Q. What is Broker?

A. Broker’s are helpful in providing all kinds of Insurance from all the public and private companies under one roof, unlike agent who is tied with one company.Broker is an independent firm and are well equipped and experienced with full of knowledge of all the Insurance products and policies offer by the insurance companies especially complex liability and property insurances.

Q. What is an endorsement?

A.The broker's task is to help one identify the risks that a person or his business may be exposed to. Broker advice on what risks should be insured against, and then obtains the best insurance protection to meet needs of their client, at a competitive price. The broker arranges the issuance of insurance policy, and documentation, and can also help you with information, especially in scenario of claim, and will remind you when policies are due for renewal or amendment.

Q. Why use a broker?

A. In personal and business matters, the correct insurance is vital. Wrong or inadequate protection can lead to disastrous consequences for individuals or corporates. The right advice makes all the difference and prevents costly mistakes. Insurance brokers are specialists in insurance protection. They are independent, have an in-depth working knowledge of the insurance market and changing needs and insurance scenario, are able to provide professional objective advice on identifying risks and exposures, and recommend cost effective measures / solutions. An insurance broker is an independent entity acting for their client.

Q. Which broker should I deal with?

A.It is always important to deal with an insurance broker who is a member of the Insurance Brokers Association of India. This is the professional body, which ensures that broker members operate with accuracy, efficiency, and professionalism, as set down in the Code of Conduct to protect you as their client.

Q. Can I change broker at any time?

A. Yes, you can change brokers without any risk to your insurance programme. Policies are normally put in place for twelve months, and it makes sound sense to let the policy run for the year unless there are serious reasons for shifting it. However, you can change brokers at any time. A simple letter of appointment is all that brokers need to begin acting on a client's behalf, and your new broker can negotiate a change in insurer also if that is really required. However, if you change mid term, you may incur cancellation charges from the insurer.

Q. Who is the broker working for?

A. Insurance brokers are instructed by the client, and at all times, act on the client's behalf. They are not agents of the insurance company. Their independence ensures that the clients benefit from the convenience, knowledge, choice, innovation and their high level of professionalism. A broker can arrange all the insurance and risk protection you need. Probably only one meeting is necessary to identify your needs, and he or she can develop a comprehensive insurance proposal for you. A broker has a daily and regular interface/contact with many insurance companies, and knows where to obtain the best insurance protection at the best cost.

Insurance Brokers, are members of Insurance Brokers Association of India (IBAI), and are bound by its Code of Conduct, professional standards and ongoing educational requirements. The IBAI sets standards for their financial security, and has a Code of Conduct, as per IRDA guidelines, covering professional service and expertise.

Q. How are insurance brokers paid?

A. Brokerage is the most common form of payment by the insurance company to the broker who places your business. This Brokerage is paid for the work the broker carried out, including documentation etc. A broker administration charge may also be charged. If this is the case, a notation to this effect will show on the invoice.

However, some brokers arrange with their clients to charge a fee for service.

Q. Isn't it cheaper to go to the insurance company direct?

A. Brokers are often able to get more competitive prices for insurance because they handle much of the administration for the insurer, and because they place a volume of business, which earns them cheaper prices, which they pass on to you.

Brokers select the most suitable cover for your particular needs.

Q. How Broker can help in Claims?

A. Broker provides a very useful service in processing of insurance claims. An integral part of the broker's service is to prvoide you claim services that contains lodge claims on your behalf and assist you for documentation required for substantiation your claim. If required, brokers assist with the completion of all the necessary documentation in coordination with with the surveyor / loss adjuster, the insurance company and the tradesmen necessary to make any repairs.

Q. Is a broker the same as an insurance agent?

A. No, there is a very big difference between the two. The agent acts on behalf of one or more insurance companies and can only sell what his principal insurer has to offer.

As a licensed insurance broker, we are legally obliged to act in your best interests. We are not tied to any insurer and can arrange the best protection for you at a competitive price, normally ascertained after a due diligent exercise with all the insurers in the market.

Q.What factors should I consider when I insure my home?

A.Firstly determine the amount and type of insurance that you need. The sum insured or coverage limit of the property should equal 100% of its replacement cost. If the policy limit is less than 85% of the replacement cost of your home, any payment from the insurance company will be less than the full cost to replace your home – This is known as ‘Under Insurance’.

Over and above the basic Fire Insurance, decide which, if any, additional coverage you want to add to your policy. For example, do you want personal possessions or household contents covered against theft or burglary, cover against the risk of civil commotion here in Bali or, separately issued, earthquake and volcanic eruption coverage.Once you have decided on the coverage.

Once you have decided on the coverage you want in your insurance policy, consult us. We will be able to help you determine if there are any gaps in coverage you might not have been aware of, we can also explain the details of the policy's exclusions and limitations as well as recommend an insurance company that will live up to your expectations.

Q. What is the difference between "actual cash value" and "replacement cost"?

A. Covered losses under a personal possessions or household contents policy can be paid on either an actual cash value basis or on a replacement cost basis. When "actual cash value" is used, the policy owner is entitled to the depreciated value of the damaged property. Under the "replacement cost" coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.

Q. What are the advantages to using an agent to purchase insurance?

A. By using an agent to purchase insurance, the policyholder receives more personal service. An agent with whom there is direct contact can be vital when purchasing a product and can prove absolutely necessary when filing a claim. As a local, independent agent we are able to deliver quality insurance with competitive pricing and local personalized service.

Q.What is a deductible?

A. A deductible is the cash value amount of damages that you agree you will be responsible for if you have a claim.

Most insurance policies have a deductible which states that a portion of the amount paid for the loss will be subtracted from the amount the insurance company would otherwise pay. This amount is not paid to the insurance company, it simply becomes your share of the loss and is deducted from the payment.

Q. Why do I have a deductible?

A. Deductibles serve several functions. Shifting the cost of small claims to the person buying the insurance (insured) enables the insurance company to reduce premiums. Adjusting claims for small amounts often costs more than the dollar amount of the claim. The cost of insurance would be much higher if there were no deductibles. The higher the deductible, the lower the premium.

Q. What are my responsibilities to the Insurance Company if I do if I have a fire at my home?

A. There are 4 simple rules to follow:

• Take all reasonable steps to protect the property from further damage.
• Make immediate reasonable and necessary repairs to protect the property from further loss.
• Keep an accurate record of any repair expenses.
• Give notice to your insurer or agent as soon as practicable.

Q. Should I report all automobile accidents to the Insurer?

A. Yes you should. Even if the accident appears minor, it is important that you let your insurance company know about the incident. If you have an accident but don‘t report it to your insurer, you are taking a risk, even if the damage seems minor. If the other driver sues you weeks or months later, your failure to report the accident might cause your insurer to refuse to honor the policy. And even if they do honor the policy, the delay will certainly make it harder for the insurer to gather evidence to represent you.

Q. When is a car ‘written off’ by an Insurer?

A. It’s up to your insurer to decide whether to pay for repairing your car or to declare it a total loss and pay you its book value. Most standard auto policies will not pay to repair a vehicle if the repairs cost more than the cash value assigned to the car. In practice,there will be little dispute about whether to repair the car if the damage is above 75% of the book value of the car. You may argue about what the pieces of the car were worth when they were assembled as a car. But, for you to get a settlement higher than the Auto Industry Guide value of your car’s make and model, you will have to submit evidence such as mileage records, service history and affidavits from mechanics to show that your car was worth more. You’re entitled to the market price of the car you just lost. You shouldn’t get more or less than what you are due.

Q. Why should I purchase commercial vehicle insurance?

A. Many personal auto insurance policies exclude coverage if a vehicle is used mainly for business. A commercial policy provides coverage for vehicles owned by a business if these vehicles are in an accident. The insurance pays to repair or replace the vehicle and the vehicle of the third party damaged by the employee. It may also pay for the medical expenses of those injured in an accident.

Q. What exactly does the term "bodily injury" in a liability insurance policy mean?

A.This refers to the injury, sickness, disease, or even death, of any person that occurs during the policy period.

Q. How does an umbrella insurance policy work?

A. A policy designed to provide protection against catastrophic losses, the umbrella insurance policy is generally written over various primary liability policies, such as a general liability insurance policy, business auto policy and employers' liability coverage. Once the underlying limits of these primary policies are exhausted, the umbrella liability policy would provide further coverage beyond the limits of those policies.

Q. What is Health Insurance?

A. A policy designed to reimburse the hospitalization expenses incurred by the insured, if the treatment is taken as an inpatient.

Q. Does the Health Insurance policy pay for the routine checkups or consultation with the doctors for minor ailments?

A. NO- Health Insurance is meant to cover the expenses such as Room, Board Nursing expenses, cost of medicines, Surgical expenses, Diagnostic expenses, Doctor's & specialist's fees etc., when the insured is hospitalised and taken treatment as inpatient.

Q. What a Health Insurance Policy would normally cover ?

A. A Health Insurance policy would normally cover expenses reasonably and necessarily incurred under the following heads in respect of each insured person subject to overall ceiling of sum insured (for all claims during the policy period).

• Room, Boarding expenses
• Nursing expenses
• Fees of surgeon, anesthetist, physician, consultants, specialists
• Anaesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines, drugs, diagnostic materials, X-ray, Dialysis, chemotherapy, Radio therapy, cost of implants, pacemaker, Artificial limbs, cost of organs and similar expenses.

Q. What are the forms of Health insurance available?

A. A The commonest form of Health insurance policies in India cover the expenses incurred on Hospitalization, though a variety of products are now available which offer a range of health covers, depending on the need and choice of the insured. The health insurer usually provides either direct payment to hospital (cashless facility) or reimburses the expenses associated with illness and injuries.

Q. What does a Health Insurance Policy not cover?

A. You must read the prospectus / policy and understand what is not covered under it. Generally, pre-existing diseases (read the policy to understand what a pre-existing disease is defined as) are excluded under a Health insurance policy. Further, the policy would generally exclude certain diseases from the first year / two years coverage and also impose a waiting period. There would also be certain standard exclusions such as cost of spectacles, contact lenses and hearing aids not being covered, dental treatment / surgery (unless requiring hospitalization) not being covered, convalescence, general debility, congenital external defects, venereal disease, intentional self-injury, use of intoxication drugs / alcohol, AIDS, expenses for diagnosis, x-ray or laboratory tests not consistent with the disease requiring hospitalization, treatment relating to pregnancy or child birth including cesarean section, Naturopathy treatment, cosmetic treatments.

Q.Are there any diseases I ailments that are excluded under the policy?

A. None other than Schizophrenia, Aids, Sexually transmitted diseases, Injury or diseases caused by war or Nuclear perils, However certain diseases like Cataract, Benign prostate hypotrophy, Hystorectomy for Menorrhagia, or fibromyoma, Hernia, Hydrocele, Congenital internal diseases, Fistula or Piles, Sinusitis and related disorders are not covered during the first year / first two years. If these diseases are existing at the time of availing the Insurance cover, they will not be covered even during subsequent renewals also.

Q.Can I transfer my policy from one insurance company to another without losing the renewal benefits?

A. Yes. The Insurance Regulatory and Development Authority (IRDA) has issued a circular making it effective from 1st July, 2011, which directs the insurance companies to allow portability from one insurance company to another and from one plan to another, without making the insured to lose the renewal credits for pre-existing conditions, enjoyed in the previous policy. However, this credit will be limited to the Sum Insured (including Bonus) under previous policy. For details, you may check with the insurance company.

Q. A person takes a policy today, can he prefer a claim tomorrow? Is there any time restriction?

A. Yes. Though a time restriction (waiting period) of 30 days is imposed to rule out the possibility of taking the policy when the hospitalisation is indicated . However the restrictions are not applicable in case of hospitalisation for injury arising out an accident.

Q.What happens to the policy coverage after a claim is filled?

A. After a claim is filed and settled, the policy coverage is reduced by the amount that has been paid out on settlement. For eg: In April you start a policy with coverage of Rs. 3.00lakh for the year. In June, you make a claim of Rs. 2.00lakh. The coverage available to you for the June to March will be the balance of Rs. 1.00lakh.

Q.Is claim settled for the S.l. or for the actual amount spent by the insured?

A. SI is the max liability of the insurers. Amount payable is restricted to the actual amount incurred or the S.I whichever is less. The balance remains to his credit for possible future hospitalisations, if any.

Q.What is Family Floater Policy ?

A. Family Floater is one single policy that takes care of the hospitalization expenses of your entire family. The policy has one single sum insured, which can be utilized by any/all insured persons in any proportion or amount subject to maximum of overall limit of the policy sum insured. Quite often Family floater plans are better than buying separate individual policies. Family floater plans takes care of all the medical expenses during sudden illness, surgeries and accidents.

Q.Can a person take treatment in any hospital/nursing home or you have any nominated hospitals or Nursing homes?

A. Yes the Insured can take treatment in any hospital/Nursing home in his country, provided it has minimum 15 inpatients beds, fully equipped operation theater, qualified nursing staff and doctors round the clock.

Q.What is the age limit for taking Health Insurance policy?

A. A Persons between the age group of 5 yrs to 80 yrs can be covered under the policy. However children between 3 months to 5 yrs of age can be covered provided both parents are covered concurrently.

Q. Health Insurance policy reimburse the hospitalisation expenses for sickness and ailments & injuries. Does it cover Maternity expenses?

A. Maternity clause is available as an option under the Group Health Insurance policy.

Q.What are the documents needed for settling a claim under the policy?

A. Discharge Summary issued by the hospital, Bills for the medicines, supported by prescriptions, Pathological reports, Bills and receipts issued by'the hospital for the treatments taken, and the claim form duly completed in all respects.

Q.Can a person with diabetis and hypertension be covered under the policy?

A. A person with an ailment / disease existing can avail Health Insurance cover with certain loading of premium. But the policy excludes any expenses on hospitalisation for existing ailments / diseases (pre-existing disease clause). However hospitalisation necessitated for ailments / diseases other than those existing at the time of availing the cover can be considered.

Q.Is this policy valid even abroad?

A. No. This policy is valid only within India. For coverage outside India Overseas Health Insurance policy can be availed.

Q. What Motor Insurance cover should I buy? Should I buy Comprehensive Insurance or Liability Policy only?

A. Third Party Liability insurance is mandatory for all vehicles plying on public roads in India. This covers Liability for injuries and damages to others that you are responsible for. In addition, it is prudent to cover loss or damages to the vehicle itself by way of Comprehensive/Package policy, which covers both “Liability” as well as “Own damage” to the insured vehicle. Liability Only cover is also known as Act Only cover.

Q. How is the premium determined?

A. Many factors determine the premium you will pay. For Own Damage cover different insurance companies charge different premiums for similar coverage. Shop around; getting three or more comparison quotes is worthwhile. Check various insurer’s websites; it will help you compare premiums. Do not forget to compare deductibles, coverage and IDV’s as premium may be lesser of one insurer but with higher deductibles, lower coverage and lower IDV, which will adversely impact you in the event of claim settlement.

Be prepared to give your agent information about the following items that are commonly used to determine your premium: Vehicle registration details with Engine No., Chassis no., Class of vehicle, cubic capacity, seating capacity, etc. (In fact, all relevant details are in the RC book/card and a copy of same may be handed over) Tax paid details; Certificate of fitness, Driver details - age, gender, qualifications, licence validity Previous insurance history, if any.

The Own Damage coverage is left to be rated by individual insurance companies after duly filing rates with the Insurance Regulatory and Development Authority. The same is determined on following factors amongst others -- Age of vehicle; Discounts / loadings- Appropriate Bonus / loading/ discounts along with past claims experience are taken into account while calculating premium. IDV (Insured Declared Value).

Third Party Liability Premium rates are laid down by IRDA.

In case of break in insurance, vehicle inspection would be required and extra charges will have to be incurred for the same.

Q. What coverage limits meet my needs?

A. The sum insured for the vehicle is called “Insured’s Declared Value” and should reflect the current market value of the vehicle. Under Liability insurance, Third Party Liability insurance is covered. There is unlimited coverage to Third parties injury and Third party property damage is covered up to a sum of Rs 7,50,000.

The Insured has the option to restrict coverage for Third Party Property damage to Rs 6,000 and this will result in a lower ”Liability Only” premium.

Q. What is the period of the policy?

A. A motor policy is usually valid for a period of one year and has to be renewed before the due date. Pay the premium on time. No Insurer offers a grace period for paying the premium. In case of lapse of policy by even one day, the vehicle has to be inspected. Moreover, if a comprehensive policy is allowed to lapse for more than 90 days, the accrued benefit of NCB (No Claim Bonus) is also lost.

Q. What is "No Claim Bonus"?

A.No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period. As per current norms in India, it ranges from 20% on the Own Damage premium (and not on Liability premium) and progressively increases to a maximum of 50%.

If, however, a claim is lodged, the No Claim Bonus is lost in the subsequent policy period.

NCB is given to the insured and not to the insured vehicle. Hence, on transfer of the vehicle, the insurance policy can be transferred to new owner but not the NCB. The new owner has to pay the difference on account of NCB for the balance policy period.The original owner can, however, use the NCB on a new vehicle purchased by him.

Q. Will my No Claim Bonus get migrated if I want to change my insurance company?

A. Yes, you can avail of the NCB facility if you change the insurer on renewal. You would have to produce proof of the NCB earned by way of renewal notice from the current insurer. Alternately, you can produce your original, expiring policy along with a certification that you have lodged no claims on the expiring policy. For this the proof can be in the form of a renewal notice or a letter confirming the NCB entitlement from the previous insurer.

Q. Are there discounts that will lower my premium?

A. In addition to NCB, there are additional discounts available under Own Damage Premium for membership of Automobile Association of India, Vintage Cars (Pvt. Cars certified by the Vintage and Classic Car Club of India); Installation of anti-theft devices approved by Automobile Research Association of India (ARAI), Pune and whose installation is approved by AAI; Concessions for specially designed/modified vehicles for the Blind, Handicapped and mentally challenged persons, which are suitably endorsed in the RC by the RTA concerned; - opting for voluntary additional deductible/excess.

Under “Liability Only Section”, discounts are available for reduction in Third Party Property Damage (TPPD) from Rs. 750,000 to Rs. 6,000.

Q. Is Service Tax applicable and how much is it?

A. Yes, Service Tax is applicable and would be as per prevailing rule of law.

Q. What is deductible?

A. Deductible or “excess” is the amount over and above, which the claim will be payable. There is a normal standard/compulsory excess for most vehicles ranging from Rs 50 for two-wheelers to Rs 500 for Private Cars and Commercial Vehicles which increases depending upon the cubic capacity/carrying capacity of the vehicle. However, in some cases the insurer may impose additional excess depending upon the age of the vehicle or if there is high frequency of claims.

Q. What is the procedure for recording any changes in the policy?

A. If there are any changes in the policy like change of address or modifications to the vehicle or its use, it will be done by an Endorsement by the insurance company. Submit a letter to the insurer with proof for the changes and obtain the endorsement. Some endorsements may require you to pay additional premium. Check the correctness of the endorsement.

Q. If I am using the car in a particular city, what premium rate is applied?

A. For the purpose of applying premium rate, the place where the vehicle is registered is reckoned (not the place where the vehicle is used). If your vehicle is registered in Chennai, the rate applicable for Zone A is charged. Even when you shift to a different city / town, the same rate will continue to be applied. Similarly if a vehicle is registered in a town, it attracts Zone B premium rate. Subsequently if the owner shifts to a metro, he will continue to be charged the Zone B rate.

Q. What is a Certificate of Insurance under Motor Vehicle Act?

A. As per Rule 141 of Central Motor Vehicle Rules 1989, a certificate of Insurance is to be issued only in Form 51. It is only in Motor Vehicle Insurance, apart from the policy, that a separate certificate of insurance is required to be issued by insurers. This document should always be carried in the vehicle. The policy should be preserved separately at home / office.

Q. If I fit CNG or LPG kit in my vehicle, is it necessary to inform the Insurance Company?

A. If a CNG / LPG kit is fitted in the vehicle, the (Road Transport Authority (RTA) office where the vehicle was registered should be informed so that they make a note of the change in the registration certificate (RC) of the vehicle. The insurance company should also be informed so that the kit is covered on payment of extra premium on the value of the kit under “OD” section and also under “LO” section.

Q. What are the documents to be kept in the vehicle while plying in public places?

A.

• Certificate of Insurance
• Xerox copy of Registration Certificate
• Pollution Under Control Certificate
• Photocopy of Driving Licence of person who is driving the vehicle

Q. Can I transfer my insurance to the purchaser of my vehicle?

A. Yes, the insurance can be transferred to the buyer of the vehicle, provided the seller informs in writing of such transfer to the insurance company. A fresh proposal form needs to be filled in. There is a nominal fee charged for transfer of insurance along with pro-rata recovery of NCB from the date of transfer till policy expiry. It may be noted that transfer of ownership in comprehensive/package policies has to be recorded within 14 days from date of transfer failing which no claim will be payable for own damage to the vehicle.

Q. Can I continue the insurance in the name of the previous owner even after the vehicle is transferred in RTO records in my name?

A. No. Registration and insurance of the vehicle should always be in the same name with the same address. Otherwise the claim is not payable. A fresh proposal form needs to be filled in. There is a nominal fee charged for transfer of insurance.

Q. I have lost the insurance policy. Can I get a duplicate one?

A. Yes, please approach the same office, which had issued the policy, with a written request. A nominal fee is charged for issuing a duplicate policy copy.

Q. What are the documents that are required to be submitted for a Motor Insurance claim?

A. Generally, the following documents are required to be submitted. However, read through your policy to see the complete list—duly filled in claim form, RC copy of the vehicle, Original estimate of loss, Original repair invoice and payment receipt. In case cashless facility is availed, only repair invoice would need to be submitted and FIR, if required. For theft claims, the keys are to be submitted. Theft claims would also require non-traceable certificate to be submitted.

Q. What are the requirements to purchase a property insurance policy ?

A. The proposer of the policy should first and foremost have an interest in the assets being proposed for insurance , i.e. he/she should stand to lose financially in the event of loss or damage to such assets. Secondly, the proposer should submit a proposal form ( which can be obtained at any insurer’s website or office ) The proposal form should disclose all details, which are true to the insured’s best knowledge and other information , which the proposer may feel is relevant .

Q. What are the different type of insurance polices ?

A. The most popular is the standard fire & Allied perils polices which covers most of the perils the property is exposed to, like fire ,riots ,flood and storm. Loss of current assets due to burglary and theft can be covered under Burglary & House Breaking insurance policy. Valuables can be covered under All Risks Polices and there are Package policies for house owners and shopkeepers.

Q. Why should I insure my Building? Fire can’t possibly do any harm to the building?

A. Fire and other perils (normally covered under a fire insurance policy) can cause loss /damage to whether you want to take a Basic Cover or a wider Cover. Read and understand the terms and conditions of the policy. Check whether there are any ‘Deductibles’.

Q. I have taken an insurance policy covering my building .My Bank which has financed my business has also taken insurance separately. Both polices are in force covering same property. What happens in the event of a claim?

A. A. in the event of the claim, each insure will pay the loss amount in proportion to the Sun Insured under their respective polices, in accordance with the principle of contribution. The object of the principle of indemnity is to place as he occupied prior to occurrence. Insured is prevented from making claim for full amount of loss under each policy. Insurance company indemnifies the insured only too the extent of actual loss suffered subject to depreciation, policy excess etc. and not permit to make profit out of a loss.

Q. What is the relevance of salvage ?

A. in case of Claims under various type of insurance policies, the party damaged goods or the wreck of a car or any machinery or any other property settled on Total loss Basis is known as “salvage”. After settling the claims for the full amount the salvage becomes the property of insurance company . Generally the job of salvage disposal is entrusted by the insurance company to the surveyor who carried out the loss assessment , subject to observance of procedure for salvage disposal. The amount realized through salvage disposal will be set off by insurer against losses paid by them.

Q. I want to cover my goods against transit risk . What policy do I take ?

A. The marine cargo offers cover for goods against transit risks. You can take this policy if you are , for instance , transporting your household goods from one place to another. You household goods from one place tom another. You may either opt for a ‘Basic Cover ‘ or for an ‘ALL RISKS’ one . the latter offers a wider scope of coverage . please read the terms and conditions of the policy to understand what you are buying.

Q. can I ask for cancellation of policy mid term ? Will I get premium refund ?

A. . Yes At insured’s option: Retention of premium on shot period scale and balance if any , will be refunded. At insurer’s option : Pro-rate refund of premium will be given.

Q. In case of loss, what are the obligation of the insured ?

A. Every insured is expected to behave as though he is uninsured . Take all precautions to prevent / aggravate the loss. Inform insurance Company who have to be given an opportunity to inspect the damages. Inform fire brigade who will assist to put out the fire . During fire fighting ,any damage caused to other insured property caused by water ,will be paid by insurance Company. Extend cooperation to surveyor while inspecting and assessing the loss. If arrival of surveyor while inspecting and assessing th e loss. If arrival of surveyor is likely to be delayed ,then ,take photos/ and shift unaffected assets to a place of safety. Give completed claim form and documents as required by insurer , in support of your Claim .After repairs/ replacement , submit bills to insurer.

Q. If I insurer for a higher value , will I get a higher claim amount ?

A. No, When you apply for a fire insurance policy , the current market value of the property or the Reinstatement value of the Sum sum insured, Should be accurately calculated for arriving a the correct amount to be insured . The compensation payable when a covered loss or damage occurs shall be based on whether or not the property has been insured adequately. If the amount insured is excessive , it will mean overpayment of unnecessary premium: if the amount insured is inadequate you will receive amounts in proportion to the market value only.

Q. Can items like jewellery , ornaments and art work be covered by the general fire insurance policy ?

A. Unless prior consent has been given by the insurer, general fire insurance policy does not cover items like jewellery, ornaments, art works, scripts documentary information , shares and stocks ,cash. These can be covered on specific request and subject to valuation where necessary.

Q. Who has to arrange for Marine Cargo insurance – the buyer or the seller? Or do both need some protection?

A. This depends on the Sale Contract the two enter into. For each Sale Term as free on Board (FOB),cost and Freight (C&F) , Cost insurance and Freight (CIF) etc, the responsibility for arranging for insurance varies.

Q. . I want to cover my household goods against burglary when I am away. Can I get a burglary insurance policy?

A. . A burglary insurance policy covers goods against the risk of burglary. A burglary insurance policy may also offer extension of cover against theft. A burglary insurance policy will usually cease to operate if the house is not occupied beyond a certain defined period unless you have intimated the insurance company and they house is not occupied. It’s a good idea to ensure that you have a burglary policy always rather than opting for one only when you are away. You might not get one if you want to insure the contents only when the house is locked.