Published in Mint on 28th August, 2017. Written by Abhishek Bondia I am looking to buy home insurance for my apartment. If I buy a long-term policy (10 years) now, will the rates be locked-in for the period, regardless of increase in premium for renewals? —Harpal Khanna Yes. If you buy a long-term policy, premium […]
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How is Indemnity defined under Professional Indemnity Insurance?
A person becomes liable for damage to any property or person caused by the services offered by his business. For providing professional service or advice, a person can face claims of negligence or breach. Under professional indemnity insurance ‘Indemnity’ defines as follows: An indemnity includes claims arising due to the losses or the damages made […]
What are the additional costs under commercial crime insurance?
A commercial crime insurance policy provides different kinds of protections against commercial crimes like employee dishonesty, forgery or alteration coverage, computer fraud, funds transfer fraud coverage etc. This policy protects a business owner or an employer against any such dishonest acts. In the event of any such commercial crime, it becomes the duty of the […]
Contractual staff cover in D&O liability insurance
A directors’ & officers’ liability insurance policy covers an organization’s directors and officers. But would a D&O Liability insurance cover staff who are hired on a contractual basis? Key Takeaways Inclusivity of Non-Permanent Leadership: Modern D&O liability insurance policies extend protection beyond full-time salaried executives to include consulting directors, temporary officers, and contractual management personnel. […]
Wrongful employment practice claims under D&O insurance
The directors’ & officers’ liability insurance (D&O) policy covers wrongful employment practice claims. This post attempts to provide a better understanding of what kind of claims can be made under the category of wrongful employment practices. Key Takeaways Broad Spectrum of Eligible Claimants: Employment Practice Liability Insurance (EPLI) extensions under D&O policies protect executives against […]
What are the conditions for a new employee to be covered under Group Term Life Insurance of the employer?
Most companies offer group-term life insurance policies to their employees. The policy ensures that even after the death of the employee, his/her family’s future is secure. At the time of buying group term life policy (GTL insurance). The insurer takes into account all the current employees, in case, more employees join the organization. The following […]
What are the duties of Insured under product Liability Insurance?
Product liability insurance plays an important role in safeguarding the business from various claims which may arise in respect of its products and services. So, what are the duties of the Insured under Product Liability Insurance? Key Takeaways Strict Communication Timelines: Policyholders must act quickly when a problem arises, as it is mandatory to inform […]
Increased value clause in Marine Inland Transit Insurance
The traditional marine insurance policy covers only the market value of the ship commonly referred to as ‘Shipowner’s Interest’. However, there are other additional costs apart from the market value of the vessel requiring coverage. Some costs like sundries for the ship replacement, buying an equivalent new ship, such as office expenses, or brokerage also […]
What does ‘compassionate visit’ mean in a group travel insurance policy?
Overview Compassionate Visit in Group Travel Insurance is a coverage benefit that reimburses travel and lodging expenses for an immediate family member who travels to be with the insured when hospitalized during a group trip. Typically triggered when the insured is hospitalized for a minimum duration—commonly 48–72 hours—it offers support during severe illness, injury, or […]
How can an Insured File A Claim Under Export/Import Insurance Policy?
The terms, procedures, formalities, and documentation form a critical part while filing a claim for an export/import insurance policy. The following procedure should be followed in the event of a loss: Intimate the Insurance Company about the Loss To file the claim under export and import insurance, the first step is to notify either of […]