All-risk insurance is not available only for short periods

Published in Mint on 2nd Sept 2014, Written by Abhishek Bondia

I will be going abroad for a few weeks. Is there an insurance policy that I can take to insure my laptop, e-book reader and music player?
—Kriti Singh

Portable electronic equipment can be insured under a comprehensive all-risk insurance policy. Such policies cover perils including fire, natural calamities, burglary and accidental damage. Most insurers do not offer this as a stand-alone policy but bundle it with home insurance. The premium for such insurance is usually Rs.1,000-2,000 for assets worth Rs.1 lakh. When buying this insurance, always declare the serial number of the asset concerned for easier claim settlement.
Do note that these insurances are available as annual policies and are not offered for a short duration. The short-term overseas travel insurance can, however, indirectly cover such assets through baggage cover. But here the cover is limited to checked-in baggage that is not delivered.

I recently purchased two adjacent apartments in a group housing society. Is it possible to get a single cover for both?
—Bhartendu Vijay

You can buy a single insurance policy to cover two adjacent apartments. You need to ensure that the unit numbers of both these apartments are clearly specified in the policy. The sum assured will be the sum total of the risk value of both the houses. There is no concept of a shared or floater sum assured under house insurance. So, the principal advantage of buying a single cover is easier policy management.

How can I gift a family floater plan to my daughter?
—T.N. Bansal

For a health insurance policy, you can be a proposer for your daughter’s insurance. You can initiate a policy by providing all her details, and the payment. The policy will be issued with you as proposer and your daughter as insured. Either of you can pay the future premiums. If you intend to cover her husband as well, you should be well versed with his medical history. Any information that is found to be concealed (even un-intentionally) or untrue can jeopardize a claim. If the sum assured chosen is high or there is a pre-existing condition, the insured person(s) will have to undergo a pre-issuance medical check-up. A medical test is advisable because it helps ensure that all medical information is properly recorded.

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