Risk assessment and claim consulting services
Fire insurance is property insurance covering damage and losses caused by fire. The purchase of fire insurance in addition to homeowner’s or property insurance helps to cover the cost of replacement, repair, or reconstruction of property, above the limit set by the property insurance policy. Fire insurance policies typically contain general exclusions, such as war, nuclear risks, and similar perils.
Word of Caution
A policyholder should check the home's value each year to determine if there is a need to increase the coverage amount. A policyholder cannot get insurance for more than a home's actual value. Insurance companies may offer stand-alone policies for rare, expensive, and irreplaceable items.
A Motor insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage. In exchange for paying a premium, the insurance company agrees to pay your losses as outlined in your policy. Coverages include:
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which the property is transferred, acquired, or held between the points of origin and the final destination.
Travel insurance is insurance designed to cover the costs and losses and reduce the risk associated with unexpected events incurred while traveling. It is a useful protection for those traveling domestically or abroad.
Trip cancelation insurance, sometimes known as trip interruption insurance or trip delay insurance, reimburses a traveler for prepaid, nonrefundable travel expenses. Providers vary on acceptable cancelation and interruption causes and the amount of reimbursement available. The most common, acceptable reasons include illness, a death in the immediate family, sudden business conflicts, and weather-related issues
Baggage and personal effects coverage protect lost, stolen, or damaged belongings during a trip. It may include coverage during travel to and from a destination. Most carriers, such as airlines, reimburse travelers if baggage is lost or destroyed because of their error. However, there may be limitations on the amount of reimbursement. Therefore, baggage and personal effects coverage provide an additional layer of protection.
The two primary types of medical travel insurance policies are short-term medical and major medical coverage. Short-term policies cover a traveler from five days to one year, depending on the policy chosen. Major medical coverage is for travelers who are planning to take longer trips ranging from six months to one year or longer.
We are in association with Religare selling a customised product for adventure sports called Religo- Group Explore!
It is a one of a kind health policy which covers you for High altitude and Risky situation , water sports etc.
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees. The cost of health insurance premiums is deductible to the payer, and benefits received are tax-free.
Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation. Product categories: Depending on the project, it can be divided into construction project all risks insurance and installation project all risks insurance; depending on the attribute of the object, it can be divided into project all risks insurance, and machinery breakdown insurance.
Insurance Period: the same as the construction period of the project.
Functions
1. Loss compensation
Material loss: the insured project loss caused by any accidents or natural disasters except the exclusions.
The third party liability: according to law, the insured shall assume the compensation liability for the personal injury or property damage to the third party in construction sites and adjacent areas caused by the accident that directly relates to the insured project.
Exclusions: engineering design, construction technology error, construction material quality defects, mechanical damage of machinery and equipment that happens without external momentum...
2. Special clause
More than 40 special clauses are available on the basis of risk assessment and payment of additional expenses, including clauses in respect of strike, riot, and civil commotion, limited liability insurance period clause, extended liability guarantee period clause, special fee clause, clause in respect of buildings and tunnels in earthquake region.
Liability insurance is any insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.
Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable. Intentional damage and contractual liabilities are typically not covered in these types of policies.
Liability insurance is critical for those who may be held legally liable for the injuries of others, especially medical practitioners and business owners. A product manufacturer may purchase product liability insurance to cover them if a product is faulty and causes damage to the purchasers or any other third party. Business owners may purchase liability insurance that covers them if an employee is injured during business operations.
Various types of liability insurance:
Business owners are exposed to a range of liabilities, any of which can subject their assets to substantial claims. All business owners need to have in place an asset protection plan built around available liability insurance coverage. Here are the main types of liability insurance:
Employer’s liability and workers' compensation compensation is a type of mandatory coverage for employers, which protects the business against liabilities arising from injuries or the death of an employee.
Product liability insuranceis for businesses that manufacture products for sale on the general market. Product liability insurance protects against lawsuits arising from injury or death caused by their products.
Indemnity insurance provides coverage to protect a business against negligence claims due to financial harm resulting from mistakes or failure to perform.
Director and officer liability coverage is for a business that has a board of directors or officers, with the insurance covering them against liability if the company is sued. While a corporation by definition offers some amount of personal protection against liability to employees and directors, some companies choose to provide additional protection to those key members of the executive team.
An umbrella liability policy policy is a personal liability policy designed to protect against catastrophic losses. Generally, umbrella liability coverage kicks in when the liability limits of other insurance are reached.
Commercial liability insurance is a standard commercial general liability policy (also known as comprehensive general liability insurance) that provides insurance coverage for lawsuits arising from injury to employees and public, property damage caused by an employee and injuries suffered by the negligent action of employees. The policy may also cover infringement on intellectual property, slander, libel, contractual liability, tenant liability and employment practices liability.
The comprehensive general liability (CGL) policy is tailor-made for any small or large business, partnership or joint venture businesses, a corporation or association, an organization, or even a newly acquired business. Insurance coverage in a CGL policy includes bodily injury, property damage, personal and advertising injury, medical payments, and premises and operations liability. In the case of lawsuits, insurers provide coverage for compensatory and general damages; punitive damages are generally not covered under the policy, although they may be covered if they are permitted by the jurisdiction of the state in which the policy was issued. The amount of risk associated with the business and the size of the business determines the total coverage.
The policy provides compensation for defending or investigating a lawsuit; court costs including attorneys' fees, police report costs and witness fees, any judgment or settlement resulting from the lawsuit, medical expenses for the injured persons, etc. Here, insurers retain the right to defend any suit against the insured company arising from bodily or property damages.
3 Dimensional Insurance Brokers India is selling Bodyguard Bulletproof, a unique offering of Cyber Security (Bodyguard is an Israeli based military grade security application for the Mobiles and tablets) bundled with cyber insurance, so as to create a win-win situation for all the stakeholders:
Currently we have bundled the product with Bajaj Allianz Cyber Safe Policy
The various Policies under it are as follows:
"Reinsurance is the transfer of part of the hazards or risks that a direct insurer assumes by way of insurance contracts on behalf of an insured, to a second insurance carrier, the reinsurer, who has no direct contractual relationship with the insured.”
Reinsurance can be classified in the following ways:
This is Reinsurance effected on a case to case basis. When a risk is too large for the insurer to retain, he offers to share the risk with other reinsurers. Neither the ceding company nor the reinsurer is under any obligation to cede or to accept any risk. In case of proportional facultative reinsurance, the interested reinsurers who agree to take shares of the risk are then paid the corresponding share of the premium less the reinsurance commission. In case of losses, they agree to share the same in proportion to the share of premium given to them. In case of non-proportional facultative reinsurance, the reinsurers agree to pay for losses once they exceed an agreed deductible. In such a case, the premium is not shared on a proportional basis but on some other agreed basis depending on the risk. Originally, all reinsurances were done facultatively but soon this was found to involve to much of administrative costs and was later supplemented by automatic agreements called treaties. Today, facultative reinsurance is usually resorted to reinsure risks for which automatic treaties either do not exist or are not adequate. It therefore allows for increased capacity as and when required. It is also used for reinsurance of specialized types of risks which are handled by certain reinsurers only.
This is a standing arrangement where the ceding insurer has an obligation to cede all risks that fall within the purview of the arrangement and the reinsurer is under an obligation to accept all that is ceded. Thus, Treaty reinsurance consists of an agreement between the original insurer and reinsurer whereby the reinsurer automatically accepts a certain liability for all risks falling within the scope of the agreement. Treaty reinsurance may be transacted either on proportional basis or non-proportional basis.
A formal treaty wording is usually drawn up by the parties to describe:
Since treaty reinsurance provides automatic cover, usually for a year, the insurer is guaranteed a definite amount of reinsurance protection on every risk which he accepts. The administrative costs are therefore much lower than those applying to facultative reinsurance.
In this type of reinsurance, the insurer and reinsurer share the risk, the premium as well as the losses in an agreed proportion. The premium and claims are divided in the same proportion as the risk is. Thus if the reinsurer shares 60% of the risk, he is paid 60% of the original premium and he also shares 60% of all losses pertaining to the risk. However, the insurer who shares this business is compensated for his acquisition costs by way of an agreed commission which is his income.
Quota share treaties, the obligatory cessions, surplus treaties, the market surplus treaty, the pool arrangements, the intercompany cessions and the Auto fac arrangements all fall within this definition.
Under this type of reinsurance arrangements, the risks, premiums and losses are not shared on a proportional basis. Rather, this type of reinsurance seeks to protect the losses of the insurer by the reinsurer on an agreed basis. In other words, the reinsurer agrees to pay losses sustained by the insurer above an agreed amount or percentage called a deductible. Such losses may be in relation to a particular risk or many risks in a particular class of risk or even all risks of the insurer by the reinsurer. Of course, such reinsurance comes at a cost for which the reinsurer is paid a reinsurance premium on some agreed basis. Risk Excess of Loss, Catastrophe Excess of Loss, Stop Loss, Aggregate Excess of Loss, Umbrella Excess of Loss etc. fall within this type of reinsurance.
This is an arrangement where the ceding insurer (reinsured) can choose which risks he wants to cede to the arrangement but the reinsurer has no option to choose – he agrees to accept all that is ceded.
This form of reinsurance is therefore a combination of facultative and treaty forms. At present this type of treaty is not common though one would come across such arrangement in life reassurance. It can be placed during weak reinsurance market conditions or for getting additional capacity but cannot be relied upon as a primary reinsurance.
Term life insurance, also known as pure life insurance, is life insurance that guarantees payment of a death benefit during a specified term. Once the term expires, the policyholder can either renew for another term, convert to permanent coverage, or allow the policy to terminate. Term life insurance policies provide a stated benefit upon the death of the insured, provided that the death occurs within a specific period.
Term life policies have no value other than the guaranteed death benefit. There is no savings component as is found in a whole life insurance product. The policy's purpose is to give insurance to individuals against the loss of life. All premiums cover the cost of underwriting the insurance. As a result, term life premiums are typically lower than permanent life insurance premiums
Endowment Life Insurance Provides Two Products for the Price of One
These policies couple term life insurance with a savings program. As the policyholder, you choose how much you want to save each month and when you want the policy to mature. Based on your monthly contributions, you're guaranteed a certain payout, called an endowment, when the policy matures. You can then use this endowment for your child's college tuition, fees, books, living expenses and other costs. If you should die before the policy matures, your child will receive the payout as your death benefit and will still have the anticipated money for college.
The endowment life insurance policy promises a risk-free, guaranteed return on a guaranteed date as long as you make the fixed monthly payments.
A life insurance policy that a company purchases on a key executive's life. The company is the beneficiary of the plan and pays the insurance policy premiums.
Key person insurance is needed if the sudden loss of a key executive would have a large negative effect on the company's operations. The payout provided from the death of the executive essentially buys the company time to find a new person or to implement other strategies to save the business.
In a small business, the key person is usually the owner, the founders or perhaps a key employee or two. The main qualifying point would be if the person's absence would sink the company. If this is the case, key person insurance is definitely worth consideration.
How Keyman Insurance Works
For key person insurance policies, a company purchases a life insurance policy on its key employee(s), pays the premiums and is the beneficiary of the policy. In the event of death, the company receives the insurance payoff. These funds can be used for expenses until it can find a replacement person, pay off debts, distribute money to investors, pay severance to employees and close the business down in an orderly manner. In a tragic situation, key person insurance gives the company some options other than immediate bankruptcy.
