Surety Insurance Surety; the word itself means caution and is familiar to all ages. Even a layman would know that it is about finance and money. Surety Insurance is the latest addition to the insurance market. Surety insurance provides an assurance to the project owner in the form of a Surety Bond that the contractor would complete the project as per the agreed terms and conditions. Who can buy: Surety Insurance Contracts may be offered to infrastructure projects of government/private in all modes such as construction companies in India that cover road projects, housing/commercial buildings and other projects of Government/Private. Surety Insurance contracts shall be issued only to specific projects and not clubbed for multiple projects. Geographical Area: Surety Insurance contracts shall be issued for projects only in India. Further, the payment of premium for the risk covered under the surety insurance contracts shall also be made in Indian ru
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TRAVEL INSURANCE POLICY Travel has assumed huge importance in our life today with the availability of money and the services offered by travel companies. Customized travel to suit our time and needs is more in demand. Senior citizens are more into travel these days and various insurance covers are tailor-made to their requirements. Travel Insurance policy covers the risks of a financial loss arising, due to unforeseen events like accidents, medical emergency, etc. while you are travelling abroad or are on a domestic tour. Overseas travel insurance covers Overseas medical expenses Accidental death or injury Overseas funeral expenses Loss, theft or damage to personal possessions and money (including travel documents) Delayed baggage (and emergency replacement of essential items) or loss of baggage Loss of passport Missed connecting flight due to delay Trip cancellation expenses due to unforeseen weather conditions, etc. Overseas denta
EMPLOYEES COMPENSATION POLICY Compensation is a tricky term, questions as to what is the exact sum, how much is too much, is it adequate for the loss and trauma suffered remain unanswered. Employers are bound to compensate the employee if he/she suffers death or injury while on duty. It is a statutory obligation. The amount of compensation is decided based on the court’s award which takes into cognizance the age of the deceased/injured employee, dependency and gravity in case of injury. Workmen’s Compensation insurance is a method to satisfy the obligations imposed by the worker’s compensation Statutes. Earlier known as the Workmen Compensation Act 1923 is now amended and renamed as Employees Compensation Act (E C Act ) 1923 Important E C Act Provisions: E C Act now covers all Employees (earlier name Workmen) including Clerical and Casual Employees who are not covered by ESI Act. Employment injury means personal Injury caused to an employee by accident arising o
Risk management Risk management is an important management method which assists in handling the unexpected impact of a risk. Risk analysis, risk areas and risk management program will prepare the organization to take on risks without affecting the business as a whole. Risk analysis: It is a q ua l itative approach that uses various tools of assessment to work out and rate the risks for the purpose of assessing and resolving them. Risk perception : · Identifying the areas of risk, · Predict the uncertainties, · Perceive the impending risk Risk assessment: · Financial exposure in the event of a threat, · Root cause analysis of a risk · Influence of the risk on the business Risk mitigation: · Loss minimization · Methods to stop recurrence of such risks Risk Control : · Controlling threats to the company’s capital and earnings by way of risk t
Industrial All Risks Policy For a smooth running of business, all the risks must be adequately insured and covered under a single policy to monitor further insurance requirements. Industrial all risks policy is a package policy with all perils under one umbrella. Salient features of the policy are: 1) This policy is available for big industrial clients, will include both manufacturing & storage facilities at all locations all over India. 2) Unlike Fire policy or MBD policy, IAR policy covers all risks of physical damage except those excluded by specific exclusions. 3) Section I of policy covers Material Damage and Section II of policy covers Business Interruption Losses following Material Damage under Section I. IAR Policy covers broadly following Perils/Covers: Section I: Material Damage a) Fire policy Perils(As per SFSP policy) b) Earthq