AIR TRANSIT INSURANCE

This insurance policy is ideal for the buyer / seller / financier of the goods as well as any person bearing a reasonable expectation of acquired interest in the goods.

WHAT CAN BE INSURED

  • This insurance policy provides protection for all types of cargo in transit by air (import / export).

  • While the cargo is on board the aircraft.

  • Overland transit prior to and after air transit.

  • During storage incidental to such transit.

RISK COVERED

This policy insures the goods specified against all risks of loss or damage except for those specifically excluded. The cargo stands insured for the entire transit period, including the storage incidental to transit.

The duration of the cover is normally on a "warehouse - to - warehouse" basis and it ceases after 30 days from the date of discharge from the aircraft or reaching the final warehouse or "entering the bond" whichever occurs first.

COMPENSATATION OFFERED

The insurance policy pays the total / partial loss of the property insured as long the contingency was caused by an insured peril. The insurance policy extends commercial indemnity to the insured that is disparately distinct from strict indemnity under other classes of insurance.

Valid claims are paid as per the agreed value. Claims arising from partial losses are paid on the basis of the proportionate insured value.

Expenses, reasonably incurred to avoid or minimize the loss as well as admissible survey fees incurred for ascertaining the claim are also payable.

Customs' duties and profit element are payable only if insured. They are payable on the actual incurred and not on the agreed basis.

BURGLARY INSURANCE

SUITABILITY

This policy is suitable for people who have movable household property (clothes, appliances, other personal effects etc), which are prone to burglary, theft or larceny.

SALIENT FEATURES
The burglary insurance policy covers burglary, housebreaking, theft and larceny.

BENEFITS

  • The policy pays for any loss of property due to burglary occurring during the policy period.

  • The amount of claim payable would be limited to the sum insured or market value at the time of loss whichever is lower.

  • Apart from compensation for the stolen property, the burglary policy covers damage to the premises like walls, doors, windows, locks, bolts, etc.

PREMIUM

  • The premium depends on various factors like the location of the premises, type of construction ,neighborhood, easy access, etc. The insurers would arrange for inspection of the premises, if necessary.

  • Assuming that Fire policy is covering the contents in the place, the minimum benchmark premium rate would be 0.50%.

REQUIREMENTS

  • Completed proposal form

  • The proposer may have to file separate list of property to be covered, giving detailed description and individual values to avoid ambiguity.

  • Before granting cover, inspection is carried out by Agents or Brokers or Marketing officers of the insurance company.

  • Note:These requirements may be waived if the Burglary policy is a part of Householders Package policy.

RECOMMENDATIONS

With people holding properties of high value in small bulk, a burglary policy is strongly recommended, even more so, when the location is prone to burglary.

FIDELITY GUARANTEE INSURANCE

Fidelity Guarantee Insurance - insuremagic.com

This insurance policy protects the employer from risks presented by any of his employees such as fraud, dishonesty, embezzlement during the course of employment. In industries where secrecy and confidentiality of operations is vital for a company's success, this policy will ensure the concealment of business procedures from other competitors who may be successful in poaching their rivals' employees.

WHAT CAN WE INSURED

This insurance policy seeks to indemnify the employer from direct financial losses sustained due to acts of fraud or dishonesty of an employee in the course of employment.

Its need originates from the relationship between the employer and his employee OR from a fiduciary relationship such as:

Individual policy

Provides cover against one specific named employee.

Collective policy

Provides cover against a specific group of named employees up to an agreed amount against each person.

Floater policy

Provides cover against a number of employees without specifying any names and amounts against each person. Only the total guarantee is stated.

RISKS COVERED

This insurance policy insures the employer from risks faced owing to his employees such as:

  • Fraud or obtaining advantage through unfair means.

  • Dishonesty or breach of trust.

  • Forgery or illegal alteration.

  • Embezzlement or misappropriation of money or goods.

  • Larceny or dishonest means of possession.

  • Default or failure to perform specific duties.

COMPENSATION OFFERED

This insurance policy pays compensation according to the type of policy taken and subject to a preset maximum limit.

  • Individual / collective policy.

  • Up to Rs.100 lakhs per person.

  • Floater policy.

  • Up to Rs.100 lakhs for named persons and up to Rs.75 lakhs for unnamed persons.

EXCLUSIONS

This insurance policy will not pay compensation based on any claims arising from:

  • Losses not discovered within the period of insurance.

  • Losses discovered after 6 months of expiry / cancellation of the policy.

  • Losses sustained beyond the retroactive period of 2 years from the date of discovery.