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Miscellaneous Insurance
 

• Workman Compensation / Employer’s Liabilities Insurance
The Workman’s Compensation Policy affords protection to workers in accordance with the requirements of Workmen’s Compensation Act to ‘Worker’ as defined in the Act, in the event of injury and death of the workman.

• Personal Accident Insurance:
The intention of the basic policy is to provide compensation in the event of an accident causing death or injury. What are termed capital sums are paid in the event of death or certain specified injuries such as the loss of limbs or sight as may be defined in the policy.

The policy is usually extended to include a weekly benefit for up to 52 weeks, or compensation if the insured is temporarily totally disabled due to an accident and a reduced weekly benefit if he is temporarily only partially disabled from carrying out his normal duties. In the event of permanent total disablement (other than loss of eyes or limbs) an annuity is paid.

In addition to the purchase of personal accident insurance by individuals, it is also for companies to arrange cover on behalf of their employees and many organizations arrange ‘group schemes‘ to this end.

Personal accident cover can be extended to provide a weekly benefit for up to 52 weeks if the insured is temporarily or totally disabled from engaging in his usual occupations due to sickness. Personal accident and sickness policies are renewable annually and, its scope is worldwide.

• Group Hospitalization Insurance:
This policy covers a group of persons against the medical expenses incurred as an in-patient due to sickness. The cover can be extended to include pregnancy and critical illness.

• Money Insurance:
(Cash in safe &/or on counter and whilst in Transit)
The loss of money represents the final form of all risks cover. The policy provides compensation to the insured in the event of money being stolen either from his business premises, his own home, or while it is being carried to and from bank. Even for the person running a medium sized business, this is an extremely important form of cover since large sums of money are drawn from banks to meet wages and these can often be the target for hold ups.

One important addition to this cover is often the provision of some compensation to employees who may be injured or have clothing damaged during a robbery.

• Burglary Insurance:
Burglary policies have the same aim as the standard fire policy, in that they intend to provide compensation to the insured in the event of loss and/or damage of the property insured.

The property to be insured, for a commercial venture, will be the same as under the fire policy except of course the buildings. The Burglary Policy will, in addition, show a more detailed definition of the stock. The reason for this is that fire is indiscriminate, whereas a theft is not , so the insurers charge more for stock which is attractive to thieves.

Burglary within the meaning of the policy include force and violence either in breaking into or out of the premises insured.

• Fidelity Guarantee:
The object of this class of business is to provide protection against loss by reason of the dishonesty of persons holding position of trust, resulting in direct financial loss.

• House Hold Insurance:
This policy provides cover to articles including Jewelry and Cash/Prize Bonds due to the risks of Burglary/Dacoity and material damage.

• Baggage Insurance:
The scope of its insurance is worldwide and covers loss or damage to the baggage of the traveler in any part of the world.

• Third Party Liability:
This policy will indemnify the insured in respect of all sums which the insured shall become legally liable to pay for death of or bodily injury to any person and/or direct damage to property by accident including legal fee as described in the policy schedule arising during period of indemnity and caused by insured or any person in the service of the insured occurring during the actual progress of work, and any defect in the buildings ways works, machinery or plant connected with or used in the business of the insured.

• Product Liability:
Product Liability Policy provides compensation to manufacturers / suppliers of goods / products or services, if goods / products supplied are defective in any way and as a result of which the customer / user suffer property damage or bodily injury. The Product Liability Policy would indemnify the producer / suppliers for their legal liability including the legal expenses.

• Professional Indemnity Policy:
Professional Indemnity Policy indemnifies the Insured as a direct result of any negligent act, error on omission in the professional conduct and execution of the professional activities. Legal expenses incurred are additionally paid.

This cover is suitable for professionals like lawyers, accountant, engineers, consultants, doctors etc.

 
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