Claim in Machinery breakdown insurance policy covers loss due to sudden and accidental machinery damage. Damage could be a result of internal and external causes. The cover is offered for machinery in both workings and in rest conditions. We have highlighted a few situations below that lead to machinery damage – Short circuits, excess voltage, […]
Articles Tagged: claims
Personal Accident insurance – Claims process (Infographic)
While making a claim under group personal accident insurance, the employer needs to give complete personal information with the required documents. Claims can be rejected if the documentation is incorrect, or the claim involves an excluded condition. The infographic below explains how SecureNow offers an easy claims process, under Group Personal Accident insurance: […]
How to file a claim under a D&O policy?
In an organization, directors and officers take managerial and executive decisions for the company. However, during the course of their activities, directors, and officers can make mistakes or neglect a part of their duties. They may do so unknowingly. However, if any third party suffers a loss due to the wrongful actions of the directors […]
What is Force Majeure in Group Gratuity Schemes, when does it apply?
The concept of Force majeure excuses one or all of the parties from liabilities and obligations under a group gratuity insurance policy. A force majeure situation arises when there has been: An occurrence of extraordinary events An occurrence of a specified event Occurrence of events that are beyond parties’ control A force majeure condition means […]
What is Local Authorities Clause in Property Insurance?
The local authorities clause in the property insurance policy covers the loss of business income which applies when the government entity denies access to the covered property. Many catastrophic scenarios led to such actions by the government to protect individuals and businesses from any damage. These catastrophes may include floods, hurricanes, or wildfires amongst other possible […]
What is the basis of indemnity in Engineering all-risk insurance Policy?
An engineering all-risk insurance policy covers the loss arising out of the erection and installation of machinery, plant, and steel structures. It protects coverage against physical damage to the contract works, equipment, and machinery. This policy also covers the liability for third-party bodily injury or property damage. Indemnity in general means the security against a […]
Health plans cover maternity costs after a waiting period
Published in the Mint on October 1st, 2013, Written by Kapil Mehta I am told that some insurance plans cover pregnancy. What is the kind of cover provided? My wife is six months pregnant. Can I take a cover for her? —Karthik Bhat Individual health plans cover maternity costs but only after a certain waiting […]
Life insurance policies cover death due to drunken driving
Published in Mint, Written by Kapil Mehta As a non-resident Indian (NRI), what are the various ways in which I can remit payment of premium to an insurer? —Jay Nambiar The two most prevalent ways of payment are: (a) electronic rupee transfer. This could be from your overseas, domestic or NRI account; (b) credit card […]
Medical conditions should be disclosed while buying mediclaim
Published in Mint on 15th April 2014, Written by Kapil Mehta What does it mean when one is asked to claim for domiciliary hospitalization? —Chandana Domiciliary hospitalization refers to treatment that under normal course would have required hospitalization but was taken at home instead. The reason for taking the treatment at home should be that […]
Buying a life insurance policy? Don’t go just by the claim settlement ratio of the insurer and ignore other parameters
Buying a life insurance policy? Don’t go just by the claim settlement ratio of the insurer and ignore other parameters By Sunil Kumar Singh Contains comments by SecureNow Insurance Broker LIC 97.42%, SBI Life 95.48%, Kotak Mahindra 92.10%, Bajaj Allianz 90.61%, Aegon Religare 66.06%, HDFC Standard 96.17%. Wondering what this means? Well, this is […]