A Cargo insurance policy provides coverage to businesses involved in the shipping of goods across national boundaries on a regular basis. Any unexpected damage to the goods during the transit can also cause an irreparable loss to the businesses. Hence, it is important to get insurance beforehand. Marine insurance policies not only cover the goods […]
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Portability between insurers is allowed for individual products
Published in Mint on JUN 14 2016, Written by Abhishek Bondia I want to insure the interior furnishings of my office. What kind of insurance would be suitable? The structure of the office is already insured. —Keshav Sinha You should buy a standard fire and special perils policy. This policy will cover risks such as […]
Maternity costs are a standard exclusion in most health covers
Published in Mint on March 15 2016, Written by Abhishek Bondia My car has a dent on one side. My car insurance is due for renewal next month and when the surveyors came to check my car, they denied insurance saying that I need to get the dent fixed first as I might ask for […]
Typical premium loading for diabetes is 75-100%
Published in Mint on, Jun 11 2013, Written by Kapil Mehta What is a double accident life insurance policy? —Preetam Insurers have some way to go in making their product propositions and advertisements unambiguous. For example, double accident benefit could mean a benefit paid if you have an accident twice. Actually the phrase “double accident […]
When do you get overseas health cover
Published in Mint on, Dec 25 2012, Written by Kapil Mehta I am getting married next year. Are there plans to cover weddings? If yes, what are these and where can I buy them from? —Remya My first reaction to your question was that the best wedding insurance is to find a spouse who will […]
Insurers give specific tips on how to look after insured paintings
Published in Mint on, Dec 11 2012, Written by Kapil Mehta My father gifted me a painting by M.F. Hussain 20 years ago and it must be very valuable now. How can I insure it? —Prerna Art insurance is a standard product. There are three aspects for you to consider: what is the value of […]
Deductible is the amount of loss borne by the insured
Published in Mint on 14th October 2014, Written by Abhishek Bondia Someone recently told me about event insurance. Is it absolutely necessary to take this sort of insurance for my daughter’s wedding? —Satish Apart from third-party liability insurance for your car, no other insurance is mandatory in our country. However, I recommend buying event insurance […]
Some policies have 9 months waiting time for maternity costs
Published in Mint on 10th March 2015, Written by Abhishek Bondia Is the no-claim bonus discount transferable if I decide to shift insurers? —Pradyuman Sahay Yes, it is possible to transfer the benefit of your no-claim bonus in a portability case. The receiving insurer will give you the continuity benefit on the entire sum assured, […]
How to effectively present claims to an insurer
Published in Economic Times on 29 June, 2015, Written by Kapil Mehta Over the years I have seen countless claims rejected because the case was ineffectively presented or process not followed. For example, an employee covered under group medical insurance did not intimate the Insurer/TPA about hospitalization at the time of admission into the hospital. […]
How to insure your property from damage
Published in Economic Times on 30 July 2015, Written by Kapil Mehta A shop owner faced a huge loss of his raw material and premises when water leaked through the ceiling of the bathroom of his godown. In locating the source of the leakage, the plumber ripped out the entire bathroom including the tiles and […]