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Marine Insurance

Marine Hull Insurance




Premium

Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience

Coverage

  • All types of Oceangoing vessels
  • All type of Coastal/Inland vessels
  • Yard and pleasure Crafts
  • Port Crafts
  • Shipbuilding- construction of vessel
  • Ship Repairers' Liabilities
  • Charterers Liabilities
  • Breaches of warranties / voyage cover
  • Freight- at -Risks insurance for voyages
  • Dredgers
  • Fishing vessels / Trawlers
  • Sailing Vessels
  • Jetties (with or without cranes), fixed pontoons/Pontoons Jetties, wharves etc.
  • Ship breaking

The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by

  • Fire, explosion
  • Stranding, sinking etc
  • Overturning, derailment ( of land conveyance )
  • Violent theft by persons outside the vessel.
  • Collision
  • General average sacrifice, sacrifice, salvage charges
  • Jettisons
  • Piracy
  • Breakdown of or accident to nuclear installations or reactors
  • Contact with aircraft or similar objects, or objects falling there from, land conveyance, dock or harbor equipment or installation.
  • Earthquake volcanic eruption or lightning.
  • Crew Negligence.

Exclusions

The policy does not cover loss/ damage due to:

  • Deliberate damage/destruction of the vessel by wrongful act of any person
  • Use of any weapon of war employing atomic / nuclear fission and or fusion.
  • Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons
  • Insolvency or financial default of the vessel owner /operators /charterers
  • War / civil war, Strike, Riot or Civil Commotion
  • Any terrorist or person/s acting with political motive

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Marine Cargo




Scope of cover

There are two typesw of covers:

  • “Basic Risk Policy” covers loss or damage to specify goods caused by fire, lightning, breakage of bridges, overturning of vehicles, collision with or by carrying vehicle, subject to specified exclusions.
  • “All Risks Policy” covers all risks of loss or damage to specified goods, subject to exclusion.

The scope of cover under inland policies are determined by Inland Transit Clauses A, B and C. While C covers the losses arising due to fire and lightning, B covers losses arising due to accident of the carrying vehicle besides whatever is covered in C. Inland Transit Clause A is an All Risk policy.

The scope of cover under inland policies are determined by Institute Cargo Clauses A, B and C.

While C broadly covers the losses arising due to fire/ explosion/ sinking/ stranding/ jettison/ General Average, B covers losses arising due to earthquake, entry of sea water, washing overboard etc besides whatever is covered in C

Institute Cargo Clause A is an All Risk policy.

All the policies are subject to certain exclusions like inherent vice, losses arising due to war and nuclear perils etc.

Sum Insured

The sum insured is based on cost, insurance, freight and other incidental expenses. This is an agreed value policy

Premium

Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience.

Exclusions

  • Loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection. This exclusion is limited to the items immediately affected and does not apply to any consequential loss to correctly executed items.
  • Cost necessary for rectification or correction of any error during erection unless resulting in physical loss or damage.
  • Loss or damage due to gradual deterioration, atmospheric condition, rusting etc
  • Loss discovered only at the time of taking inventory
  • Loss arising out of penalty for delay, non-fulfillment of terms of contract.

Main Extensions

  • On payment of additional premium, I ensured can opt for certain extensions to the cover provided under the policy
  • Extensions available are include War, Strike, Riot and Civil Commotion and Duty Insurance Cover

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Consequential Loss Policy




Introduction

The Consequential Loss (fire) policy covers Loss of Gross Profit and/or increase in cost of working due to reduction in turnover/output due to operation of peril covered in the Standard Fire & Special Perils Policy. This policy offers a solution by covering profit lost due to reduction in turnover arising from interruption of business following damage to the property insured. This policy can be taken only in conjunction with Fire Policy or Machinery Breakdown policy. This policy is also known as Business Interruption Policy or Loss of Profit Policy.

The Policy Covers

  • Loss of Gross Profit
  • Increase Cost of Working

Coverage Includes

  • Loss of Net Trading Profit
  • Standing Charges
  • Loss in Respect of Wages other than those covered by the Standing Charges
  • Increased Cost of Working
  • Auditor's Fees

Extensions

  • Suppliers Premises
  • Customers Premises

Failure of Public utility of power/gas/water supply.

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Shop Insurance




Introduction

Shop Insurance is a comprehensive policy offered by ICICI Lombard General Insurance Company for your shop. It covers both the structure and its contents of your shop and protects you against financial loss in case of an unfortunate incident of fire, earthquake, fraud, burglary, etc. It also provides compensation of liability claims and accidental benefits.

Scope of Cover

  • Fire & Allied Perils -Provides protection for the property and interests of the insured against fire, burglary, theft or any fortuitous event
  • Covers breakdown of office equipment
  • Workmen’s Compensation-covers liability towards workmen under the Workmen’s Compensation Act.
  • Covers Business Interruptions suffered due to fire and allied perils Fidelity Guarantee -Provides protection against fraudulent and dishonest employees
  • Covers money carried to the bank, plate glass, neon sign and other electronic equipment in the shop
  • Covers for damage to data media, software and cost of recovery of lost data Personal Accident insurance provided for you and permanent employees

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Group Mediclaim Insurance Policy




Introduction

Health Care costs are high and getting higher. Who will pay your bills if you have a serious accident or a major illness? Most of the times we are unprepared for these difficult times, emotionally, as well as financially. Bajaj Allianz's Health Guard Policy protects you and your family in case you need expensive medical care. It also offers you cashless benefit & medical reimbursement for hospitalization expenses.

Scope of Cover

  • Policy covers reimbursement of hospitalization expenses incurred for diseases contracted or injuries sustained in India.
  • Pre – hospitalization: Medical expenses upto 30 days
  • Post – hospitalization: Medical expenses upto 60 days

Sum Insured

Sum Insured generally depends on the company or the group for which insurance is taken. The Popular limits are between Rs 100,000/- to Rs 500,000/- and it can be taken as separate for each of the family members or as Floater sum insured for the whole family.

Exclusions

  • Any illness/disease which occurs within first 30 days of the policy ( Not applicable on renewal )
  • Any pre existing illness i.e. any sickness or symptom of the same existing prior to effecting insurance and complications thereof.
  • Any dental treatment or surgery unless requiring hospitalization
  • All health checkups and any routine eye examination and cost of glasses/ lenses ,hearing aids, crutches, walker and similar expenses
  • Any expenses traceable to pregnancy/ child birth
  • Any expenses on vitamins and tonics unless necessitated by surgery / disease
  • Any expenses incurred for diagnosis etc not consistent with treatment for injury/ illness / disease
  • Circumcision, vaccination , inoculation, cosmetic or aesthetic treatment, plastic surgery unless necessitated by an accident
  • Convalescence, nervous breakdown, rest cure, congenital defect, venereal disease , insanity , intentional self injury and any disease resulting from use of drugs or liquor.
  • Naturopathy treatment
  • Voluntary medical termination of pregnancy
  • Exclusions for first year of policy for treatment of cataract, benign prostatic hypertrophy, hysterectomy for menorrhagia or fibromyoma, hernia , hydrocele, congenital internal diseases, fistula in anus, piles , sinusitis and related disorders unless such diseases are excluded as pre existing.
  • Ambulance charges, registration fees, medical records and other miscellaneous expenses. Injury or diseases directly or indirectly caused by or arising from or attributable to invasion, war (whether declared or not), act of foreign enemies.
  • Any medical treatment undergone because of intentional self injury or consumption of intoxicating drugs or alcohol.
  • Injury or disease directly or indirectly caused by or contributed to or by any nuclear weapon or materials.

Extensions

  • Floater Cover: Under this benefit the family members are also covered under the policy. Entire amount of sum insured can be claimed by any of the family members or one or more family members put together can claim up to the sum insured. Amount can be claimed for one or more hospitalization during the policy period.
  • Pre-existing disease: The policy covers any disease or ailment existing prior to the inception of the policy other than birth defects &/or any condition stated in exclusion related to AIDS/HIV positive cases.
  • 30-days exclusion waiver: Any medical expenses incurred during the first 30 days of inception of the policy are covered – by deleting exclusion clause Of the policy.
  • 1st year exclusion waiver: This is an extension wherein few diseases not covered under normal circumstances during first year of the inception of the policy will be covered.
  • Maternity Cover: This cover can be obtain wherein the maternity expenses for any female member are covered for a specified amount .The benefit can be allowed with or without 9 months waiting period.
  • Pre & Post Hospitalization Expenses: The policy covers relevant medical expenses incurred during period up to 30 days prior to hospitalization as well as during 60 days after hospitalization as a part of claim payable under the Policy.
  • Reimbursement of Ambulance Expenses: The policy covers reimbursement of ambulance expenses in case of any emergency only.
  • Domiciliary Hospitalization: can be covered under any of the following circumstances, namely: The condition of the patient is such that he/she cannot be removed to the hospital/nursing home or the patient cannot be removed to the hospital/nursing home for lack of accommodation therein.

Advantages

  • Single policy covering all risks in a shop.
  • Complete coverage at lower premium
  • Simple documentation
  • Saving on costs
  • Smooth functioning of the business
  • One stop shop / solution for the clients business related needs

Exclusions

  • Willful destruction of property by the following
  • Damage or destruction caused by war perils
  • Wear and tear
  • Atmospheric conditions

Are You Confuse...?

You are not getting which insurace policy will fit for you and your family, Dont't worry contact us our expert advisor help you in that.



Read more

Group Mediclaim Insurance Policy




Introduction

Health Care costs are high and getting higher. Who will pay your bills if you have a serious accident or a major illness? Most of the times we are unprepared for these difficult times, emotionally, as well as financially. Bajaj Allianz's Health Guard Policy protects you and your family in case you need expensive medical care. It also offers you cashless benefit & medical reimbursement for hospitalization expenses.

Scope of Cover

  • Policy covers reimbursement of hospitalization expenses incurred for diseases contracted or injuries sustained in India.
  • Pre – hospitalization: Medical expenses upto 30 days
  • Post – hospitalization: Medical expenses upto 60 days

Sum Insured

Sum Insured generally depends on the company or the group for which insurance is taken. The Popular limits are between Rs 100,000/- to Rs 500,000/- and it can be taken as separate for each of the family members or as Floater sum insured for the whole family.

Exclusions

  • Any illness/disease which occurs within first 30 days of the policy ( Not applicable on renewal )
  • Any pre existing illness i.e. any sickness or symptom of the same existing prior to effecting insurance and complications thereof.
  • Any dental treatment or surgery unless requiring hospitalization
  • All health checkups and any routine eye examination and cost of glasses/ lenses ,hearing aids, crutches, walker and similar expenses
  • Any expenses traceable to pregnancy/ child birth
  • Any expenses on vitamins and tonics unless necessitated by surgery / disease
  • Any expenses incurred for diagnosis etc not consistent with treatment for injury/ illness / disease
  • Circumcision, vaccination , inoculation, cosmetic or aesthetic treatment, plastic surgery unless necessitated by an accident
  • Convalescence, nervous breakdown, rest cure, congenital defect, venereal disease , insanity , intentional self injury and any disease resulting from use of drugs or liquor.
  • Naturopathy treatment
  • Voluntary medical termination of pregnancy
  • Exclusions for first year of policy for treatment of cataract, benign prostatic hypertrophy, hysterectomy for menorrhagia or fibromyoma, hernia , hydrocele, congenital internal diseases, fistula in anus, piles , sinusitis and related disorders unless such diseases are excluded as pre existing.
  • Ambulance charges, registration fees, medical records and other miscellaneous expenses. Injury or diseases directly or indirectly caused by or arising from or attributable to invasion, war (whether declared or not), act of foreign enemies.
  • Any medical treatment undergone because of intentional self injury or consumption of intoxicating drugs or alcohol.
  • Injury or disease directly or indirectly caused by or contributed to or by any nuclear weapon or materials.

Extensions

  • Floater Cover: Under this benefit the family members are also covered under the policy. Entire amount of sum insured can be claimed by any of the family members or one or more family members put together can claim up to the sum insured. Amount can be claimed for one or more hospitalization during the policy period.
  • Pre-existing disease: The policy covers any disease or ailment existing prior to the inception of the policy other than birth defects &/or any condition stated in exclusion related to AIDS/HIV positive cases.
  • 30-days exclusion waiver: Any medical expenses incurred during the first 30 days of inception of the policy are covered – by deleting exclusion clause Of the policy.
  • 1st year exclusion waiver: This is an extension wherein few diseases not covered under normal circumstances during first year of the inception of the policy will be covered.
  • Maternity Cover: This cover can be obtain wherein the maternity expenses for any female member are covered for a specified amount .The benefit can be allowed with or without 9 months waiting period.
  • Pre & Post Hospitalization Expenses: The policy covers relevant medical expenses incurred during period up to 30 days prior to hospitalization as well as during 60 days after hospitalization as a part of claim payable under the Policy.
  • Reimbursement of Ambulance Expenses: The policy covers reimbursement of ambulance expenses in case of any emergency only.
  • Domiciliary Hospitalization: can be covered under any of the following circumstances, namely: The condition of the patient is such that he/she cannot be removed to the hospital/nursing home or the patient cannot be removed to the hospital/nursing home for lack of accommodation therein.

Advantages

  • Single policy covering all risks in a shop.
  • Complete coverage at lower premium
  • Simple documentation
  • Saving on costs
  • Smooth functioning of the business
  • One stop shop / solution for the clients business related needs

Exclusions

  • Willful destruction of property by the following
  • Damage or destruction caused by war perils
  • Wear and tear
  • Atmospheric conditions
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