What happens if you lose your passport abroad?

“Losing your passport while travelling abroad can be a stressful experience. You can get out of this sticky situation with minimum expenditure provided you are covered with Travel Insurance. Read this post to get tips on how to handle such a situation.

Make sure you make a note of your passport number and a photocopy of the personal details page. Keep one copy with you and leave one back home.

If your passport is lost/stolen overseas, report it to the local police immediately and then contact the nearest Indian embassy. This is very important to ensure you get either new passport or emergency travel documents instead of your original passport.

Your Travel Insurance company is liable to reimburse you up to the limit mentioned in your policy document to cover all the direct expenses you incur to get a new passport or emergency travel documents instead of your original passport.

Please note your insurance company,will pay you only in case you have made a police complaint within 24 hours of losing your passport. Make sure you obtain a copy of the complaint as the same has to be submitted as proof to your insurance company.

Do not leave your passport unattended. Keep your passport separate from other important items both at home and when travelling. Your insurance company will pay for the expenses incurred to get a new passport/emergency travel documents only if you lost it in a public place and not in a private area/vehicle, unless the private area was forcibly broken into.”

What if you fall sick abroad?

“A Travel Insurance policy can be of great help in case you fall sick abroad. In this post let us look at what you should do in such an eventuality.

If you are feeling ill or suffering from fever, write down the symptoms if you are able to do so. If you are familiar with the symptoms, use suitable medication which you are carrying with you. Remember, you should do this only if you know that this works well for you.

If the symptoms persist, get medical help as soon as possible. Notify your Travel Insurance company’s third party administrator immediately. If you fail to notify the same on time, there might be delays in receiving the appropriate support from your insurance company.

While seeking medical treatment inform your close relatives in India, if you are travelling alone. if your situation permits it is better to travel back to India to seek further medical support. Even in this instance you should be in touch with the third party administrator, as they would ensure that all your travel arrangements back to India is taken care of.

In case you are hospitalised abroad, aparting from informing your insurance company’s third party administrator ensure you collect all the medical documents, bills, discharge summary etc from the hospital before getting discharged. Once you have all the documents on hand, ensure you submit it to your Insurance company for claim reimbursement as soon as you are able to do so.

Even if you are not hospitalised, but you have availed of some emergency medical treatment as an out-patient, your travel insurance takes care of your medical expenses provided it is covered under your insurance policy.”

Workmen’s Compensation Insurance-Features and Exclusions

“Standard Cover: The Workmen’s compensation policy provides cover for any insured employee who may sustain personal injury by accident or disease arising out of and in the course of his employment. The company will indemnify the insured against all sums for which the insured is held liable to pay to his employees under Workmen’s Compensation Act, 1923, the Fatal Accidents Act 1855 and at Common Law. And also, the costs and expenses incurred with the consent of the company in defending any claim for such compensation.
Salient Features: Workmen’s Compensation Insurance provides for two forms of Insurance-
- Table A: Indemnity against legal liability for accidents to employees under the
Workmen’s Compensation Act, 1923, the Fatal Accidents Act 1855 and at Common Law
- Table B: Indemnity against legal liability under the Fatal Accidents Act 1885 and at
Common law
- All the employees in the enterprise, as per the provisions of W.C. Act are to be insured
- In case of public bodies where employees can be covered section wise or unit wise,
or in the case of a risk where the employees are covered under ESI act 1948, Table B
cover can be issued for employees not falling under the definition of Employee as per
WC Act 1923 as amended
- The policy is adjusted on the basis of the actual wages at the end of the policy period
Principal Exclusions:
- Any injury by accident or disease directly attributable to war invasion and like perils
- Liability towards the contractor’s employees
- Any liability attached due to an agreement, which would not have attached in the
absence of that agreement
- Any sum which the insured would have been entitled to recover from any
party but for an agreement between the insured and party
“

Combined /Comprehensive Public & Product Liability Insurance-Scops and Exceptions

Scope of Cover: Indemnification against Loss in respect of-
- Accidental Injury to persons
- Accidental damage to tangible Property
Happening within the Geographical Limits in connection with the business of the insured.
Automatic Extensions: The coverage under this Insurance provides-
- Liability arising from use, ownership or operations of lifts and elevators
- Liability arising from tools and equipment at the premises
- Liability arising from sale/supply of goods including supply of food and drinks in the premises
- Liability arising from sudden and accidental pollution
- Liability arising from non manual visits
Extensions: The liability insurance coverage can be extended on payment of additional premium to include Advertising and Personal Injury, Medical payments, Tenants Legal liability.
Main Exceptions: The Insurance Company shall not be liable in respect of-
- Injury or Damage caused by or arising in connection with the ownership possession
or use by or on behalf of the Insured of mechanically propelled vehicles locomotives
aircraft aerial devices aerospatial devices hovercraft or water-borne craft
- Injury to any Employee or any claim arising under any Workmen’s Compensation law
- Claims arising out of liability assumed by the Insured under agreement unless such
liability would have attached in the absence of such agreement
- Claims arising out of a breach of the duty owed in a professional capacity by
the Insured
- Electromagnetic radiation exclusion
The complete range of benefits under this cover detailed therein is subject to the terms, conditions and exclusions to the cover & this information Prospectus is intended to act as a summary but shall have no contractual effect. The policy wording is the sole governing document in respect of the cover provided by the Insurer and any inconsistencies between this Prospectus and the Policy wording shall be determined in favor of the Policy Wording.

Industrial All Risks Policy- Coverage and Features

Industrial All Risks Insurance Policy
Wide and comprehensive cover for the large sized business where the assets at all locations of the insured exceeds Rs.100 Crores.
It is an All Risks Policy covering a wide range of perils such as fire and allied perils, burglary, accidental damage, breakdown as well as business interruption.
It also has an optional Machinery Breakdown Loss of Profits Cover.

Standard Cover
Section I: Material Damage – It covers accidental physical loss or damage (including machinery breakdown) to the property insured due to any cause other than those excluded.
Section II: Business Interruption- It covers loss due to business interruption following a Physical loss or damage to the property covered and the same is admissible, under material damage section of the policy.Loss of Profits arising out of machinery breakdown is optional.
Salient features- Quick and expert risk inspections where required.
- Expert Risk Control Programme by our Risk Engineers on all aspects of safety and Loss Prevention/ Minimization
- Availability of various optional covers
- Rating based on individual risk features including claims experience and fire protection systems availability

What happens when your friend drives your car and is involved in an accident?

Insurance follows the vehicle and not the driver. So, if you have taken car insurance for your car, your car insurance company is liable to pay damages to your car provided your friend holds a valid driving license.

Your insurance company is also liable to pay any third-party liability that might occur due to this accident.

If your friend sustains any injury due to this accident, he will not be covered under your car insurance policy, as he is neither the owner of the car or the paid driver of your car, nor is he part of the list of unnamed passengers covered under your policy. However, if your car is involved in an accident with another car/vehicle, then the insurance policy of the other car/vehicle will cover your friend.

It is better not to allow anyone to drive your car. However, your car insurance premium will increase upon renewal once the claim is made.

Also, it would be wise to include all those family members who live with you and are likely to drive your car covered under your policy in the unnamed passenger category.

Health Insurance for less!!

“It’s almost like our prayers have been answered. Health care has become cheaper! Yes, you heard it right. How, you ask? Simple, all you need to do is sign up for a Health Insurance policy. And in case you have any queries on how to go about the process, make the most of your policy, protect your savings or file a claim, read on….

* Prevention is better than cure – this may sound clichéd, but this is the only way to keep your medical expenses down over a period of time. So, go ahead do a reality check on your lifestyle – diet, exercise, sleeping habits etc. And there is no better time to start then right now.

* Research and compare – if your company does not provide you health insurance coverage, it is best to scout around for an individual health insurance policy. Once you research and compare you would realize there is a wide variety of coverage available at varying pricing.

* Evaluate suitability – If you are a generally healthy person with a healthy lifestyle and just want protection against major accidents, consider buying a Personal Accident Insurance. However, if you visit the doctor frequently, you should look at a health insurance policy seriously.

* Out of pocket payments and exclusions – Evaluate each plan’s coverage and features, taking into account exclusions and limitations. Also find out how much you’ll end up paying out of pocket in the form of deductibles.

* Check your medical bills – Once you avail treatment and make claims, check every itemized statement you receive from your hospital to make sure that the bill accurately reflects the treatment you received and applies all available insurance coverage.

“

What is multi-trip travel insurance?

If you are living out of a suitcase, accumulating miles, then you require travel insurance. But if the frequency of travel is very high, then it is advisable to go in for multi-trip travel insurance, also known as annual travel insurance.

Multi-trip travel insurance is only a temporary travel insurance policy which is designed to provide overseas travelers with a wide range of coverage on more than one trip. Which is why the policy holder can travel infinite number of times in a year, but the duration of each trip cannot exceed 45 days. It can be taken either for an individual or for a family.

The advantages of signing on a Multi trip travel insurance are-

§ Assistance in case of Lost Baggage/Visa/Tickets and other valuable documents
§ Hijack distress allowance
§ Cover any legal assistance fee you might have incurred abroad
§ Takes care of any loss or damage caused to your home while you are away
§ 24/7 emergency medical assistance and dental treatment
§ Emergency medical evacuation in case of any serious illness
§ Worldwide cover in case of accidental death/dismemberment

What the policy does not cover-

§ Complications related to pregnancy
§ If a person suffering from a pre-existing disease faces complications
§ Psychiatric conditions or accidents by mentally challenged persons
§ Drug abuse or alcohol induced accidents or ailments

Now that you know what is available, all that is left to do is choose a insurance policy based on your travel schedule and get going!

Tips to reduce your Home Insurance cost

Buying a home is a dream for many, but the fear of facing any mishaps or losses follows suit. There are various companies offering Home insurance policies. The main purposes of these being protect the interest of the home owners, and help them tide over any losses that might arise unexpectedly.

A Home insurance policy provides coverage for loss and damage to your house owing to earthquake, flood, fire and other fire-related danger. It also covers damage to other structures on the property such as swimming pool. Homeowners are constantly looking for ways to reduce the home insurance costs, since costs continue to rise and budgets get tighter with each passing year. Here are a few tips that might come in handy –

· Always do some ground work before signing on an insurance policy. Understand the coverage offered, the rate of premium and how flexible the payment module is.

· Cover your building cost alone, since the policy covers the reconstruction cost of your house/building only.

· Have a detailed discussion with your insurance agent on home insurance discounts you are entitled to. Some companies offer more than others, make sure to leverage on this.

· Most importantly, don’t hesitate to shop around, always compare and analyze policies offered by more than one insurance company. This ensures you don’t miss out on a cheaper home insurance policy.

With all that done, it is now time to sit back and enjoy your home.

Contractor’s Plant & Machinery Insurance – Benefits and Exclusions

“Coverage: Plant and equipment often constitute a considerable part of a building contractor’s investment. Contractor’s Plant and Machinery insurance is an exclusive all risks policy covering the plant and machinery used by the contractors at the site for various projects.
Contractors Plant and Machinery Insurance covers the property whether they are at work or at rest, or being dismantled for the purpose of cleaning or overhauling, or in the course of operations or when being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.

Interest Covered: Illustrations of machineries/equipment that can be covered under Contractors Plant & Machinery insurance are-
- Earthmoving equipment: Bulldozer, grader, scraper, excavator, loader, dumper, etc
- Concrete mixer, concrete pumps
- Lifting equipment and drilling equipment Road surfacing equipment:
- Batching plant for production of concrete of asphalt
- Concrete or bitumen paving machines
- Bitumen tank sprayers (iv) rollers

Duration: Normally on annual basis and to be renewed periodically

Scope: It is an all risks insurance policy covering loss or damage to the property by any cause other than those excluded-
- Fire, lightning, explosion, aircraft damage
- Riot, strike, malicious act
- Flood, inundation, storm, cyclone and allied perils
- Landslide, subsidence and rockslide
- Burglary and theft
- Collision, overturning and falling of foreign object
- Any other sudden, unforeseen, accidental damages not explicitly excluded

Exclusions: Some of the special exclusions under the policy are-
- Electrical /mechanical breakdown
- Vehicles designed and licensed for general road
- Hull and machinery of waterborne vessel/crafts
- Plant/machinery working underground
- Equipments undergoing testing
- Replaceable parts
- Loss or damage due to explosion of boiler/pressure vessel
- Total or partial immersion in tidal waters
- Whilst in transit
- Consequential Loss

Extensions: Cover can be extended to includes up to a limit chosen by you on the following on payment of additional premium-
- Owner’s surrounding property
- Clearence and removal of debris
- Additional customs duty
- Express freight
- Air freight
- Third party liability
- Floater cover
- Dismantling
- Earthquake
- Escalation”