperwork and formalities. This makes it more convenient for individuals to obtain coverage.
• Tax benefits: The premium paid towards group mediclaim insurance is tax-deductible under section 80D of the Income Tax Act, 1961, which helps in reducing the tax liability of the employer and employees.
• Quick and easy to purchase: Group mediclaim insurance policies are easy to purchase, and the administrative procedures are simplified as the policy is bought for a group of individuals, saving time and effort.
• Retention tool: Employers offering group mediclaim insurance can use it as a retention tool to attract and retain employees. It shows that the employer cares about the health and well-being of their employees, which can improve employee morale and loyalty.
• Overall, group mediclaim insurance can be very beneficial for individuals as it provides comprehensive coverage at an affordable cost, and it can be a useful retention tool for employers.

2.MACHINERY BREAKDOWN INSURANCE

The Machinery breakdown insurance policy covers the loss due to sudden and accidental machinery damage emerging from both internal and external causes. Some of the causes can be short circuits, structural defects, loosening of parts, excessive speed and lack of lubrication. Let us look at the situations when machinery breakdown insurance can be used:

• Machinery breakdown due to short-circuits, excess voltage, and electrical faulty design, faulty material, and faulty casting that manifest after the warranty period due to electrical and mechanical breakdowns
• Abnormal operating conditions of the machine
• Falling, impact and collision resulting in breakdowns
• Carelessness and lack of operating skills in the operations and management of machinery
• Turbines bursting, compressors, hydraulic cylinders or other apparatus which is subjected to centrifugal force or internal pressure
• Damage or loss due to initiation of fire from within the machinery is also included which is generally excluded from the standard fire protection policy

The protection is offered for machines both in working and in rest condition. Some other conditions are when dismantled or moved or re-assembled for cleaning, inspection or repair.

3. STANDARD FIRE AND SPECIAL PERILS POLICY

• This policy can be taken by owners of shops, commercial buildings, manufacturing units, godowns, etc. having value at risk more than INR 50 Crs. No SFSP policy can be issued to “Dwellings – Individual” & “Dwellings – Society including Residential Colonies/Home welfare Associations/Dwellings owned by Corporates” irrespective of the Sum insured
  • Fire
  • Lightning
  • Explosion / Implosion (Excluding loss, destruction or damages to industrial boilers & caused by centrifugal forces)
  • Aircraft Damage- caused by aircraft, other aerial devices or articles dropped there excluding those caused by pressure waves
  • Riot, Strike and Malicious Damages (RSMD)
  • Storm, Cyclone, Typhoon Tempest, Hurricane, Hail Storm, Tornado, Flood and Inundation (STFI)
  • Impact Damage- by rail/road vehicles or animals not belonging to the insured
  • Subsidence and Landslide including Rockslide
  • Bursting and/or overflowing of water tanks, apparatus and pipes
  • Missile Testing Operations
  • Leakage from Automatic Sprinkler Installations
  • Bush Fire
• The policy covers buildings as well as contents such as furniture/Fixtures/Fittings, Plant & Machinery, Electrical fittings and stock.
• Named perils policy covering 12 perils

4.WORKERS COMPENSATION 

The key benefit of Workmen’s Compensation Insurance is that it provides financial protection for both employers and employees in case of work-related injuries, accidents, or occupational diseases. Here are some of the main benefits:

• Financial Assistance for Employees: It ensures that employees receive compensation for medical expenses, lost wages, and rehabilitation costs if they are injured or fall ill due to work-related incidents.
• Legal Compliance: It helps employers comply with legal requirements, such as the Workmen’s Compensation Act, which mandates compensation for work-related injuries.
• Peace of Mind for Employers: Employers can have peace of mind knowing that they are financially protected against potential claims and lawsuits related to workplace injuries.
• Coverage for Occupational Diseases: It covers medical expenses and compensation for employees who develop diseases due to exposure to harmful substances at work.
• Protection for Employers: It limits the employer’s liability and protects them from direct financial losses in case of employee claims

5.MARINE TRANSIT COVER

Marine Transit Cover, also known as Marine Transit Insurance, provides coverage for goods transported by sea, air, road, or rail. Here are some key points:

• Comprehensive Coverage: It covers a wide range of risks, including damage due to accidents, natural disasters, theft, and improper handling.
• Types of Policies: There are different types of policies, such as open transit insurance (covering all shipments over a period) and single transit insurance (covering a specific shipment).
• Inland Transit Clause: This clause extends coverage to goods transported overland between different modes of transport, ensuring protection from risks like theft, weather damage, or accidents.
• Customization: Policies can be customized based on the nature of the business and specific requirements.
• Liability Coverage: It may also cover liability risks associated with third-party property damage or bodily injury.

6.DIRECTORS & OFFICE LIABILITY – D&O & PROFESSIONAL INDEMNITY-PI

Directors & Officers (D&O) Liability Insurance:

• Coverage: Protects directors and officers against personal liability for wrongful acts committed in their managerial capacity, such as negligence, breach of duty, or misrepresentation.
• Legal Defense Costs: Covers legal fees and other defense costs associated with claims made against them.
• Types of Coverage: Includes Side A (directors and officers), Side B (company reimbursement), and Side C (entity coverage).
• Peace of Mind: Provides peace of mind for directors and officers, allowing them to perform their duties without fear of personal financial loss.
• Compliance: Helps companies comply with legal requirements and corporate governance standards.

 7.Cyber crime and risk protection insurance 

Cyber crime and risk protection insurance is crucial in today’s digital age. Here are some key points to consider:

• Coverage: Cyber insurance typically covers expenses related to data breaches, cyber extortion, business interruption, legal fees, and regulatory penalties2.
• Financial Protection: It helps businesses mitigate financial losses from cyber incidents, including costs for notifying affected parties, forensic investigations, and credit monitoring.
• Reputation Management: Cyber insurance can assist in managing the reputational damage that often follows a cyber attack.
• Risk Management: It is an integral part of a comprehensive risk management strategy, encouraging businesses to adopt stronger cybersecurity measures.
• Legal and Regulatory Compliance: Coverage often includes costs associated with legal defense and regulatory fines.
• Business Continuity: Cyber insurance can cover lost income and additional costs incurred due to business interruptions caused by cyber attacks.

8. CONTRACTOR’S ALL RISK – (CAR)

Contractor’s All Risk (CAR) Insurance offers several key benefits for construction projects:

• Comprehensive Coverage: It provides extensive protection against a wide range of risks, including damage to the construction site, materials, and equipment.
• Third-Party Liability: Covers financial and legal liabilities arising from injuries or accidents caused to third parties during construction activities.
• Protection Against Natural Disasters: Covers losses due to natural calamities like floods, storms, earthquakes, and landslides.
• Business Continuity: Ensures that construction projects can continue smoothly without significant financial setbacks due to unforeseen events.
• Legal Compliance: Often required for obtaining construction permits and adhering to legal guidelines in many regions.
• Financial Protection: Helps contractors recover from setbacks by covering unexpected expenses and financial losses

9 TRADE CREDIT INSURANCE

Trade Credit Insurance offers several key benefits for businesses:

• Protection Against Bad Debts: It covers the risk of non-payment by customers due to insolvency or financial difficulties, safeguarding your cash flow.
• Enhanced Working Capital: By protecting against bad debts, it helps improve your working capital and financial stability.
• Improved Borrowing Power: It can enhance your ability to secure external financing, as lenders often view insured receivables more favourably.
• Credit Management Discipline: Encourages better credit management practices and risk assessment of customers.
• Supports Business Growth: Provides confidence to extend higher credit limits to customers, potentially increasing sales and profitability

10 ELECTRONICS EQUIPMENT INSURANCE 

• 1. This Section covers the accidental damage to the insured equipment against “All Risks,” namely:
• Fire, Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious and Terrorism Damage, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Impact Damage, Subsidence Land slide, Rock slide, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations, Bush Fire (Fire & Allied Perils)
• Electrical & Mechanical Breakdowns
• 2. In short, the cover provided is for damage caused by unforeseen and sudden physical loss or damage from any cause (other than those specifically excluded- explained in subsequent paragraphs) in a manner necessitating repair or replacement.
• 3. This Section covers Loss/Damage to external Data Mediai.e. Tapes, Discs, magnetic drives etc caused by any peril as mentioned earlier in Section-I.
• The cost of restoration of the stored data can also be covered (provided backup system is available)
• 4. Increased cost of working (ICOW) for use of substituted electronic equipment for continued data processing following indemnifiable damage to insured electronic equipment can be covered under this Section.

11. CLINICAL TRIAL INSURANCE